Government Minister for Business and Enterprise, Mark Prisk, has expressed his desire for SMEs to be routinely paid on time by the larger firms upon which they are reliant for business and revenue. Indeed, all members of the Small Business Economic Forum (SBEF), of which Prisk is Chair, have signed an agreement to collaboratively develop new measures to ensure that payments from larger firms to SMEs are routinely made on time.
Prisk has hinted at the importance of this development for SMEs through arguing that “Large firms have a responsibility to ensure their suppliers are paid on time. These payments are vital to businesses in the supply chain which rely on contracts with larger firms to thrive and need confidence that they can plan for the future without worrying that payments will be late”. Furthermore, the online payroll services available from Rapid Payroll can assist SMEs in developing the aforementioned new measures to ensure the prompt payments from larger firms to SMEs.
This is because achieving and maintaining efficient direct payroll management can take up substantial time for SMEs which they could otherwise free up to spend developing the aforementioned new measures. Hence, outsourcing the management of their payrolls to Rapid Payroll could prove a hugely beneficial move for many SMEs. Indeed, through taking this step, they could place responsibility for management of their payrolls into the hands of a specialist company with considerable experience of delivering high quality payroll services.