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Human resources and accounting are both essential departments, yet they often operate independently. Businesses are coming to realise this needs to change. There’s growing recognition of the role that employees play in the success or failure of a company.
Recruiting and retaining employees
Employing the wrong person for the position available can cost your business time and money. Accounting and HR can help you identify and retain the best employees leading to stronger teams and boost morale throughout your business.
Payroll and staffing costs
An accountant will work out the cost of hiring, training and paying an employee to make sure you can afford it.
They’ll also help you get payroll right, including complying with government paperwork, tax, insurance and pension requirements.
Budgeting and investing
Accounting should work with HR when making budgeting decisions or financial projections to ensure your business has the proper resources in place for recruiting and training.
An accountant’s disciplined approach to problem-solving is a way to improve your business standing.
Any initiatives that HR are planning should include financial input from accounting. For example, how adding to staff annual leave or allowing more sick days will impact your business.
By working on a strategy together, HR and accounting can help you make the best investment decisions.
Taking the time to refine your company’s strategy and to recognize employees as an important revenue- or profit-producing asset can help your business grow and remain competitive. More importantly, doing so can help better meet the needs of your employees, clients, and, ultimately, shareholders.
If we can be of any help with your new venture please get in touch.
Disclaimer: Information provided by Kidwells Accountancy on our website is for informational purposes only. It is provided in good faith but we make no guarantee of any kind regarding the accuracy, reliability, or completeness of any information on our site. We always recommend businesses seek independent legal and financial advice before working with us or acting on any information on our website.