April 2019 saw the introduction in the UK of Making Tax Digital (MTD), a new regime for business taxes. Under the new arrangements, certain types of corporate tax will need to be filed electronically every quarter, with records kept using software that meets the taxman’s standards. The introduction of MTD has been much delayed and beset by problems and has now been split into stages, with VAT returns going digital this year and Corporation tax to be included at a future date.
Despite the teething problems, HMRC’s decision to take tax digital does make sense. By moving away from paper returns and records, the tax system will become cheaper and easier to manage, as well as provide a quicker, more flexible service to taxpayers. With this part of your business becoming digital, should your annual leave management follow suit?
The Benefits of Digital
We’ve discussed the benefits of a digital leave management system in previous posts. With online leave management, you allow your team to track and book leave flexibly and remotely while making sure your rules are followed, and freeing up management time and effort. Digitisation also takes away the complications of such tasks as calculating pro-rata leave for new starters, of ensuring all staff gets their legal or contractual holiday entitlements.
Taking your absence management digital also allows your company to coordinate staffing needs across multiple sites, and to use automated reporting to track unauthorised absences and react to potential problems. With administrative savings of ten hours per employee per year, taking annual leave and absence management to a purpose-built digital platform is an obvious choice.
The Time is Now
Although the benefits of moving to a digital leave management system may be clear, many businesses are holding off on the change. This is a mistake, if you’ve not yet made the change, now is the time. Making the switch will allow you to meet several needs:
Employee Expectations – A new generation of employees and management increasingly expect to be able to access information and make requests online. Using LeaveWizard’s digital platform with an integrated app allows them to do this easily. Firms that still require workers to make paper applications will lose out in a competitive jobs market.
Flexible Working– As more staff, managers, and business owners work from home, on client sites, or on the road, an integrated leave and absence management system let you keep track of who’s working and who’s not. Flexible working requires flexible control and going digital provides it.
A Changing World– Around the world working regulations and leave entitlements are changing rapidly. Whether it’s increased rights to parental leave, growing used of the “gig economy” or changes coming from political upheaval, the basis on which you manage annual leave may change. With a purpose-built digital platform like LeaveWizard, you can be sure that your system will take into account the latest changes in legislation so that you are always compliant.
Try It for Yourself
If you are ready to embrace the digital future for your business, LeaveWizard offers a free, no-obligation trial. All you have to do is register and you can see for yourself how simple leave management can be, with our integrated digital platform.