HR Trends in Small Businesses 2022: Embracing the New Normal

Apurva Pathak | July 5, 2022 | 354 views | Read Time : 01:54 min

HR Trends in Small Businesses
The global workforce is coping with the new normal that includes — remote or hybrid work, new laws and regulations regarding the COVID-19 pandemic, and increased interest in employee health and wellness programs.

The HR departments of small businesses are adapting to these changes. So, let us take a quick look at what to expect in 2022:
  • Priority: Diversity and Inclusion Small business HR departments will prioritize diversity and inclusion in the workplace for talent acquisition, employee engagement, and retention
  • Advancement: Automated HR Processes HR will use technology to streamline onboarding and recruiting processes in 2022
  • Environment: Remote Work The possibility of long-term remote work with technology and new policies is on the horizon
  • Interaction: Virtual Employee Engagement SMBs must work towards engaging their employees through virtual meetings, employee surveys, and clear communication
  • Support: Employee Health and Wellbeing Small business leaders should step-up to support their employees’ well-being through a healthy and flexible work environment
  • Enhancement: Improved Employee Benefits The focus will be on increasing healthcare benefits, flexible work arrangements, and health wellness programs
  • New Leave Policies: Paid Sick Leave Small business HRs need to be aware of new paid sick leave policies and accommodations to help employees cope with the pandemic
  • Health Advisory: COVID-19 Vaccination for Employees Small businesses need to take proper precautions if mandating a compulsory COVID-19 vaccination policy
  • Compliance: Burdened HR Departments Modified employee labor laws will require HR departments to modify their HR strategies frequently
  • Drug-testing Laws: Impact on Drug-free Work Policies Medical marijuana usage policies differ across states, so HR departments will need to remain up-to-speed with them


A Productive 2022 for Small Businesses

Small businesses’ HR departments are working to retain, engage, and safeguard employees to lead their companies towards a productive 2022. However, they need to be diligently compliant and offer lucrative benefits to employees to sustain and grow their business.

Spotlight

MitchelLake Group

MitchelLake is a global, specialist provider of executive search, specialist recruitment and embedded talent solutions for adventures in innovation, from startup to global brands. We support global growth businesses via our operations in Sydney, San Francisco, Melbourne, Singapore, New York, London, and the Gold Coast.

OTHER ARTICLES
SMALL BUSINESS ADVICE, INDUSTRY OUTLOOK

How to Choose the Right Small Business Accounting Software?

Article | July 29, 2022

Introduction With increasing complexities in financial management and migration towards digital technologies for accounting operations, advanced accounting solutions are gaining massive traction across the small business sector. Accounting software assists small businesses in enhancing their financial performance by providing higher accuracy, optimized payroll, automated transaction tracking, centralizing financial records, and others. However, it is crucial for small businesses to integrate the right accounting software as per their requirements to get the most out of the solutions. Since the market is full of numerous accounting solutions with different capabilities, selecting the one that is most suitable for your business can be overwhelming. So what are the factors that a small business owner should consider before looking for an accounting solution? Let’s see below. Select the Right Accounting Software: The Top 5 Primary Factors to Consider for Small Businesses Types of Software With multiple types of accounting software available, such as system software, application software, cloud-based software, and others, small business owners can opt for solutions that suit their operations and working style. If the owners operate in an on-the-go style, cloud-based software is best for them. But if the owners prefer to work from a single location, then the system software is appropriate for them. Learning Curve Until and unless small business owners are aware of the ins and outs of accounting software, using the software may seem complicated. As the high complexity of the solutions can result in costly errors, these owners should make sure that the learning curve for operating the software is not too steep. Features List Before small business owners start reviewing various types of accounting software platforms, they should take the time to brush up on the basics. It is crucial for the owners to make sure that the accounting solution has all the functionalities and features they need, such as inventory management, multi-currency support, payment processing, expense tracking, and others. They should also consider the add-on features that the solution provider can offer. Software Cost Accounting software varies in cost, depending on the number of users it supports, its tools and features, and other factors. The more specialized the software is, the more expensive it gets. Small business owners should compare prices between various accounting software providers and understand the exact amount and the process by which they will be charged. For instance, some of the companies charge standard monthly fees, while others have a single upfront cost with additional charges for add-on services. They should also find out if there are any hidden charges associated with the setup, customer support, and cloud storage. Customer Support A huge part of a reliable accounting solution is customer service. This is because small business owners need quick solutions and answers if they get stuck or have any questions related to the software. They do not want to be bounced around from representative to representative when reaching out for support. Thus, the owners should look for accounting software that offers excellent customer support and service. While selecting the solution, they should research and read customer testimonials about the software’s customer support. Begin Your Accounting the Right Way Efficient accounting is a crucial part of financial management, which involves tracking critical business activities such as accounts receivable and payable, invoicing and billing, bank reconciliation, reporting, and tax compliance, among others. It can be difficult for small businesses to get everything right, yet good accounting is fundamental for the company's growth and success. Choosing the correct accounting software is a crucial first step when getting started with the discipline. To get the most out of your accounting software, it is essential for small businesses to carefully consider their requirements, check the availability of features as per the requirements, and then select the accounting software that provides the capabilities they require for the greatest accounting experience.

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TECHNOLOGY, SMALL BUSINESS ADVICE

How Are Small Business Accounting Software Meeting the Industry Needs Today?

Article | July 16, 2022

Introduction Every business owner wishes to become financially independent when starting a business. To achieve that, it is crucial for the owners to manage their finances in an efficient manner. When done wrong, financial management, which is supposed to make a company's budgeting processes more efficient, has led to the loss of funds in many cases. Without sound financial management, small businesses may struggle to meet their objectives and might even suffer losses that could push them into insolvency. Financial management assists businesses in maximizing their market share, minimizing capital expenditures, maintaining proper cash flow, and improving profits. Accounting software plays a significant role in proper financial management and has become a vital need for all businesses today. With a better understanding of the inefficiencies of manual bookkeeping and the increased chances of error in finance tracking, business owners are increasingly shifting from managing finances manually to leveraging innovative solutions, such as accounting software, to improve their financial management. Why Is Small Business Accounting Software a Need for the Industry Today? In the course of a typical day, there are numerous tasks and responsibilities that must be managed and accomplished by small businesses by the end of the day. From planning to managing finances and accounting, a small business owner's back is full of a plethora of day-to-day tasks. As a result, keeping track of every last detail is nearly impossible for them, especially in accounting, where keeping track of every transaction is critical for managing business operations. Accurate and reliable accounting management is critical for small businesses and start-ups to ensure stable cash flow. As accounting software helps small business owners keep track of every single transaction along with other benefits, such as managing business finances, understanding profitability, and preparing tax statements, among others, it is becoming a necessity for small business financial management. Here are some of the other reasons why small business accounting software is becoming a necessity in the industry. Overcoming Manual Records With the growing number of transactions in the small business sector, it is becoming increasingly difficult for business owners to track and record income and expense data. As accounting software assists these owners to overcome manual work by recording the data directly into the page in real time and keeping a daily update of all the transactions, it is increasingly being sought by small businesses. Ease in Maintaining Transaction Due to the increasing customer inclination towards the adoption of digital payment solutions, small businesses are encountering numerous obstacles in maintaining all transactions from different online portals. Accounting software helps businesses leverage the bank feed feature to connect credit card accounts and the business bank, thereby centralizing and maintaining all transactional data in one place. Preparation of Reports and Financial Statements Keeping track of all small and large transactions and preparing financial statements, such as profit and loss statements and balance sheets, of these transactions manually is a tedious task and prone to errors. Accounting software automates the preparation of these financial statements and allows comparing transaction activity from prior months and years. As a result, it is increasingly gaining acceptance among small business owners. Increases Efficiency Accounting software allows small businesses to manage invoices and expenses, prepare for taxation, and keep tabs on all the financials, including payments, bad debts, upcoming dues, employee salaries, and others. Delegating all these financial management responsibilities to accounting software enables small business owners to focus on tasks that require their undivided attention, thereby boosting business efficiency. Bottom Line Regardless of the size of the business, every company strives to optimize its financial management, improve efficiencies, minimize costs, and simplify complex and tedious tasks. Accounting software can help small business owners achieve these objectives, along with eliminating time-consuming manual processes and redundancies, by automating accounting practices. Following this, the growing introduction of advanced cloud-based accounting software capable of providing real-time data access to business owners from anywhere at any time and on any device is expected to change the ways accounting is done in the small business industry in the coming years.

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TECHNOLOGY

5 Tax-Related Resolutions for Smarter Small Business Accounting in 2020

Article | July 16, 2022

Accountants working with small businesses often play the role of business advisors, especially when it comes to educating their clients about tax regulations and reducing their tax bill by taking all legitimate factors into account. We’ve gathered four tips that accounting professionals can use as a check-list to give to their small and mid-size business owner clients looking to make better financial decisions this year.

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7 BIGGEST ENTREPRENEURIAL MISTAKES

Article | February 11, 2020

This is the first post in a seven-part-series detailing the biggest entrepreneurial mistakes business owners make. The series will run over the next few weeks so check back to learn more. These are the 7 Biggest Mistakes I have seen entrepreneurs and companies make that can devalue their Intellectual Property (“IP”) portfolio, damage their brand, or sink a deal. If you are considering turning your idea into a business, read this carefully first. There are other mistakes you can make, but these are the deal-breakers. Any one of these can cost you big bucks, credibility in the eyes of investors and potential partners, and ultimately lead to evaporation of the value of your idea.

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Spotlight

MitchelLake Group

MitchelLake is a global, specialist provider of executive search, specialist recruitment and embedded talent solutions for adventures in innovation, from startup to global brands. We support global growth businesses via our operations in Sydney, San Francisco, Melbourne, Singapore, New York, London, and the Gold Coast.

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MANAGEMENT

Nuula Acquisition Helps Nav Lead Small Business Financial Health Platform

Nav Technologies, Inc. | January 27, 2023

On January 26, 2023, Nav, the best financial solution for small businesses, announced its integration with Nuula's assets for building momentum, which will assist the economic platforms of small businesses. This integration will add new mobile-friendly app features to the existing Nav platform, providing many financial options based on real-time data. Due to economic fluctuations in the country, banks and financial partners have stopped sponsoring small businesses. However, this platform would assist them to survive and grow their financial needs at a lower price and with easy processes. With the help of Nuula's assets, Nav will provide applications with a credit report, cash flow, and financial updates to enable the business owner to evaluate its growth. Greg Ott, CEO of Nav, says, "This acquisition means we will continue to deliver a financial health experience that eliminates subjective and irrelevant information small business owners are bombarded with every day." He adds, "I've been impressed by the caliber of Nuula's talent and excited to integrate our team. Together, we will continue to bring simplified financial insights and streamlined access to the best financing and credit options to small business owners." (Source – Cision PR Newswire) Former CEO of Nuula, Mark Ruddock, says, "Nuula and Nav both share a passion for helping small businesses succeed." He adds, "I look forward to seeing how Nav leverages Nuula's technology to extend Nav's already compelling product offering in exciting new ways." (Source – Cision PR Newswire) About Nav Technologies With almost 1.7 million active users, Nav Technologies has helped over 200,000 small businesses to deal with their financial problems in 2022. The company has developed class flow insights, business formation, payroll, accounting services, integrated accounts, and curated insurance according to the users' financial objectives. With the acquisition of Nuula's assets, there has been an increase in its active users. More than 50% of its employees have previously worked with Nuula. It makes its users understand their business needs to outrank others, give personalized reports, and provide dedicated funding managers.

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Melio Announces Integration with Xero to Sync Payments Data

Melio | January 25, 2023

On January 24, 2023, Melio, the industry-leading B2B payments platform for small businesses, announced a new integration with the cloud-based accounting software platform Xero. Through this integration, Melio's small business clients will be able to seamlessly sync their accounts payable and receivable data with Xero, therefore saving time on bill payments, facilitating reconciliation, and enhancing insight into incoming payments. Melio's co-founder and CTO, Ilan Atias, said, "This two-way sync with Xero will help small business customers better understand how much money is going in and out of their accounts at a time when it is critical to keep a close eye on cash flow." He explained, "Moreover, this integration will help save customers time and simplify the bill-paying process while providing them with more visibility and control over their day-to-day finances." (Source – PR Newswire) The United States is home to 33.2 million small businesses, which accounts for 99.9% of the nation's businesses. This integration will enable these businesses to spend less time on accounting and more time growing their businesses. In addition, small business bills, payments, and invoice information will be seamlessly synchronized across the two platforms, saving time typing data into separate accounts and eliminating the guesswork of matching charges to open invoices. The VP of Partnerships, Americas, at Xero, Carol Haverty, stated, "Melio's integration with Xero offers tremendous value to our accounting and bookkeeping partners and their small business clients." She also said, "Melio and Xero have a shared vision of championing small business. We look forward to helping our customers streamline workflows and save time with this integration so they can focus on growing and running their business." (Source – PR Newswire) This is Melio's fourth synchronization with an industry-leading accounting software vendor, extending the company's track record of collaborating and integrating with financial institutions, software providers, and markets. About Melio Melio is a market-leading B2B payments technology firm that helps small and medium-sized businesses send and receive payments rapidly and without hassle, thereby improving their cash flow and productivity. Melio, one of the fastest-growing B2B payment platforms in the United States, is revolutionizing the transfer of funds between businesses. It serves banking institutions and software firms that want to provide accounts payable and receivable solutions to small business clients. The company was founded in 2018, with headquarters in New York, a research and development facility in Tel Aviv, and headquarters in Colorado for the western United States.

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Awesome Motive Announces Thrive Themes Growth Tool Suite Acquisition

Awesome Motive, Inc | January 24, 2023

On January 23, 2023, Awesome Motive, a software and media enterprise with over 21 million websites employing their software, announced the acquisition of Thrive Themes, the company creating powerful small business growth tools for WordPress. Thrive Themes' growth tool suite is used by over 200,000 website owners to quickly build high-converting websites that result in more email subscribers, revenue generation, and satisfied customers. The acquisition of Thrive Themes further solidifies Awesome Motive's position in the WordPress and online marketing space as it continues to deliver innovative solutions that assist small businesses in growing and competing with larger corporations. Syed Balkhi, CEO of Awesome Motive, shared, "Easy to use online marketing tools that deliver results is essential for small business success, especially in today's economic environment." He added, "Thrive is a well-known and respected brand that has a long-history of helping businesses improve their online marketing efforts. We are excited to welcome them to the Awesome Motive family, so we can help more of our customers create thriving online businesses." (Source – PR Newswire) Other solutions by Awesome Motive that help small businesses develop their online presence include WPForms, OptinMonster, AIOSEO, and MonsterInsights. In addition, customers can get even better results with a potent mix of growth tools in the Thrive Themes suite. About Awesome Motive Florida-based Awesome Motive is a software development company offering tools and training that help small businesses grow and compete with large enterprises. It has developed popular tools such as OptinMonster, WPBeginner, WPForms, MonsterInsights, SeedProd, All In One SEO, PushEngage and Smash Balloon, among others. With more than 20 million websites using Awesome Motive's solutions, the company is considered an innovator in the industry. It aims to help its customers stay ahead of the curve and gain a competitive advantage.

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MANAGEMENT

Nuula Acquisition Helps Nav Lead Small Business Financial Health Platform

Nav Technologies, Inc. | January 27, 2023

On January 26, 2023, Nav, the best financial solution for small businesses, announced its integration with Nuula's assets for building momentum, which will assist the economic platforms of small businesses. This integration will add new mobile-friendly app features to the existing Nav platform, providing many financial options based on real-time data. Due to economic fluctuations in the country, banks and financial partners have stopped sponsoring small businesses. However, this platform would assist them to survive and grow their financial needs at a lower price and with easy processes. With the help of Nuula's assets, Nav will provide applications with a credit report, cash flow, and financial updates to enable the business owner to evaluate its growth. Greg Ott, CEO of Nav, says, "This acquisition means we will continue to deliver a financial health experience that eliminates subjective and irrelevant information small business owners are bombarded with every day." He adds, "I've been impressed by the caliber of Nuula's talent and excited to integrate our team. Together, we will continue to bring simplified financial insights and streamlined access to the best financing and credit options to small business owners." (Source – Cision PR Newswire) Former CEO of Nuula, Mark Ruddock, says, "Nuula and Nav both share a passion for helping small businesses succeed." He adds, "I look forward to seeing how Nav leverages Nuula's technology to extend Nav's already compelling product offering in exciting new ways." (Source – Cision PR Newswire) About Nav Technologies With almost 1.7 million active users, Nav Technologies has helped over 200,000 small businesses to deal with their financial problems in 2022. The company has developed class flow insights, business formation, payroll, accounting services, integrated accounts, and curated insurance according to the users' financial objectives. With the acquisition of Nuula's assets, there has been an increase in its active users. More than 50% of its employees have previously worked with Nuula. It makes its users understand their business needs to outrank others, give personalized reports, and provide dedicated funding managers.

Read More

SMALL BUSINESS ADVICE

Melio Announces Integration with Xero to Sync Payments Data

Melio | January 25, 2023

On January 24, 2023, Melio, the industry-leading B2B payments platform for small businesses, announced a new integration with the cloud-based accounting software platform Xero. Through this integration, Melio's small business clients will be able to seamlessly sync their accounts payable and receivable data with Xero, therefore saving time on bill payments, facilitating reconciliation, and enhancing insight into incoming payments. Melio's co-founder and CTO, Ilan Atias, said, "This two-way sync with Xero will help small business customers better understand how much money is going in and out of their accounts at a time when it is critical to keep a close eye on cash flow." He explained, "Moreover, this integration will help save customers time and simplify the bill-paying process while providing them with more visibility and control over their day-to-day finances." (Source – PR Newswire) The United States is home to 33.2 million small businesses, which accounts for 99.9% of the nation's businesses. This integration will enable these businesses to spend less time on accounting and more time growing their businesses. In addition, small business bills, payments, and invoice information will be seamlessly synchronized across the two platforms, saving time typing data into separate accounts and eliminating the guesswork of matching charges to open invoices. The VP of Partnerships, Americas, at Xero, Carol Haverty, stated, "Melio's integration with Xero offers tremendous value to our accounting and bookkeeping partners and their small business clients." She also said, "Melio and Xero have a shared vision of championing small business. We look forward to helping our customers streamline workflows and save time with this integration so they can focus on growing and running their business." (Source – PR Newswire) This is Melio's fourth synchronization with an industry-leading accounting software vendor, extending the company's track record of collaborating and integrating with financial institutions, software providers, and markets. About Melio Melio is a market-leading B2B payments technology firm that helps small and medium-sized businesses send and receive payments rapidly and without hassle, thereby improving their cash flow and productivity. Melio, one of the fastest-growing B2B payment platforms in the United States, is revolutionizing the transfer of funds between businesses. It serves banking institutions and software firms that want to provide accounts payable and receivable solutions to small business clients. The company was founded in 2018, with headquarters in New York, a research and development facility in Tel Aviv, and headquarters in Colorado for the western United States.

Read More

MANAGEMENT

Awesome Motive Announces Thrive Themes Growth Tool Suite Acquisition

Awesome Motive, Inc | January 24, 2023

On January 23, 2023, Awesome Motive, a software and media enterprise with over 21 million websites employing their software, announced the acquisition of Thrive Themes, the company creating powerful small business growth tools for WordPress. Thrive Themes' growth tool suite is used by over 200,000 website owners to quickly build high-converting websites that result in more email subscribers, revenue generation, and satisfied customers. The acquisition of Thrive Themes further solidifies Awesome Motive's position in the WordPress and online marketing space as it continues to deliver innovative solutions that assist small businesses in growing and competing with larger corporations. Syed Balkhi, CEO of Awesome Motive, shared, "Easy to use online marketing tools that deliver results is essential for small business success, especially in today's economic environment." He added, "Thrive is a well-known and respected brand that has a long-history of helping businesses improve their online marketing efforts. We are excited to welcome them to the Awesome Motive family, so we can help more of our customers create thriving online businesses." (Source – PR Newswire) Other solutions by Awesome Motive that help small businesses develop their online presence include WPForms, OptinMonster, AIOSEO, and MonsterInsights. In addition, customers can get even better results with a potent mix of growth tools in the Thrive Themes suite. About Awesome Motive Florida-based Awesome Motive is a software development company offering tools and training that help small businesses grow and compete with large enterprises. It has developed popular tools such as OptinMonster, WPBeginner, WPForms, MonsterInsights, SeedProd, All In One SEO, PushEngage and Smash Balloon, among others. With more than 20 million websites using Awesome Motive's solutions, the company is considered an innovator in the industry. It aims to help its customers stay ahead of the curve and gain a competitive advantage.

Read More

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