Need to know

19 July 2016

Three big health stories from recent weeks – and how they affect small businesses.

Small businesses are losing billions of pounds to invoice fraud

Why has this been in the news recently?

In a survey by Tungsten Network of 1,000 small businesses, 47% had received a fraudulent or suspicious invoice in the past year1. The research found that this amounted to £1,658 per company, or £9 billion for UK small businesses in total.

What should my business look out for?

  • Check invoices carefully: fraudsters used tactics such as viruses in attachments; unknown invoices attached to an email or sent by post; changes to bank details within invoices; and sending duplicate invoices, according to the research.
  • Know your suppliers: use Action Fraud’s advice on managing your suppliers to minimise the chances of fraud.
  • All getting too much? Give us a call and we may be able to help you deal with any stress you’re experiencing.

Final enrolment dates for workplace pensions are looming

Why do I need to know this now?

A lot of larger employers will already have enrolled their staff, but the deadlines (called staging dates) for smaller businesses are coming up now and over the next year. All companies except the very newest should be signed up by the end of 20172. Find out your staging date.

In March, we reported that employees’ personal finance worries may be harming UK business and workplace pensions could go some way to giving people financial security in the long term.

A snapshot of UK employees’ mental wellbeing

Why is this in the news?

Business in the Community is aiming to undertake the largest survey of mental wellbeing at work ever done in the UK3 .

Why should I bother to fill it in?

The charity intends to use the findings to identify factors that help or hinder the mental wellbeing of UK employees and to improve employee mental wellbeing3. Ultimately, all UK employers could benefit from the results of this survey, so the more people that take part the better. Send a quick email round your team suggesting they take a look: they might find it interesting. In addition, it may help you to start a conversation about mental health at work.

Fill in the survey.

What's next?

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  1. ‘SMEs lose £9bn in invoice fraud’, press release from Tungsten Network, 25 April 2016
  2. Auto Enrolment Staging Dates, NOW Pensions
  3. National Employee Wellbeing Survey, Business in the Community