In times of economic uncertainty, small businesses are especially concerned about preserving cash
Palo Alto, CA (PRWEB) July 7, 2008
PayCycle, Inc., America's #1 online payroll service, today released the results of a proprietary survey that found nearly half of small businesses are scaling back payroll to combat today's difficult economic conditions.
Forty-seven percent (47%) of small business owners indicated they are taking action to reduce payroll by laying off staff, not giving raises or offering days off instead of pay increases, all in attempts to preserve cash in an uncertain economy.
In addition, the survey found that 43% of small business owners are choosing to cut back their vacations this year. They are staying close to home or even canceling their plans altogether, citing the economy as the primary reason.
Belt-Tightening Across Broad Spectrum of Small Businesses
"In times of economic uncertainty, small businesses are especially concerned about preserving cash," said Jim Heeger, president and CEO of PayCycle. "It's not surprising that nearly half of small business owners are taking steps to reduce payroll expenses. And combined with the reported cuts in vacation plans, this clearly shows there is belt-tightening across the broad spectrum of small businesses," observed Heeger.
To help small businesses get more from their cash flow in a difficult economy, PayCycle® online payroll service enables customers to pay taxes when they are due, rather than forcing them to pay weeks ahead of time, the usual industry practice.
The survey, conducted between June 23 and June 29, 2008, compiled responses from 427 small businesses randomly selected from PayCycle's broad, national base of over 60,000 small business customers.
PayCycle is America's #1 online payroll service, serving more than 60,000 small businesses. PayCycle provides an easy-to-use, innovative, efficient service for small businesses, backed by outstanding customer support. PayCycle also powers payroll services for leading financial institutions including Capital One and PNC Bank, and provides client payroll services through many of the nation's accounting professionals. PayCycle's service integrates with leading accounting programs such as QuickBooks®, Quicken®, Peachtree®, Microsoft® Money. PayCycle's unique "Do-It-With-YouSM" (DIWYSM) technology platform guides customers through the entire payroll process from paycheck to W-2 forms. Visit http://www.paycycle.com for a free trial of the service.
PayCycle is a registered trademark, and "Do-It-With-You" and "DIWY" are service marks of PayCycle, Inc. All other product names and trademarks are the property of their respective owners.
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