Staffing Companies – Is Your Accounting Software Hurting Your Business?
It’s easy to assume the biggest problem facing staffing companies is lack of talent. So why do some firms with small talent rosters succeed while other firms with plenty of professionals fail?
The reason is that success in staffing is less about the amount of talent you have and more about your ability to leverage whatever talent is available. Put differently, it’s not about being the biggest staffing agency, but about being the smartest.
Most firms understand this and have processes in place to optimize how they manage talent. The only problem is that those processes are run through accounting software that’s often outdated and under-powered. Excel and QuickBooks are the most common examples, but there are many “cheap, simple, and basic” solutions on the market. Any one of them is adequate, especially in the early days of the firm. None of them is exceptional, though, which only impairs how you manage your biggest asset – talent.
To illustrate why consider what upgraded accounting software can do. It introduces exciting new capabilities that give you greater control over the bottom line. Simultaneously, it eliminates the headaches that hold staffing firms back. Here are three examples illustrating how new software creates significant opportunities.
Accelerate the Billing Process
Turning timesheets into invoices is a time-consuming process because it depends on administrators manually entering data. For that same reason, it’s at high-risk for human error. Smarter software can automate the invoicing process, condensing hours of data entry into a few quick clicks while verifying that every invoice is accurate. These improvements ensure that you are collecting all of your revenue. They also free up a lot of time that decision-makers can use for other things.
Refine Resource Allocation
Basic accounting software is designed for businesses generally, not staffing firms specifically. Due to the lack of industry-specific tools, simple administrative tasks like billing different rates for different work over different dates become prohibitively challenging. Upgraded software improves resource allocation by changing its design to accommodate complexity and enable customization. Firms can carefully control the pairing of talent with clients, ensuring the success of both and maximizing the bottom line in the process.
Understand Performance In-Depth
Staffing firms, like all businesses, need to understand the forces driving their performance. Unfortunately, simplified accounting tools make it difficult to track individual customers, projects, or employees. As a result, firms can’t identify under-performers or key assets. Graduating to an accounting software that gives users greater control over data brings the positives and negatives of performance into stark relief.
You only have so much control over the talent you attract, but you have total control over the software you use to manage that talent. Sage Intacct helps you save time, avoid waste, and maximize revenue simply by upgrading your approach to accounting. If you’re ready to work smarter not harder give us a call at 855.913.3228 or send us an email at email@example.com.