Staffing Companies are Taking Accounting to the Cloud
If you’re a dedicated professional at a staffing company, you have your work cut out for you. You're working hard to reach new clients of course, but then you work even harder to grow your business by reaching out to new clients. You know better than anyone else that each client you work with raises new challenges of providing a talented labor force to meet client expectations.
Keeping you up at night may be concerns about a tight labor pool, increased paychecks eating away at margins, city and state regulatory requirements, and managing employee churn rates. One way that companies can manage uncertainty is to outsource that risk. That’s an opportunity for staffing companies but unfortunately, the risk can also become yours.
With these challenges, staffing organizations need fast decisions leveraging quick access to information. You need cloud accounting.
Cloud Accounting for Staffing Companies
Imagine what cloud accounting can do for you:
- Automate revenue recognition
- Accelerate project billing
- Enhance financial reporting over complex organizational structures
- Enable amazing collaboration over your organization
- Provide better analysis over the entire quote-to-cash process
- Fully automate global consolidations
- Improve submission of time and expense reports
- Ensure robust approval processes for managing workforce efforts
- Automate billing based on complex fee arrangements
It Starts with Time and Expenses
No matter what you do with accounting, staffing companies never lose sight of tracking time and expenses for their resources. The advances with cloud accounting mean that employees can enter time and expense information anytime, anywhere. Managers get alerts to review and approve those reports and employees get prompt reimbursement.
For companies with proprietary systems or existing investments built around tracking time and expense, the good news is there’s no need to lose your competitive advantage. Exceptional cloud accounting solutions enable seamless integrations to make strong systems even stronger.
Removing the Manual Process
How many systems do you enter the same information into every day? This type of repetitive action over and over can waste your time. Manual entry was a killer for HRU Technical Resources: nearly 100% of their processes were manual, causing them to switch between their accounting, Microsoft Excel, and a third-party payroll system.
HRU recognized their problem and brought in Alta Vista Technology to alleviate their accounting disconnect and take them to the cloud with Sage Intacct. HRU has implemented a time-entry system that allows their contractors to enter their own time which is then automatically logged in Sage Intacct. This removes the pain of Excel and saves steps in getting the information to where it needs to be in one integrated solution. No fuss, no hassle.
Time on Your Side
Manual actions like the ones above leave room for human error. A simple slip that goes unnoticed can wreak havoc on your books. When you automate, this threat is lessened, and time needed to make corrections is saved. With HRU’s elimination of Excel tracking they also help eliminate their chance for error, giving them more accurate data, reports, and more importantly: man hours.
While reviewing all possible back office software, HRU found a number of systems that could support the payroll part of their business, but they also needed to have the function to bill for those employees as well. The import function for billing clients and processing invoices has saved countless hours of manual entry and mistakes caused by human error. Sage Intacct’s ability to accept imports from the time entry system will drastically reduce errors as well as eliminate time needed for manual entry.
“Most payroll/billing systems come with an applicant tracking piece which we did not need, and the cost is well over three times the cost of Sage Intacct,” said Jacki Rieder, VP of Finance, HRU Technical Resources. “With the approval process set up in this system, it has saved us time at the end of each month when closing out the month to see if GL or payments were coded correctly.”
It all comes down to the total package. Staffing companies moving to the cloud and Sage Intacct from an on-premises system can drastically improve how their business performs. With robust project tracking, automation for complex billing, a decrease in manual entry, and so much more, staffing companies are future-proofing their business allowing them to spend time on what really matters: growth.
David Valade is a recovering accountant, programming ninja, wordsmith, and Vice President of Operations for Alta Vista Technology. As practice lead for Sage Intacct he is responsible for amazing implementations and the ultimate success of all customers on the product line.
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