Why Do Staffing Firms Need Cloud Accounting?
For today’s competitive staffing organizations, fast growth depends on fast decisions derived by leveraging the right information at the right time. The answer: Cloud accounting.
Why cloud accounting for staffing agencies today? Cloud accounting helps reduce hours to minutes, helping professional services firms take advantage of automated revenue management for real-time reporting and operational transparency. Today’s growing staffing organizations require real-time business visibility, comprehensive financial consolidation, reporting, and analysis, and a variety of streamlined, automated conveniences – such as improvements to quote-to-cash processes and anytime submissions for expense reports.
Many professional staffing organizations work with numerous entities, which makes accounting and reporting much more complex; scores of complex spreadsheets can be common fixtures in managing the day-to-day activities. Staffing agencies looking to grow require project accounting capable of managing multiple entities and, in many cases, global consolidations, as well as accounting software capable of providing a 360 real-time view of the agency and all its dimensions and metrics – not to mention integration with the existing CRM.
Why the accelerated push for streamlined accounting and reporting?
Staffing agencies want to move beyond cumbersome manual processes and patching together countless Microsoft Excel spreadsheets or QuickBooks instances. Professional staffing firms are seeking automated project accounting that allows data to flow seamlessly across the agency in unified workflows that can be easily customized to unique business needs. Firms want to do better at tracking projects, managing projects, and expediting time-and-expense processes. Staffing firms, like most professional services firms, feel pushed to streamline and accelerate project billing.
As professional staffing firms grow, the demand to manage the complexities of multi-entity and global consolidation rises. Staffing firms want unprecedented visibility – from any perspective, top to bottom. Staffing agency management wants to see profit-and-loss by business/service, project, manager, region, customer type, or other dimensions and metrics, all in real time, so they can know what to improve or where to invest. As the acceleration for better accounting practices continues, and employing advanced, real-time business intelligence rises, the widespread adoption of cloud accounting is imminent.
This content was originally posted here.
In business since 1971, CompuData is an award-winning business technology solution provider. Headquartered in Philadelphia, PA, CompuData has helped thousands of small to midsize clients nationally and in the Philadelphia metro region (PA, NJ, DE, NY) optimize their business with technology.