In this month’s Fintech Friday (FTF), we’re throwing the spotlight on the recruitment industry. If you don’t work in recruitment, we strongly encourage you to keep reading as you’ll get a sense of how apps are creating industry-specific solutions – saving you time where you might not even realise you’re losing it.
The proven benefits of cloud accounting and related-apps, as well as Making Tax Digital requirements, are driving increased take-up of cloud-based accounting across the board. As a result, businesses are benefiting from improved timeliness, relevance and efficiencies. Plus, we’re seeing increased demand for Management Accounts as companies strive for more structured and accurate reporting of activities, especially given recent volatility in the markets.
It seems we’re in a global battle for recruiting talent currently, with endless social media posts showing new vacancies at every corner (including ours – in case you know anyone looking for a payroll role / apprenticeship!). Unsurprisingly, increased numbers of UK-based recruitment agencies are emerging as a result – specialising in contractor, permanent or sometimes both.
We’re also seeing a shift in permanent-only agencies looking to add contingent workers to their books in a bid to meet the needs of clients looking for more workforce flexibility and to reduce ongoing costs. Contractor employment comes with timesheets, invoices and complex management processes – things that can be time-consuming and laborious. But it doesn’t have to be.
Customer Relationship Management
As the recruitment industry is evolving, so too is the available technology behind the scenes. There are countless options when it comes to Customer/Talent Relationship Management software (CRM) geared towards the sector, aiding the placement and maintenance of talent resources.
As highlighted in our prior blog, selecting the right CRM is a huge consideration – with vast differences in software integrations, flexibility and scalability in the market place. Choose the right CRM and your business can be given a platform to flourish. Choose the wrong CRM and your business could incur added work duplicating data. If your CRM is too small, you may outgrow it too quickly. If it’s too large, you could be paying excessive fees for a larger CRM with features you do not require.
If you are already involved in contractor recruitment, you will be aware of how complex the timesheet and invoicing process can be. Every time we speak to a new client, they have a different process – usually revolving around manual Excel entries for data collation. When highlighting and discussing this issue with clients, it is often the case that the client is unaware of any alternatives to this method, so the system has never been reviewed for change.
Our recent client successes in the recruitment sector have regularly involved the implementation of sophisticated timesheet software, assisting with all aspects of contractor recruitment from initial timesheet submission to final client invoicing.
The benefits to implementing this system are vast, however some of the favourite features include:
- Three options for timesheet submission – the Contractor, the Agency or the End Client
- Layers of approval – so once a timesheet is submitted, a confirmation request is sent to the relevant approver for the time
- Option for automated SMS and email reminders if an expected timesheet has not been received by a certain point
- Tailored contractor pricing lists – with automation for bank holiday, weekend and night costs
- Sales invoices can be raised in bulk, rather than individually
- Sales invoices are sent to the client with any applicable timesheets for reference
- Built-in intermediary reporting
- Integration with Cloud Accounting software
How can we help?
Are you collecting data via manual Excel spreadsheets? We’d like to offer you an alternative to save you valuable time in your operations.
Wondering what solutions are available for your industry? We’d love to tell you more.