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A shift to the hybrid working model, widespread labor and skills shortage, and the lack of qualified candidates have put staffing agencies and recruitment companies under enormous pressure.
Staffing and recruiting agencies need to focus on their core business tasks in order to stay competitive and profitable. Many staffing agencies are now outsourcing finance and accounting
processes to reduce overhead costs and improve process efficiency.
7 FINANCE & ACCOUNTING PROCESSES
Payroll Management
Payroll management is a substantial challenge for staffing firms that cater to permanent, temporary, contractual, or locum workers across different geographies and industries.
The constantly evolving filing guidelines, government regulations, and compliance procedures make payroll management a time-consuming and challenging business process for recruitment agencies.
Pay & Bill
The outsourced pay and bill process allows your recruitment agency to reduce operational costs while using the latest fintech and streamlining this critical finance and accounting function.
Outsourcing optimizes the process efficiency and ensures strict compliance with all regulatory laws.
BooKKeeping
Handling books and maintaining records can take a lot of time for the in-house accounting team. Bookkeeping is a time-intensive and costly practice for staffing firms
that diverts the company’s resources and employees from core business functions. The best way to improve the efficiency of your agency’s bookkeeping process is to partner
with an offshore RPO service provider for fiancé and accounting process outsourcing. Outsourcing F&A processes extend the in-house accounting team helping businesses grow
and mitigate financial risks.
Credit Control
The credit-control process is critical for a business to maintain its cash flow and mitigate bad debts. Recruitment agencies catering to high volume staffing demands may
struggle to function proficiently and need efficient financial controls. Good credit controllers may be hard to find, and hiring them in-house may be expensive.
Outsourcing also allows you to work closely with a team of financial experts with the experience and training to keep your business financially sound in the long run.
Management Accounts
Management accounts are essential financial processes that help businesses gain insightful information about a company’s work and aid strategy development.
Clear, easy-to-read, customized financial reports enable business leaders to make informed decisions. However, preparing these reports takes a lot of time, effort, and expertise.
Outsource this back-office process to offshore management accounting consultants who provide specialist recruitment process outsourcing services.
Accounts Payable
Recruitment agencies handling high volume staffing must follow extensive accounts payable process and documentation. This can be tiresome, expensive, and time-consuming.
Agencies must process high-volume invoices, deal with hundreds of vendors and clients, and meet the everchanging regulatory compliance requirements.
Therefore, outsourcing accounts payable is a great way to streamline the process and avoid discrepancies and inefficiency in the organization.
Time and Expense Management
Outsourcing recruitment companies are equipped with the latest technology. And follow automated processes to maintain greater accuracy and speed and
perform these functions at a significantly lower cost.