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Staffing and recruiting agencies are critical for connecting businesses with the right talent. However, finance professionals at these agencies often struggle with complex and manual accounting processes.
Why is managing a staffing or recruiting firm’s financial health and stability so challenging? These businesses juggle consultant and timesheet management, commission calculations, invoicing, reporting, and other time-consuming tasks.
Finance professionals bring strategic skills and value to their businesses, and they shouldn’t be buried in routine accounting processes that can be automated.
In addition to automation, staffing and recruiting agencies need accurate, up-to-the-second data for sound decision-making and regulatory compliance. That’s impossible to achieve with small business accounting applications, manual data entry, spreadsheets, and disconnected systems.
By migrating to a modern, cloud-native financial management solution like Sage Intacct, these businesses can effortlessly track profitability by customer, improve timekeeping and payment processes, and streamline payroll, billing, commissions, and reporting.
Here are a few reasons staffing and recruiting firms choose Sage Intacct.
Staffing and recruiting agencies often receive payments in different phases, including up front, when a candidate is successfully placed, or after the candidate has completed a probationary period.
Sage Intacct's revenue recognition software removes the complexity, time, and frustration associated with revenue recognition and includes complete support for ASC 606 and IFRS 15.
Automating the revenue recognition process improves compliance, saves time, reduces errors, and provides valuable insights.
Managing cash flow is difficult for any business, but staffing and recruiting agencies face unique challenges. In addition to payment timing discrepancies, many of these businesses have ebbs and flows when placing temporary workers. These seasonal variations can result in uneven cash flow throughout the year.
Sage Intacct helps staffing and recruiting agencies manage cash flow so they know where the money’s coming from and where it's going. The software also automates complex cash-management processes and improves visibility of the cash position.
With Sage Intacct, staffing and recruiting agencies can manage bank accounts across all their locations and automate bank reconciliations.
Tracking operational and financial data down to the project level isn’t easy with entry-level software.
But with Sage Intacct’s Projects module, staffing and recruiting firms can easily track this data in several ways, including by region, type, customer, and job title.
Sage Intacct’s flexibility and automation make life easier for account managers, recruiters, and accounting and finance teams. One system of record throughout the customer lifecycle shortens the close and accelerates cycle times.
Staffing and recruiting agency finance leaders who use small business accounting applications can’t get a quick snapshot of financial and operational performance. And using spreadsheets to aggregate and manipulate data is time-consuming and error-prone.
Sage Intacct provides a clear picture of project, client, department, and company-level key performance indicators and trends for actionable insights and informed decision-making—all without spreadsheets.
Executives enjoy configurable and dynamic dashboards for anytime access to business performance metrics with the ability to drill into details. Teams can choose from hundreds of basic reports to easily meet compliance requirements and customize them to meet specific project needs.
And with Sage Intacct as a single source of truth, staffing and recruiting agencies gain access to real-time reporting, including budget versus actuals, project spend, project snapshot, and any other metric.
Many staffing and recruiting firms use multiple software solutions for different functions, including accounting, applicant tracking, and customer relationship management. If these systems aren’t integrated, repetitive data entry drains time and causes mistakes.
Sage Intacct’s open application programming interface (API) allows easy connections with an ever-growing list of other mission-critical software. The Sage Intacct Marketplace offers a variety of the most innovative cloud solutions, all built to seamlessly integrate with Sage Intacct.
Robust Sage Intacct integration helps staffing and recruiting agencies’ data automatically flow into financials, offering a full financial picture in one place. With a fully integrated technology stack, staffing and recruiting firms streamline operations, accelerate automation, and increase the ROI of existing software investments.
As a multi-award-winning Sage Intacct partner with hundreds of successful implementations, Vision33 helps staffing and recruiting agencies simplify finance and accounting with Sage Intacct.
Read our comprehensive eBook for more reasons staffing and recruiting agencies choose this modern, cloud-native financial management solution. You’ll find testimonials from agencies like yours that rely on Sage Intacct to drive profitable growth.
