7-minute read
About 20% of small businesses fail within their first year, and the primary reason for this is poor money management. If your staffing firm wants to rise above the fierce competition, you need top-notch back office solutions to provide you with support.
But what services do top providers offer? How can they affect your staffing agency?
Read on to answer these questions and to learn how outsourcing back office support can streamline staffing firm operations.
What Services Are Included in Back Office Solutions?
Back office services are those that specialize in streamlining financial operations for your business. These items primarily include accounting, invoicing, and payroll.
When you outsource back office services, you get in touch with experts that are used to working with and providing for staffing firms like yours. You also get access to the technology that back office employees are utilizing and always further developing.
Accounting
Accounting services are a core facet of back office solutions. These services aim to manage your cash flow and process, analyze, and report on finances. They also aim to make sure vendors are paid the right amount of money on time.
AdminAssist's top-notch accounting services include:
- Income statements
- Balance sheets
- Bank balance tracking (for real-time updates)
- Vendor payments and their dates
- Deposits made into all accounts
- 1099/C2C payments (for tax purposes)
- Real-time line of credit updates
- Commission information
- Class-oriented spread details
You no longer will need to painstakingly look into your finances by hand. This is especially critical in the staffing industry since you need to scale constantly. Outsourcing back office services to companies specifically designed to meet staffing needs means that the platform will grow with you.
Invoicing
Invoicing services for staffing firms help management and employees get paid faster. They use high-level tracking systems previously proven to be effective. This happens by generating and finalizing invoices automatically and giving you all relevant information.
You also will never need to worry about AR-related processes because AdminAssist sends them out automatically. We then follow up with recipients by phone or by email. Additionally, we send W-9s, review calls from clients, and AR reports at the end of every month.
Services included are:
- Generation of invoices
- Distribution of invoices
- Direct placement invoices
- Instructions for billing clients
- Collections work
- AR reviews and auto-generated reports
- Customer integration services
- Invoice cycle with top-notch flexibility
Payroll
Payroll services complete the top trio or back office solutions for staffing agencies. AdminAssist has designed a solution specifically for these firm's flexible and scalable needs.
Payroll processes are online and immediate. Taxes are automatically files and are 100% accurate. All processes and communications between payroll and HR or accounting are streamlined and consistent.
Key services included in payroll packages are:
- Paystub delivery
- Direct deposit into all accounts
- Tax forms (1095-C, 1099/W2, etc)
- Federal, state, and local payroll tax calculations
- Payroll tax payments and automatic filings (federal, state, and local)
How Is This Model So Impactful for Staffing Agencies?
Now that you know what's included in outsourced back office services, you likely are wondering: how do these solutions reduce overhead costs? Can you also cut back on labor costs?
This is actually the #1 reason that staffing agencies cite when they use back office solutions. You don't need to hire and train new finance-related employees, which cuts back on overhead costs. Outsource firms pre-train experts to handle specific tasks, which means that you'll get specialized knowledge.
You also gain greater flexibility in all areas of your staffing agency. You can make faster and overall higher-quality decisions about budgeting and payroll. You also don't need to constantly pay in-house for financial labor, which saves costs on hiring and turnaround.
Constant Tech Updates and Upgrades
Accounting and bookkeeping techniques are always changing and require constant analysis and innovation. Many staffing firms can't streamline their operations even after conducting this analysis. They don't have the technology to do so.
Outsourced solutions consistently make sure that they're at the forefront of innovations. Experts look into and execute the latest trends with new and improved technology. You don't need to expend time and money trying (and likely failing) to do so on your own.
Fast, Accurate Report Generation
At AdminAssist, we make use of the secure cloud to access and store your financial information. Both we and you will have immediate access to all of this financial data and reporting. You also will be able to analyze data more quickly and accurately when it's organized on the cloud.
Consistently High Quality
When your staffing firm is in a period of growth- which, let's face it, is the goal- your operations will require a lot of expansion. Outsourcing back office services means that you won't need to consume all resources expanding. You can therefore focus on growing your business activities, adding new services, developing customer support that sustains more clients, and optimizing your core services.
Professional-Level Security
Keeping information secure can be a challenge for any business, and it's even more so for staffing agencies that hold the employment and monetary information of multiple clients.
Getting appropriate security applications and firewalls can be a challenge. Luckily, with outsourced financial services, you get automatic access to top-notch security solutions to keep cloud storage safe.
Get the Benefits of Back Office Solutions Today
Now that you know why back office solutions are the right choice for staffing agencies, it's time to get started. Contact us with any remaining questions that you have about these technologies.
Our experts are happy to help you find the appropriate tools for outsourcing back office support. We also will point you in the direction of services that can ensure your firm runs efficiently and effectively. We look forward to working with you soon.