Are you scared to make your payroll team your most valuable asset?
When it comes to recruitment, your payroll staff could be your most important asset. Complex awards, shift allowances and different pay tiers can all cause havoc if not administered correctly, and often this responsibility lives with payroll staff. Not only do they have to manage translating timesheets into candidate payroll and ever-increasing complexity of client invoicing needs, but they are often doing this manually, which puts even more pressure on what should be your most valuable resource. It’s time payroll staff got better support to help improve their efficiency and ultimately the cash flow of your business.
How can payroll affect your business’ reputation?
The effectiveness of your payroll can greatly affect business operations and growth. If your payroll team need to manually translate timesheets into candidate payroll and spend hours, or even days, processing invoices, not only could your team burn-out but it limits their ability to take on more clients and candidates. Plus an elongated payroll process with a higher chance of mistakes can affect how your business is perceived, not only by current candidates and clients, but by future prospects. This hurts your brand in the market and will make it harder to find the best talent and new clients in the future. Quick, efficient automated payroll processes that can be configured to meet your specific candidate and client needs will allow your business to take on more business and grow.
How much is processing payslips costing your business?
Not only can manual payroll hurt your candidates and clients, it costs you money. Up to a third of all UK businesses are unable to determine the cost of processing an invoice, which gives your company a clear advantage if you are able to keep invoice processing costs down. Research group, Gartner, found that typically the cost of processing an invoice in the UK is between £4 and £25. Furthermore, manually processing invoices can cost up to 20 times more than highly automated invoice processing. Clearly, the benefits of moving your payroll online can save your business money, especially when the cost per invoice is multiplied across a large, contingent workforce.
If you’re looking to support your payroll team and grow your business by automating your payroll processes, then FastTrack360 can help. FastTrack360 helps your payroll team with automated timesheet approval workflows, so you can get accurate timesheets approved faster. Easily translate timesheets into payroll with the in-built payroll wizard, and then invoice your clients the way they want from parent company down to job location. As software built to help agencies with high volumes, FastTrack360 can save you up to 2 days per week using automated payroll. You only pay for payroll hours processed rather than per employee or timesheet – which means you can be more efficient with your finances.
Data – and why it is so important to your business
Payroll provides your business with valuable cash flow information, that can help drive your decision making. With a good recruitment payroll solution you can even see the gross profit on a job before you place a candidate so you know if it’s good business. Leading software will also allow you to pre-configure shifts times, job skills and pay rates to ensure you only engage with the candidates that are available with the right requirements.
Through smart payroll you can understand the true value of certain jobs or clients, and thus determine which industries allow your business to grow the way you want.
Proper payroll processes allow you to produce predictive insights, which means you can review jobs before you place candidates or even proactively notify clients if they are going over budget on a purchase order. This way, you can work out the cost of growth before you have to pay a candidate so you have control over your cash. Rather than operating on gut feel and manual processes, you can make smart decisions informed by an empowered payroll team. McKinsey Global Institute reports that data-driven organizations are now 23 times more likely to acquire customers, 6 times as likely to retain customers, and 19 times as likely to be profitable as a result, so it pays to give your payroll team the tools they need so they can give you the data you want.
Want to show your payroll team what better payroll software looks like? FastTrack360’s Back Office cloud-hosted software can simplify, streamline and improve every step of the candidate time sheet, payroll and client invoicing process. By giving your payroll team leading software, not only can you get better insights upfront into your profitability and cash flow, you can also empower a critical team so you can take on more clients and candidates.