When running a recruitment company you need to know that your business is operating at maximum efficiency. A back office solution which supports your business as it grows is very important to help create a solid foundation.
Depending whether you choose to outsource your back office or have the capacity to run this in-house, the daily tasks remain the same:
- Paperwork – keeping on top of this is essential to make sure your customer invoices are sent out correctly and on time. You must also ensure you have all your paperwork in order and organised to stay up to date with your HMRC reporting responsibilities.
- Payroll – ensuring your workers/contractors are paid the right amount and on time. Rather than juggling all your business expenses, you may wish to increase your cash flow with a payroll finance facility.
- Credit control – telephone chasing so that your customers pay their invoices and don’t hang onto your money!
- New business – bringing on board new customers is great, but you must check them out and perform the right due diligence before offering any terms.
- Finance – you may already have a payroll finance solution in place. Make sure this is managed effectively and you trust the partner you have chosen.
- Systems – these can help to automate some of the above points.
An outsourced partner can remove the hassle of these activities, freeing you up to do what you do best and remove any stresses from managing this yourself. Sometimes outsourcing the administration to a back office and funding support service can accelerate growth and take your recruitment agency to the next level.
Benefits of outsourcing your back office function
- The relationship between your recruitment agency, customers and candidates will run smoothly, and they will ensure you are compliant. They will also make sure your invoicing is correct, chase payments, run your payroll and provide payroll finance.
- You will receive access to up to date reports so you can track anything you need to know about the service, at the touch of a button.
- Frees up your time to focus on your business.
- Peace of mind you have a qualified team working for you to make sure things are right the first time, protecting your brand.
If you decide to outsource your back office function or are looking to change provider, you need to know that the partner you choose is the right one for you and your recruitment company. Before making the decision, think about the service you need. Your back office service provider should understand your business and sector and it is always helpful to ask to speak to a few of their existing clients, so you can find out what their experience is like.
If you would like to speak to us about this blog or have any questions about back office and payroll finance, please contact our friendly team today on 01908 268888.