Technology

7 Challenges Staffing Agencies Face & Actionable Strategies to Overcome

Although the recession ended over a few years from now, many Staffing companies in the US report that they still feel the same as if they’re stuck in it. Besides, the staffing firms are also adjusting their businesses post the pandemic and the reason for it is evidently accounting and bookkeeping challenges being faced on a daily basis.

Let’s get you through ‘em in detail and you’ll even explore how to confront your business challenges with a focused approach.

Consultant Management

As Staffing Business owner, it becomes a daunting task to manage & keep track of all your consultants’ information at one place if you rely on a traditional system.

Gone are the days of excel, now it’s time for automation! To manage well and live up to the expectations, switch to an accounting software tailored for Staffing companies.

When you have a hawk-eyed visibility on all your consultants on a single screen, it becomes easy to manage ‘em. For instance, placing a consultant, processing timesheets, viewing individual profitability and drilling down profiles becomes an easy go. 

Timesheet Management

Using excel to manage your consultants’ working hours, tracking In & Out time and approving timesheets is not an ideal practice.

Accuracy matters in timesheet management and you can’t afford to miss an entry as it might burnout your trust with your customer.

Automating your timesheet processing will help you to effortlessly manage your consultants’ working hours, capturing timesheet entries and approve ‘em without wasting your manager’s valuable time.

Based on consultant time log evaluation, essential reports can be generated on the fly.

Commission Calculations

It becomes imperative to measure the performance of your sales team, when you’re running a Staffing firm.

Also to be noted that, misplaced commission calculations can result in your revenue leakage.

No matter how complex your sales commission & bonus structure is, automating your commission calculations helps you stay away from pitfalls and allows you to measure your sales team performance with ease.

Automation empowers you by providing instant access to seamless configurable options of commission pay and accrued commission, so you stay worry-free.  

Invoicing

Tracking and processing the invoicing quickly & efficiently plays a vital role in your Accounts Payable (AP) forte.

Invoicing manually has a great chance to prone to errors, you accountant’s productivity can often lag, get lost in multiple excel sheets, might miss on age-old invoices and become more complex due to its higher error rate.

Automating your invoicing process can make it effortless and automatic to send, manage and track customized & recurring invoices, account receivables without any hassles.

Bank Reconciliation

Matching your bank balances within the accounting records you carry becomes complex, when you’re stuck in business priorities. Bank Reconciliation will help you ascertain the differences and makes sure your finances are appropriate.

Accounting software designed for staffing agencies make sure you update & reconcile your books of accounts as or when required. It helps you connect bank accounts securely to get Bank Feeds in real time, automated way. All you have to do is one-time configuration of bank accounts for auto reconciliation.

Profitability Forecast

You can make the profitability forecast, only when you can view the projected earnings and margins accurately for the upcoming projects based on the available info. Software solution can give you complete analysis on the current and also upcoming placements.

That’s how you’ll get to know approximate net margin on every single consultant before the project even starts. But relying on spreadsheets cause errors, so better make a move to a cloud solution.

Compliance

To survive in staffing business, you must stay up-to-date with your compliance and eventually you’ll reduce the bench period of consultants. Staffing accounting software gets you manage your consultants’ minimum wage limit within few clicks, while letting you the history of past compliance as per the state worked in.

“For every COMPLEX problem, there is a SOLUTION” – All you just need to do is FIND IT!

If you looking out for a complete all-in-one solution for your staffing business, then Nimble Staffing is the one which comes at your rescue!

America’s Only Staffing Software, “Nimble Staffing” is here to enhance the growth and profitability of your staffing Agency, by overcoming all emerging challenges.

It creates value and empowers you by delivering best-in-class accounting modules, everything at one place on an intuitive dashboard. Actionable insights, analytics and all the essential financial information lets you consolidate financial happenings, so you can run your business profitably.

Seamlessly you can add and place consultants by defining personal details, billing info, pay scale and even the sales team details. Anytime you can navigate to time sheets invoices, payroll, transactions, outstanding reports and history. Interested to know more? Visit us at and schedule a quick demo – nimblestaffing.net