As a staffing owner, you realize that your back office, although not nearly as glamorous or high energy as your front office, is key to your success. Indeed, it’s arguably more important in the staffing world than in many other businesses. Your employees need to be paid on time, and you need to be able to be prompt and professional in collecting fees from clients.
Back office accounting outsourcing services can process payroll, service accounts payable and receivables, and even handle some HR duties. If you’re a start-up looking to implement a back office system, or a going concern that is spending too much time (and headaches) on the back office, outsourcing is a great solution.
Here are four advantages when considering a move to back office outsourcing.
1. If you’re like most staffing owners and operators, you’re from a sales or entrepreneurial background. Or, perhaps you just have a deep connection with the niche you’re serving.
Either way, most likely you’ll admit that billing, collections and payroll aren’t your area of expertise. Outsourcing allows you to hire a team of experts to take care of the details that will make you successful, while letting you focus on the core competencies that will drive that success, whether it’s hiring the right internal employees, meeting with potential clients or planning expansion.
2. You’re not in the software business, you’re in the staffing business. Not only does outsourcing provide you with a team of experts, it keeps you up with the latest in technology.
Back office services are constantly upgrading their software and in fact spend a lot of time devoted to the latest accounting systems and techniques. With security an increasing concern, this is a big plus.
And there is another major aspect to efficiency. Both sets of your clients (your customers and your employees) will benefit. Billing and payroll will be smooth and efficient. This will help your bottom line and ensure the professionalism that you’re representing. Also, most reputable back office solutions ensure that all interaction is branded to your company, specifically.
3. Back office outsourcing is a great tool to give you a leg up when you’re expanding.
For example, you’ll be able to process your growing payroll, handle payroll, and billing and collections. And, if you’re expanding into another geographic area (which many growing firms aspire to do), you’ll have different tax rates and compliance issues to figure out. These outsourced experts can guide you and you can, again, offload these headaches.
Similarly, if you’re scaling down on your accounting, you can decide which services are right for you.
4. Financial Benefits.
Besides the obvious savings of not having internal accounting staff, there are many other financial motivations for back office outsourcing. As mentioned previously, you’re able to focus on your core business, sales and recruiting. You’re not investing in accounting software or the many upgrades that most people don’t have the time to even keep track of. You’re able to add flexibility and nimbleness to your growth plans. You’re keeping your ingoing money and outgoing money running efficiently. This in turn improves customer service and your cash flow situation.
At Madison, we recognize that outsourcing your back office leads to better sales and better margins. We provide 100% of the back office support your staffing firm needs. From outsourced payroll services and outsourced billing services to our complete back office support solutions, we give you more time to focus on increasing sales, recruiting talent and serving your clients better.
All back office services are conducted to your specifications, with your branding by a team of professionals. And all are included under our one-fee structure. Contact us today to see how outsourcing your back office to a team of staffing-specific professionals can ensure your business success.