Getting candidates paid on time is arguably one of the most important aspects of any successful business operation. There are so many negative outcomes that can arise from poor financial management: a bad public reputation, employee absenteeism and low retention rates, just to name a few. Keeping these in mind, and the importance of maintaining a positive employer brand, it’s a good idea to have everything in order to avoid any preventable issues. Depending on the size of your company, the intricacies of your payroll and billing system will differ. However, there are some constant ideals that will improve the back-office effectiveness of any staffing firm. Taking some concrete steps towards simplifying your payroll is one sure-fire way to improve your internal and external efficiency and relationships – two things which are paramount for succeeding in a competitive market.
Here are some of our top tips on streamlining your payroll and billing practices.
Many business practices have an electronic alternative these days, and the need for physical documents can be somewhat redundant. If you are still using paper processes for your payroll, now is the time to rethink this decision. Moving all of your payroll operations to a paperless system has a plethora of benefits, including lower costs, lower environmental impact, and wasting fewer resources and less time.
Perhaps most importantly, it makes your payroll and billing so much less complicated, by factoring out a number of time-consuming manual processes. Also, many employees prefer the ease and efficiency of direct deposit as opposed to physical cheques, which will give you points for a positive employer image.
Standardize Your Processes
Having a standardized set of actions and activities to reference each and every time you perform payroll is one of the easier ways to cut down on time and energy. Something as simple as creating a checklist with your accounting department to follow can prevent a number of hiccups from happening along the way and ensures that nothing slips through the cracks. You can then learn from and adjust these processes to see what is working and what isn’t, until you find the perfect method.
This is especially useful for larger staffing firms, who may have a larger number of candidates to get paid on a regular basis. With a standardized process in place, every time a new candidate is placed, getting them integrated into the system will be that much easier. It also leaves you time to focus on tasks that need your attention more – like connecting with your new staff and welcoming them to the team!
Have One Unified System
Navigating between more than one system to complete your payroll adds unnecessary stress to your day-to-day duties, and you more than likely have enough on your plate. Having all of your financial information such as payroll, time sheets, invoicing and so on all in one system will make your life that much easier. It reduces the possibility of data errors and unnecessary paperwork.
Use Mindscope’s Financial Integrations
If you don’t plan on outsourcing your payroll system and instead want to handle these operations on your own, Mindscope has several features that can help streamline your processes.
Our integration with rapid! Pay allows recruiting firms and hiring managers to pay their staff through a paycard and eliminates the need for physical cheques. Your employee’s wages will no longer be tied up with bank holds or waiting on couriers to deliver them. Getting your staff paid in an efficient and timely manner needs to be a top priority, and this integration makes it possible to offer your candidates a positive and memorable experience.
We also integrate with accounting initiative Quickbooks, which is one of our customer’s favourite features. All of your payroll and billing data is integrated into your Mindscope system which simplifies your workflow and improves communication and connection with your candidates and clients!
Our payroll and billing features are just the tip of the iceberg of our brand new and improved UI/UX. Interested in learning more about our integrations and applicant tracking system? Book a free demo today.