Growing Pains: When is it time for a new back-office?
Backend software isn’t a once-off purchase in the lifecycle of your business. Making sure your back-office is up-to-date empowers your consultancy to grow and transform.
The more contractors you manage, the greater the demands will be on your business back-office. Your business systems and processes need to stay ahead of governance, tax and reporting, in addition to speeding up the processing of timesheets and issuing of invoices. It's definitely worth the time and effort to take a critical look at your existing back-office and make sure it's up to scratch.
It’s time to upgrade when…
You’re falling behind on timesheets, invoicing or payroll
If your business has seen rapid growth or you’re transforming to take on new industries, you may be so engrossed with recruiting contractors and finding new clients that you can’t keep up with manual timesheets; you have expense reports that are unapproved; and your payroll isn’t running as smoothly as it could. All of this, naturally, affects your cash flow and the level of service you can provide, which in turn impacts client loyalty and contractor retention. As contractor management becomes more competitive, so it becomes even more critical to present a professional front to all parties at all times.
Investing in back-office software means that everyday tasks like timesheets and invoicing can be automatically filled in and sent for approval, ensuring your professionalism and ability to keep your business sound.
t’s time to upgrade when…
Your contractor payroll is $100k or more per month.
When your contractor payroll hits the $1-million per annum mark, you need credible and significant systems in place to help you sustain (or even grow) that level of turnover. Modern back-office software is commonly provided as a service and includes integrations to ensure payroll compliance with the Australian Tax Office, especially for STP (single touch payroll), direct payment of PAYG to the ATO, State payroll management, and Super clearing house management.
At this level, even a small mistake in invoicing, timesheets, payroll or governance could result in a large financial blow to your recruitment consultancy. A back-office solution that ensures compliance and automates reporting keeps you on track and protects the growth you've worked so hard to achieve.
t’s time to upgrade when…
Your current systems and depend on ‘work arounds’
If you started your business a few years ago, you may not have had the advantage of implementing a single software solution that does everything you need. You may be managing your contractors and clients with a combination of non-specialist software (like Excel), single solutions (like Payroll), and manual records. You may be storing all your data in hard copies or on various hard drives.
Recruiting and managing contractors has super-sized over the pandemic, as have governance and reporting requirements. Fortunately, there are integrated solutions, like ours, to help simplify, automate and connect onboarding, contracting, timesheets, invoicing and payroll. The goal of a system like Platinum WFM's is to reduce the amount of manual work you do and maximise technology to store, process, and report data safely and accurately.
What could you do with the time that a best-of-breed, automated workforce management system frees up? Would you build better relationships with your clients and network to keep growing? Be closer to your contractors and ensure you're part of their future plans? Perhaps you'd invest it all in your family, health and happiness.