6 Reasons Why Recruiters Should Adopt Timesheet & Billing Software

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6 Reasons Why Recruiters Should Adopt Timesheet & Billing Software

Increasing margins is the end game that can make or break a rockstar recruiter. Yet the reality is that without the right technology in place to encourage scalability and efficiency, you’re out of the game and losing ground each day. So how can tech transform the recruiter experience?

Common mistakes & issues

>The 90s called. It wants its fax machine back
Using paper and Excel files for timesheets, expense submissions and approvals have multiple points of failure, requiring double data entry and manual payroll calculations.

>Poor data visibility
Many recruitment companies aren’t taking full advantage of data analytics to guide talent acquisition and retention simply because they lack true visibility across their operations.

>The worker experience – care factor zero
Despite it being a key reflection of how in touch a recruitment business is with the needs of contingent workers today, empowering them often ranks low in priorities compared to profits and margins.

Benefits of adopting timesheet & billing software

Looking to digitally transform your onboarding, timesheets, expenses and invoicing from paper or Excel-based processes? Here’s what you should expect from investing in the right software to streamline your recruitment operations and transform the recruiter experience:

1. Integration of your systems

Adopting timesheet and billing software that integrates with your applicant tracking, payroll and finance systems is when the magic happens, creating one end-to-end solution:

• Assignment data flows from your ATS into your timesheet and billing software – no double data entry required

• Workers can be deployed fast with integrated onboarding, background checks, licences and work rights capture initiated in one seamless journey

• Banking and personal information are sent to payroll automatically

2. Timesheets and expenses on the go

With today’s mobile-driven workforce, giving your contractors accessibility to record their hours and request approvals online anytime, from any device, is a no brainer. But it also has a flow-on effect for recruiters:

• Fewer time and expense errors

• Improved data quality and efficiency

• Faster approval requests

• More accurate invoices

• Improved cash flow

3. Powerful automation for accurate invoicing

Timesheet and billing software can do all the heavy lifting when it comes to a seamless workflow that gets you paid as fast as possible:

• Pay conditions, charge rates and assignment durations easily calculate shift wages, allowances, overtime and oncosts

• More sophisticated billing engines like Expedo will allow you to invoice multiple clients in a single batch and automatically attach timesheet approvals with full audit trails for total transparency

• RCTIs and remittance advice can also be generated for independent contractors

4. Knowing your numbers

Recruiters need real-time visibility to manage their placements and stay on top of payroll and billing. A great benefit of timesheet and billing software is the dashboard view you get of timesheets, approvals, gross margins and other key metrics at a glance:

• Reminders and push notifications can be triggered for outstanding timesheets that need approval, reducing your time spent on admin

• You can also see easily where and when revenue is due to drop off, along with where your contractors are at with onboarding for new assignments

5. Compliance management

You may think compliance starts and ends with your placements signing their contract and submitting any required work licences, but what about their ongoing compliance? Expedo alerts you of any expiring work rights and licences, mitigating risk for both you and your workers.

6. Dive deep into key recruitment metrics

Every recruitment agency looks for those all-important insights into their business performance. The right technology can deliver an in-depth analysis by allowing you to create specific report parameters for all the data you need. With an integrated AI-analytics platform that great timesheet and billing software today offers, you can:

• Track revenue and gross margins in real-time

• Forecast project revenue based on contract dates

• Work out the percentage or gross amount made for each of your candidates and even split payments per consultant for commission purposes

Make timesheet & billing easier with Expedo

Expedo Time-to-Bill dramatically reduces the time needed for onboarding your placements, time capture and client invoicing workflows. Book a demo today and let’s transform your recruitment operations.

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