Recruitment Agency Timesheeting and Hours Management
This month, we share some interesting recruitment agency timesheeting and back office trends and takeaways around the subject of timesheeting.
Recruitment Agency Back Office Insights
With a broad client base of recruitment and labour-hire agencies, we’ve started to see and benchmark some interesting industry back office trends. This month, we share three key takeaways around the subject of timesheeting.
1. Untapped efficiencies still on the table for manual timesheeters
Of our current clients, 60% use an electronic timesheeting system with 40% still doing this manually. While this represents a reasonable take-up of cloud-based timesheeting systems, there’s still a significant portion that hasn’t transitioned this core function of their business to the cloud – leaving significant efficiency gains on the table.
2. Invoices get paid faster for those using electronic systems
The average DSO (Days Sales Outstanding) for those using electronic systems is almost a week faster than for those still doing this manually. A streamlined electronic system – usually integrating timesheets, payroll and invoicing – means invoices are issued faster and are easier for recipients to pay. The improved accuracy and detail of electronic timesheeting to invoicing also means there are fewer discrepancies and queries resulting in payment delays.
3. Increasing number of businesses using an outsourced Payroll Provider
41% of clients are using an outsourced Payroll Provider. This looks to be an increasing trend, with businesses realising their time and expertise is better spent elsewhere and choosing to outsource this important business function. By engaging a Payroll Provider, these businesses also get to leverage the provider’s electronic systems – enabling them to experience the benefits without having to manage the implementation and upskill internally in order to do so.
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