How online timesheets, payroll and billing can help boost efficiency
Businesses in Australia all have similar problems. Some of the most common challenges they face include: cash flow shortages, low productivity, too much time spent on low value administration tasks, and low employee satisfaction.
While most of these are complex issues, there is a way that Australian recruitment companies can quickly fix many of them – by using cloud software for online timesheets, payroll and billing.
Speeding up the velocity of cash
Thousands of Australian businesses fail every year. Last year 46 per cent of those failures were at least partly due to poor cash flow, according to data from the Australian Security and Investments Commission. The easiest way to boost your cash flow is to capture and process time, then pay recruits and bill clients quicker. That’s where cloud recruitment software comes in handy.
FastTrack360’s system allows candidates to log into your client portal and record their time straight away, via mobile, tablet or computer. Since the system is cloud based, that information is instantly available to you, making it easier to quickly pay candidates and invoice your clients.
This helps to shorten the time between finding a candidate and getting paid, improving your cash flow and keeping your business alive.
Improving processing times
Old school time capture, payroll and billing systems take a lot of time to navigate. Some businesses are still using paper systems that are incredibly inefficient and error-prone. Others might use multiple systems to manage each function, and flicking back and forth can be confusing and time consuming.
Cloud systems that handle online timesheets, payroll and billing within one interface make performing these functions so much quicker and easier, increasing business efficiency. That means your payroll and administrative teams can do their jobs quicker, and more efficiently, easily processing timesheets and translating this into candidate payroll.
Enabling remote work
While enabling remote work may not be at the top of your priorities right now, it’s an intriguing idea. Surveys and research from McCrindle suggest that allowing remote work improves employee engagement and productivity and has a host of other benefits.
In fact, almost 80 per cent of Australians surveyed said that they wanted to work from home some of the time, and 55 per cent said they were considerably more productive when they did. Interestingly 80 per cent also said they’d stay in their current role longer if they were allowed to work remotely.
Using cloud recruitment software that can handle all functions of your business is one easy way to enable your employees to enjoy the flexible working arrangements they want. Instead of having to come into the office every day of the week, they’ll be able to access all the tools and information they need to get the job done, wherever they are.
To find out more about how online timesheets, payroll and billing software can improve your business, get in touch with the team at FastTrack.