Despite the over-riding need for ultra-efficiency, it seems that some recruitment businesses have yet to optimise their back-office. Many recruiters have piecemeal processes that rely on a mix of spreadsheets, data entry and paper forms to execute the essential task of taking timesheet data and turning it into invoices to hirers and payments to temps and contractors.
Digital transformation is something of a business buzz term that describes the use of digital technologies to redefine how businesses work.
In the fullest expression of digital transformation, technology may be used to modify a business in four areas.
Such formal approaches may be seen as unnecessary, overly complicated and perhaps even scary by some recruitment businesses. However, it doesn’t have to be. The fundamental principle of leveraging technology to optimise processes and maximise efficiency has been heavily underscored by the COVID-19 pandemic.
Here, we look at how some of the specific impacts of the current lockdown are softened (or indeed eliminated) by an appropriate timesheet, invoicing and payment solution like ETZ.
Non-essential travel is not allowed; however, the definition of ‘essential’ is open to all sorts of interpretation. Where deemed essential, travelling to the office is likely to expose agency back-office employees to increased infection risks.
Working from home using an online timesheet solution is a key capability that allows agency back-office employees to continue to operate seamlessly while avoiding increased infection risks.
When you can’t go to the office, an invoicing and payment system that relies on agency workers posting paper timesheets to a centralised geographical processing centre becomes unworkable.
Avoid reliance on posted paper forms, with an online solution that eliminates the risk and delays that result from lost timesheets.
The process of handling, forwarding and passing paper forms around poses a potential infection risk. The same is true for pens that may be handled by different people, such as temps and contractors, hiring managers and approvers or agency back-office staff.
With an online timesheet solution, everyone that needs to interact with a timesheet form can do it online in the cloud, using their personally owned or company provided device or computer.
Access to cash and liquidity is always the sign of a healthy business. And it is seldom more important than in a situation where the normal flows of cash between businesses are disrupted, like they are now. Delays in getting invoices out creates a time lag, both in agency income and payments to temps and contractors.
An online timesheet and payments solution, such as ETZ, enables a digital workflow, creating an invoice from a timesheet in less than 60 seconds. Digital bills are sent to the hiring company. This powers the virtuous circle of prompt digital remittance, instant reconciliation and accelerated worker payments.
When timesheet processing, invoicing, remittance and payments are delayed, this has a knock-on effect all the way down the line. Consequentially, this might create difficulties for accounting, such as closing the month. Reporting might also be hampered, denying access to critical data that supports decision making.
With ETZ powering timesheet, invoicing and payments processing which lay at the heart of smooth agency operations, finance chiefs, agency principals and owners have full access to the information required to seamlessly perform higher level financial and strategic functions.
The coronavirus pandemic hasn’t just brought woe. For some, such as those supplying key workers, it has produced opportunity. However, piecemeal timesheet and agency back-office systems that rely on manual process are often inflexible or at best they can be slow or difficult to adapt to changed circumstances.
With an appropriate system, recruitment agencies have the flexibility to reconfigure their business on the fly. Whether it is to redeploy agency back-office workers or the capability to effortlessly upscale to exploit an opportunity, agencies have greater agility and more options with ETZ.
ETZ is a global company and we have regional geographical centres. However, we are not dependent on them to operate our business. We are agile and have long been practitioners of what we preach.
ETZ leverages the cloud to support our operations. Whether it is marketing activity, sales demos, onboarding or helpdesk, we are fully able to service and support all of our customers worldwide, using web, email, video and voice calling.
The coronavirus pandemic has shown that leveraging technology is not a ‘nice to have’ on the agency budget sheet. ETZ streamlines, optimising processes and maximising efficiency to provide demonstrable ROI.
To find out more about how our technology platform helps you be better prepared for whatever challenges the operating environment throws up, simply contact us today. Call us on 0800 311 2266 or book a demo.
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