In the hiring and staffing industry, managing a dynamic workforce, handling complex billing cycles, and ensuring accurate payroll are significant challenges. Agencies must juggle numerous temporary employees across multiple projects and locations while maintaining efficiency and client satisfaction.
Balancing these demands requires more than just traditional accounting tools; it calls for a robust financial management system capable of addressing the industry’s unique needs. This is where Sage Intacct excels, offering advanced features and tools that streamline processes, enhance financial visibility, and optimize performance.
In this blog, we’ll explore five key areas where Sage Intacct can transform your financial management and why it’s the preferred choice for hiring and staffing agencies.
1. Project Costing and Billing Efficiency
Accurately tracking and billing labor across multiple projects is crucial for hiring and staffing companies. For agencies managing numerous temporary employees with varying rates and allocations, this can be overwhelming.
Sage Intacct simplifies this with robust project costing and billing features. It allows you to allocate labor costs from timesheets to specific projects, ensuring every hour is accounted for and billed correctly. This feature is especially beneficial for temporary staffing agencies, ensuring accurate client invoices.
Additionally, Sage Intacct supports allocating other project-related costs, such as travel or materials, directly from timesheets. This capability leads to more precise billing, improved cash flow, and enhanced profitability.
2. Enhanced Flexibility with Robust Reporting & Dashboards
Understanding resource utilization across projects and clients is key to maximizing profitability. Sage Intacct’s advanced reporting and dashboards provide the insights needed to manage labor and optimize resources.
Utilization reports allow you to monitor employee deployment across projects and track billable versus actual hours, offering a clear view of productivity and profitability. Dimensional reporting tags transactions with details like location, department, or client, providing deeper financial insights.
Customizable dashboards offer real-time visibility into key performance indicators (KPIs) such as revenue, labor costs, and profitability by client or project. This enables informed decision-making and quick responses to business changes.
3. Automated Billing and Invoicing
In the fast-paced staffing world, quick and accurate client billing is essential. Manual billing processes can be time-consuming and error-prone. Sage Intacct’s automated billing and invoicing capabilities address this challenge.
The platform generates invoices based on predefined schedules or recurring billing cycles, eliminating manual invoice creation. You can also mass-send invoices via email or print them in bulk, ensuring efficiency and accuracy.
Automated billing not only saves time but also reduces errors, minimizing disputes or payment delays. This streamlining helps maintain healthy cash flow and strengthens client relationships with accurate, timely invoices.
4. Payroll Integrations and Efficiency
Managing payroll for a large, diverse workforce is complex. Temporary employees often work varying hours across different projects, complicating payroll calculations. Sage Intacct simplifies this by integrating with leading payroll providers.
This integration enables automatic transfer of timesheet data into Sage Intacct, ensuring accurate payroll costs in the general ledger. The platform also supports payroll accruals, providing a more accurate financial picture.
By automating payroll entries and ensuring data consistency, Sage Intacct reduces administrative burden and minimizes errors, improving payroll accuracy and freeing your finance team for strategic tasks.
5. Multi-Location and Multi-Entity Management
Many staffing agencies operate across multiple locations or manage multiple entities, each with unique financial reporting needs. Sage Intacct simplifies multi-location and multi-entity management, enabling effective control over operations.
Dimensional tagging allows tracking of financial performance by branch, location, or entity, and generates detailed performance reports. The platform also streamlines inter-entity transactions, reducing manual reconciliations and ensuring accurate, up-to-date financial data.
Sage Intacct’s features offer the flexibility to scale operations while maintaining control and visibility, whether managing a few branches or a complex network.
Working with a Trusted Solution and Partner
Choosing the right financial management system is crucial for your business’s success, but selecting the right partner is equally important. The right partner ensures effective implementation and optimal use of your system.
As a leading Sage partner with over 30 years of experience, CBIZ CompuData specializes in migrating and implementing Sage solutions. Our team of experts will work closely with you to tailor the system to your specific requirements, ensuring that you get the most out of your investment.
