As a staffing company, you play an important role in people’s lives. To fill that role more effectively, you need software that simplifies your business’s operations. Cloud-based accounting software can be the answer to your business’s finances, easing the stress of maintaining accurate, transparent, and regulatory-compliant financial records.
There are plenty of staffing company accounting software vendors in the market; some are good and some are less so. It’s important to know your options before you make a final decision, after all, you’re going to trust them with your business’s sensitive financial information.
It’s important to know that the best accounting software isn’t necessarily the most expensive. The best software meets your business’s needs. Ask questions like:
- Can it track financial transactions, from invoices to payroll?
- Can it keep my financial records updated and regulatory compliant?
- Does it provide real-time updates so I can access current data for analysis and reporting?
- Does it automate repetitive, mundane, and essential tasks without error?
- Will it ensure data is accurate so it can be used efficiently to advance my business?
If the answer is no to even one of the questions, explore other options that will facilitate long-term financial forecasts and short-term daily operations.
Key Factors To Consider When Choosing Accounting Software For Staffing Companies:
In addition to the questions above, there are several important factors to consider before you commit to any vendor that sells accounting cloud software.
Integration With Your Current Systems
Chances are good you’re already using financial management software that contains all of your company’s finance-related data. Your new software must be able to incorporate all the data seamlessly into its systems. There should be no need for manual data transfer and the integration must be error-free, so there’s no need to correct mistakes manually.
- Integration with your time, attendance, and applicant tracking systems
- Integration with your CRM system
- Automated and streamlined processes
- Inter-department connection (finance, operations, sales) for greater insight into your business’s status.
Payroll And Billing Functions
Staffing companies have uniquely complex requirements when it comes to financial management. Staffing accounting software must not only meet these requirements, but it must also automate essential functions; for example, billing and payroll processes, multiple pay rates, and all necessary deductions.
The software must also be scalable to suit your business as it goes through various phases; for instance, growth with added staff, cutbacks with fewer staff, and the addition of new branches. You don’t want to have to purchase additional packages during times of growth and then be saddled with superfluous features when belts have to be tightened.
Hop online and look for reviews of different cloud-based software providers. Look further than their website or Facebook page, where the reviews are bound to be glowing.
Sage Intacct is renowned worldwide for its sophisticated and comprehensive software products. Sage’s enterprise resource planning (ERP) modules are customizable so you can add functions as and when needed. You can also customize your dashboard so you receive relevant information that facilitates innovative strategic planning and action.
Reporting Capabilities With Customisation Options
One of the most important functions of accounting software is the generation of accurate and transparent financial reports. The reports, like all the other features, must also be customizable so that you can show data in your preferred format; for example, pie charts or bar graphs.
You should also be able to customize analytics so that you can find the precise information you’re looking for and don’t waste time trawling through information you really don’t need.
Staffing Company Compliance Requirements
Regulations governing accounting for staffing companies are strict. Rigid compliance with tax and labor law is required, not to mention the industry-specific compliance requirements. Your software must take your industry and location into consideration when managing your financial information.
Given the importance of compliance and the severity of penalties for non-compliance, don’t be afraid to double-check with your vendor to ensure you operate within the letter of local law.
We touched on scalability but it’s easy to underestimate the importance of this function, so here’s a reminder. Your cloud-based accounting software should be capable of growing with you, extending to accommodate additional employees, departments, branches, and a, hopefully, ever-growing client base.
It should be just as capable of downscaling if you want to wind up the company and bring it back under one umbrella before you retire or if unforeseen circumstances require you to cut back on services, employees, and maybe even clients.
All of this while maintaining perfect, uninterrupted functionality and performance,
There is absolutely no point in buying software that no one in your accounting department can use. Software should always be intuitive, logical, and user-friendly. If some training is needed, the vendor should provide it, without additional cost to you.
Security And Data Protection
Data protection is always important, but it’s even more so when the information is financial. Your cloud-based software provider should have unimpeachable data protection measures in place and should provide you with a guarantee to assure you that you have made the correct decision in choosing their product.
At its most basic, you’re looking for data encryption over a TLS connection, multi-factor authentication, and regular data backups. It’s probably a good idea to go over the small print and terms and conditions with an expert before you make your final decision.
Software Customer Support
Ideally, the software is user-friendly and all features perform optimally, but should the real world intrude, you need to know that there is a reliable call center available to help you troubleshoot and solve any problems that occur.
The call center should be staffed by people who have extensive experience working with the software and who can fully understand the problem to provide an easy-to-implement solution.
Cost Of Software
There is more to buying software than the upfront price. You also need to consider licensing fees, implementation costs, and ongoing maintenance and support fees. Generally, but not always, cloud-based software is more affordable in the short- and long-term than on-premise software.
What you have to prioritize is value. What software will give you the best value for money? Which package has the most practical features for your company’s needs?
Don’t be hasty. Take your time and look into several options so you can compare value against on-premise software as well as other cloud-based solutions.
Conclusion And Final Recommendations
It could be that even after research, comparisons, and due diligence you still don’t know which software package is best for your needs. If this is the case, give your accountant a call to find out her recommendations or preferences. Have a good discussion about the pros and cons, features, and functionality. She might be able to give you valuable advice regarding the features that have the most value for your business and those you can afford to do without.
Your accountant might also be able to point you in the direction of additional sources of information. For example, you can discover the vulnerabilities of different software vendors or just read more reviews and recommendations of software providers.
One last note, the cloud is always evolving, but you can see what’s ahead for accounting and cloud software and prepare your business for the next few years.
Sage Intacct, one of the world’s leaders in ERP software, uses AI-powered solutions that automate the mundane tasks of financial management, so you can spend more time and energy on driving your business forward, creating your own opportunities, and maximizing your potential.
Sage Intacct’s efficacy, speed, accuracy, and flexibility provide the perfect foundation upon which you can build the company of your dreams.
Let LWI become your reliable ally in handpicking the ideal accounting software solution for your staffing company, or adhere to the suggested principles to confidently determine the best choice independently. With LWI’s expertise and support, you can navigate the selection process with assurance and ensure optimal financial management for your business.