The Staffing Edge Blog

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How Back Office Support Cuts Staffing Agency Costs

Posted by Corinne Camara

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Jan 21, 2019 9:00:00 AM

How_Back_Office_Support_Cuts_Staffing_Agency_CostsMost agencies operate on a slim profit margin, with most of their gross margin eaten up by overhead expenses like payroll. Other administrative functions can add to your overheads. Some statistics suggest the staffing industry is incredibly capital intensive, with most of what you make going right back out again.

Download "How TSE’s Back Office Support Helped a Staffing Agency Expand  Nationally" Case Study

At some point, most staffing agency owners wonder how they can cut staffing agency costs and improve their profit margins. In an environment where rising labour costs are a reality, it may seem impossible. Back office support might be the answer you’re looking for.


How Can You Cut Staffing Agency Costs?

There are a few different ways you can go about cutting costs around your staffing agency. Some of them are more practical than others.

Labour costs are one common area staffing agency owners focus on. In an environment where labour costs continue to rise, agency owners may focus on curbing on-call shifts or overtime. Others may focus on limiting benefits like health insurance or vacation time.

Your own agency operations are often more under your control. You can look for an office with lower rent, for example, or you can opt not to implement new staffing agency software. You might decide to turn down the heat or turn off the lights to save on your energy bill.

Some of these measures won’t be popular with your staff. Another strategy is getting the right back office support for your agency. This solution is likely to be much more welcome.


What Is Back Office Support?

Back office functions are the administrative functions you have to complete in order to keep your doors open. They include payroll and compliance monitoring.

They aren’t your core activities, and they aren’t usually revenue-generating tasks. As a result, they tend to take you away from those core functions, which limits your capacity to increase revenue.

Getting the right support can help you get back to those core activities. You can generate more revenue as a result. This is just one way back office support helps staffing agencies. It can also help you cut costs.


Saving Time and Saving Money

Think about your areas of expertise. Chances are you’re not an HR specialist or a payroll professional. You might manage the bookkeeping, but it’s a long, arduous process. You often make mistakes.

Not only are you being taken away from revenue-generating activities, you’re also increasing the risk of error. When it comes to bookkeeping, compliance, HR, and payroll, those mistakes can be costly.

Why not let the experts handle these tasks instead? Bookkeepers, HR specialists, and payroll professionals can streamline your back office functions. They’ll complete these tasks more efficiently, which saves you both time and money. It can also save you from making costly mistakes.

This is how the right back office support can cut staffing agency costs. It reduces the amount of time spent on activities that don’t generate revenue, and it also helps you avoid mistakes that might cost you otherwise. Completing tasks efficiently and correctly translates into lower costs.

It also improves productivity across all of your business activities.


Is It Time to Invest in Back Office Support?

For many staffing agency owners, getting back office support looks like an expenditure, rather than a cost-saving mechanism. As demonstrated, it could help you save even more.

If you’re looking for ways to cut staffing agency costs, consider the back office support you have. It may be time to invest in a support solution for your business.


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Topics: Back Office Service Provider

Why You Should Analyze Your Back Office Data

Posted by Stacey Duggan

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Jan 9, 2019 9:00:00 AM

Why_You_Should_Analyze_Your_Back_Office_DataRunning a staffing firm is full of challenges. For people like you, that’s a good thing. The little ups and downs keep you on your toes. You love being able to sit down with a problem and think it through to find creative solutions.

Download "Running a Staffing Agency: The Who, What, When, Why, and How" Guide

One of the most common places to find challenges in a staffing firm is in the back office. With back office data, however, you can start making better decisions to overcome these obstacles.


What Is Back Office Data?

What is back office data, anyway? It’s the data generated by the administrative tasks in your business. Think of the information you generate when administering payroll or creating invoices.

It can also include information about time. How are your employees spending their time? How long does a particular task take in your business?

The information can even include marketing data and overhead costs.

All of this information is important for your business. You probably knew it was important to keep tabs on how much you were spending on payroll and overtime, or how much revenue you brought in.

Back office data can tell you much more about your business, however, provided you analyze it.


What You Can Learn

When you begin analyzing data in your business, you’ll learn much more than just how much revenue you’re bringing in or how much you’re spending.

You might have already known about the kinds of information you can gather in financial data reports. You can see increases in expenditures or decreases in overheads. You can then tie that information back to changes in the regulatory environment or new programs you’ve implemented.

Data analysis can tell you more about the health of the business than just year-over-year growth statistics. It can show you information about things like productivity, efficiency, and other performance indicators.

Suppose you adopted new staffing firm software. You knew this software cost X dollars, and you were also aware you brought in more revenue and decreased expenditures after adopting it.

The data from the back office can show you more of the story. It can show you that your labour costs came down because your team was spending less time fixing mistakes or inputting data. It also shows they were able to accomplish more in the same time, improving their win rate with new clients. You already knew the outcomes, but now you also know how it happened.


Why Does It Matter?

Some business owners might ask if they really care why their expenditures decreased or their revenue increased. Those are both good trends, so it’s less important why they happened than that they occurred.

Understanding why these outcomes occurred is important, however, since it can help you make better business decisions. If you know how much time your staff spends on particular tasks, you can make better estimates about how much time you’ll save by adopting new tools.

This can help you decide whether adopting the new tool is really worth the investment.

You can also glean other information, such as how long it takes clients to pay their invoices on average. This could help you rethink your policies. Is there a way to entice clients to pay sooner?

You might rethink processes as well. How can you reduce the time spent on a task, for example?


Powering Your Business

It should be clear back office data gives you more information about your business. It helps you make smarter decisions.

As a result, you can provide better service to your clients and better experiences for your candidates alike.


Everything You Need to Know about Starting a Successful Staffing Firm

Topics: Back Office Service Provider

Why Growing Staffing Agencies Need to Consider External Back Office Support

Posted by Laura D’Andrea

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Dec 12, 2018 9:00:00 AM

Why_Growing_Staffing_Agencies_Need_to_Consider_External_Back_Office_SupportAs the world of work continues to transform, more employers and employees alike are looking at flexible, contract, and temporary work arrangements.

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This has provided staffing agencies with unique growth opportunities. A partnership between agency and client can help employers meet their staffing needs quickly and easily. A partnership between agency and candidate, on the other hand, can help candidates meet their needs for learning, development, and flexibility.

In this environment, many agencies are experiencing growth. If you have a growing staffing agency, you’ve no doubt been faced with some of the common “growing pains.” From difficulties with cash flow to problems in payroll and beyond, you might be wondering what you can do to smooth things over and keep your business growing steadily.

External back office support might be the solution you’re looking for. Here’s why you need to consider this option for your business.


What Is External Back Office Support for Staffing Agencies?

It’s best to start by defining external back office support.

Most businesses, including staffing agencies, have many administrative functions. This includes payroll, accounting, compliance, and other human resources functions. These jobs are often time consuming and they must be completed, but they aren’t the core of your business operations.

More often than not, these back office functions take you away from the true tasks of your business. For staffing agencies, core tasks include gaining new clients and finding and hiring new candidates.

External back office support turns your administrative functions over to a third-party support provider. This then frees up your time to focus on your core tasks.


What Do External Back Office Support Providers Do?

As discussed, back office support for a staffing agency could include any number of administrative functions. This might be your compliance monitoring activities, payroll, or bookkeeping.

The expert team employed by your third-party provider also helps by offering advice and feedback. Their knowledge and experience make them ideal resources for you to draw on when you have questions.

Being able to rely on this team allows you to free up your own team to focus on the jobs that really matter to the business. Tasks are still completed properly and on time, and you get expert insight.


What Are the Benefits of This Support?

The biggest advantage of back office support for staffing agencies is time. You and your team members are able to focus on the things you’re best at. More will be accomplished around the business. Core functions won’t go neglected as you no longer need to deal with the fine print and the paperwork.

External back office support can also save staffing agencies money. This kind of support reduces the amount of time you need to spend on administrative jobs. Overhead costs can thus be reduced. Expert advice may also save you money by helping you avoid costly mistakes.

Finally, staffing agencies can focus on increasing growth even more when they have the right support in the back office. If you’re currently experiencing growing pains or feel like you’ve hit a growth ceiling, it could be time to talk to an external back office support provider.


Do You Need Back Office Support?

It can sometimes be difficult for staffing agency owners to tell when they need external support. There are signs you can watch for.

If you think it might be time to get some help, talk to a provider today. They can help you assess your needs and assist you as you continue on the path to continued growth.


how-a-complete-back-end-solution-helped-a-staffing-agency-get-started

Topics: Back Office Service Provider

5 Reasons Hiring a Back Office Services Provider Is Worth the Cost

Posted by Corinne Camara

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Nov 26, 2018 9:00:00 AM

5 Reasons Hiring a Back Office Services Provider Is Worth the CostAs a business owner, you keep a careful eye on your expenditures. Overhead costs can make or break your company, which is why you try to keep costs as low as possible and reasonable. Additional costs can cut into your profits, which is another reason you want to avoid them.

It’s one of the reasons you’ve hesitated to outsource any of your business processes, including human resources functions like payroll, compliance, and other administrative tasks. You have a talented team of HR professionals working for you anyway, so you’re sure they can handle it.

Take a good look at your operations, however, and you’ll start to see numerous reasons engaging a back office services provider is more than worth the cost.


1. You Need Flexibility to Fuel Growth

The staffing industry in Canada is growing exponentially right now. Many firms have found it necessary to expand in order to accommodate the demand created by the gig economy.

In order to fuel this growth in your own staffing agency, you need flexibility in almost every aspect of your business. One of the most difficult to come by is cash flow flexibility.

You need cash flow flexibility in order to finance your growth. A back office services provider can help you achieve this by providing additional financing options.


2. You’re Having Trouble Keeping up with Compliance

Government relations is another area in which you could benefit from a back office services provider. You may not have the expertise on your own to deal with the various government agencies you’ll be required to interact with.

You also may find it difficult to keep up with changes in government legislation. A back office services provider can help you monitor compliance, advise you of changes, and even help you plan policy changes to ensure your business is compliant.


3. You Need Guidance as You Expand

Are you looking to expand your business into a new province or territory? It’s an exciting opportunity, but you may quickly find you’re a bit out of your depth.

There are many differences in provincial jurisdictions to be aware of, so you and your HR team may find yourselves learning and re-learning employment law each time you enter a new provincial market.

Let a back office services provider guide the way as you move into new territories and provinces. Their expertise can help you avoid costly mistakes.


4. You Want to Streamline Your Processes

Another reason back office services providers are more than worth the cost of services is that they can actually help your business become more efficient. They often provide technology designed to ease workflows, making time-intensive tasks simpler and easier to complete than ever before.

Since they also have experts on staff, they can help you avoid costly mistakes. Their knowledge will help you streamline and complete tasks more efficiently than ever before.


5. Your HR Team Might Be Costing You More Than You Think

Many business owners opt to keep their back office administrative tasks in-house because they believe it’s more cost efficient. If you sat down and crunched the numbers, would the reality line up with this expectation?

For many businesses, the answer is no. Inefficiencies in processes, software, and even staff can mean your HR team costs more than you think it does. At the end of the day, the more economical option might actually be partnering with a back office services provider.

Working with a back office services provider might seem like an unnecessary expense, but more often than not, it truly is the more economical option. You can actually increase your revenue as you turn your attention back to other tasks that will fuel growth.


running-a-staffing-agency-the-who-what-when-why-and-how

Topics: Back Office Service Provider

Why Staffing Agencies Need Back Office Support

Posted by Mai Dowdie

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Oct 31, 2018 9:00:00 AM

Why_Staffing_Agencies_Need_Back_Office_SupportThe staffing industry has been growing by leaps and bounds in North America. It’s been necessary as the gig economy has shifted into high gear. Employers and employees alike are both realizing the benefits of more flexible work arrangements.

Download "Running a Staffing Agency: The Who, What, When, Why, and How" Guide

Staffing agencies are uniquely positioned to help serve the new needs of today’s flexible workforce, but even agencies need a helping hand themselves.

One of the most common ways for an agency to get a helping hand is to partner with a back office support provider.

What is back office support?

Back office support helps agencies manage all sorts of day-to-day administrative tasks, including payroll, accounting, HR, compliance, and more. Essentially, it takes the pressure off your existing staff and allows you to focus more on other activities, like recruiting and customer service.

Why consider back office support for your staffing agency? There are a few reasons you need this kind of support.


Smaller Staffing Agencies Need a Helping Hand

One of the reasons a staffing agency might need back office support is that the existing staff don’t have expertise in key areas. If you’re an independent recruiter, your own strengths likely lie in the areas of recruitment, hiring, or client services.

You’re probably not an expert in payroll or compliance. In fact, perhaps no member of your staff has the skills you need in these areas.

Back office support solves this issue for staffing agencies. Whether you need assistance in the arena of accounting and payroll or you could use a helping hand with HR or compliance activities, partnering with a back office support provider could be the solution.


You Can Offer More Services

One of the biggest challenges for smaller staffing agencies and independent recruiters has been competing with larger staffing firms. These firms have ample access to personnel and resources, and they often seem to have the market locked down for temporary staffing services.

By getting back office support for your staffing business, you can offer more services. Many smaller firms and independent recruiters only have the resources to offer permanent staffing services. Temporary staffing requires a different set of skills, resources, and expertise, which you may not have access to.

With back office support, you’ll have access to the resources you need to offer these additional services.


Your Clients Will Be Happier

Another reason to enlist the help of a back office support provider is to provide better customer service to your clients. This is probably one of the reasons you offer the services you do or you want to expand your service offerings.

Getting back office support can help staffing agencies meet their clients’ expectations and offer them more services.

Back office support doesn’t have to mean expanded service offerings. In many cases, it improves the flow of operations, ensuring everything is completed on time and accurately. Since it also frees up your time, you can work on sourcing candidates for your clients more quickly and placing job seekers sooner.


Your Candidates Will Be Happier

Your clients aren’t the only ones who benefit when you use back office support for your staffing agency. Your candidates will also enjoy some benefits. One of the major ones is payroll, since the right back office support ensures your payroll is finished on time and accurately.

You’ll also be able to work on placing candidates sooner and at more appropriate positions. Job candidates may also have a better experience with you, increasing the likelihood they’ll come back for more jobs through you.


Get a Helping Hand Today

Back office support is clearly advantageous for everyone in the staffing industry, not just staffing agencies. If you’re ready to see what a back office support provider can do for you and your business, get in touch with the experts today.


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Topics: Back Office Service Provider

4 Business Support Offerings for Staffing Firms

Posted by Mai Dowdie

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Aug 29, 2018 9:00:00 AM

4-Business-Support-Offerings-for-Staffing-Firms-compressorRunning a business is no walk in the park. It takes time, effort, and ingenuity. Staffing firms are no exception to this rule, as you already know. You’re constantly moving from task to task, ensuring the business keeps running smoothly. You may sometimes wonder what kind of assistance exists for companies like yours.

Download "How TSE’s Back Office Support Helped a Staffing Agency Expand  Nationally" Case Study

Back office support is some of the most valuable assistance available to a staffing firm today. What is back office support?

Support for the back office includes a variety of administrative tasks, such as human resources, payroll, compliance monitoring, and benefits administration. It can also lean to the financial side of things, helping you secure funding to keep cash flowing or assisting you with collections on accounts receivable. Moreover, back office support provides you with an expert team you can rely on for great advice.

What can back office support truly do for staffing firms? Take a look at some of these business support offerings, and consider which could help in your day-to-day operations.

1. Staffing Firms Can Get Help with Payroll

Payroll is a time-intensive task for most businesses, staffing firms included. While this task may seem straightforward at first, it can become quite complex, particularly if you offer temporary staffing services. In turn, mistakes in payroll can have some serious consequences, from penalties from the Canada Revenue Agency to audits and more. 

Getting business support could mean getting assistance with your payroll activities. A support provider can help you administer payroll quickly and correctly. This task is shifted from your own HR team, so they can focus on other crucial tasks in the business. At the same time, payroll is completed correctly by knowledgeable staff.

2. Compliance Monitoring Can Help You Stay Ahead

Speaking of time-intensive tasks, how much do you dedicate to compliance monitoring in your business? With changing legal frameworks in almost every province in the past couple of years, you may have decided to spend more time and effort on your compliance.

Your in-house staff is already so busy. Why add to the workload? Compliance monitoring is time-intensive and ongoing, so you may quickly see it go by the wayside as more important tasks take over.

Shift your monitoring activities to a support provider to free up your own staff. While they move on to other tasks, you can rest assured someone is keeping an eye on this important aspect of your business.

3. Get Access to Expert Advice for Staffing Firms

No matter how long you’ve been in business, there are no doubt times you have questions about what the right move is for your staffing firm. Should you expand into another province or open another location nearby? Is it time to restructure? What could you do to save more on administration tasks?

Back office support providers are staffed by teams of knowledgeable people with experience in the industry. They can provide their own insights and offer you advice as you consider your options. You can rest assured you’re making the right choice by getting outside insight.

4. Get a Helping Hand with the Financials

Some back office support providers can assist with the financial side of things as well. They may be able to provide access to capital, such as a service such as payroll factoring.

This alleviates many of the financial headaches staffing firms encounter. It can help you manage cash flow more effectively, while assisting you in collecting on your invoices sooner rather than later. 

Back office support is clearly an advantage for staffing firms. Think about the services offered and how they could benefit your business. If you’re still unsure, talk to a provider today and discover how they could help your business.

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Topics: Back Office Service Provider

How You Can Reduce Staffing Agency Admin Costs with Backend Support

Posted by Ray Gonder

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Aug 22, 2018 9:00:00 AM

How_You_Can_Reduce_Staffing_Agency_Admin_Costs_with_Backend_SupportRunning a staffing agency can be both rewarding and lucrative. It’s also an extremely competitive industry, and the competition between firms has only been heating up as the Canadian economy has continued to grow and unemployment has hovered around its lowest rate in 40 years.

Download "How TSE’s Back Office Support Helped a Staffing Agency Expand  Nationally" Case Study

In these conditions, staffing firms must be operating at maximum efficiency to achieve the results they want—or even to stay afloat. These conditions affect big agencies, startups, and independent recruiters alike. There are many things you can do to help your agency run more efficiently. Lowering costs is one area you’ll likely pinpoint in your efforts. You may even look to backend support to help reduce administration costs.

What is backend support?

Support for the backend of your agency helps you with a variety of administrative tasks, including payroll, financing, bookkeeping, compliance monitoring, and other HR responsibilities.


Administration Tasks Keep a Staffing Agency Running

Administrative tasks are inescapable in virtually every industry, and the staffing industry is no exception to the rule. Admin tasks are ultimately what keep your firm afloat. After all, if you didn’t process payroll, your candidates wouldn’t get paid. Neither would your in-house staff. You likely wouldn’t continue operating for very long.

Other tasks, such as compliance monitoring, can help you avoid legal troubles, which can be costly. Good bookkeeping keeps you in the Canada Revenue Agency’s good books, helping you avoid penalties or audits.

It should be clear why administrative tasks in your back office are so important.


Staffing Agencies Spend Too Much on Admin Costs

Since admin tasks are so vital to an organization, it often seems to make sense that you carry a large amount of overhead on these tasks.

Another reality of staffing firm admin costs is that these tasks are often time-intensive. Payroll may seem straightforward, but it can become quite complex. Compliance must be monitored on a regular basis, as the legal framework is constantly shifting and changing. You may need to review your policies at any time of the year to make sure you’re still compliant.

Spending all this time on admin tasks can really add up. You may feel you have to pay as much as you do, because these tasks need to be completed.


Look for Backend Support to Lower Costs

Most staffing agencies could actually lower their admin costs. They can accomplish this by partnering with a back office solutions provider.

How does this lower costs? First and foremost, the provider is staffed by experts who are highly trained. They carry out these tasks day in, day out, and they use the latest technology to help them do it. All of this means one thing: They can get the job done, and they can get it done faster.

In turn, backend support lowers the costs of administration in your staffing agency.


Getting Things Done Right

The other way backend support can help a staffing agency lower admin costs is by ensuring things are done correctly in the first place. For example, you risk making mistakes if you handle your bookkeeping by yourself. These mistakes could cost you when the CRA decides to audit your books.

Backend support helps you avoid situations like this, so you can be sure you’re operating in compliance with the employment law and regulations.

The right technology and expert staff can lower the number of human-made errors. More accurate, timely reports and remittances are possible when you enlist the help of backend support for your staffing agency.


Is Backend Support Right for You?

In this competitive environment, almost every staffing firm could benefit from backend support. Lowering admin costs and improving efficiency are just two of the many benefits backend support can provide for your business.


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Topics: Back Office Service Provider

Back Office Support Is the Answer to All Your Staffing Agency Headaches

Posted by Laura D’Andrea

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Aug 20, 2018 9:00:00 AM

Back_Office_Support_Is_the_Answer_to_All_Your_Staffing_Agency_HeadachesRunning a staffing agency is no walk in the park. It requires plenty of grit, lots of effort, and a good deal of passion. Even with all those things in play, you’ll still run into some of the most common issues facing staffing agencies. The market is competitive, and in Canada, competition has been heating up. Support for your back office could be the answer you’re looking for.

Download "How TSE’s Back Office Support Helped a Staffing Agency Expand  Nationally" Case Study

What is back office support?

A back office service provider helps you take care of all the behind-the-scenes tasks in your business, including payroll, compliance, and other administrative tasks. Here’s how it could help you overcome some of the most common challenges staffing agencies face today.


What Back Office Support Does

Support for your back office is the answer to many of the issues facing your staffing agency. If, for example, you’re finding you have less and less time to deal with payroll in an effective and timely manner, back office support is the answer.

Support services for your back office deal with a variety of different tasks. You may need someone to execute payroll, as mentioned, or you might need someone to look after the books more closely. Another common service is help with compliance. Good support for the back office also provides other administrative services, including accounts receivable, payroll funding, and help with your taxes.

It should be obvious how support for the back office can help you tackle many of the time-intensive tasks facing your staffing firm.


How Do You Know You Need Back Office Services?

The next question most staffing agency owners have is how to tell they need support for the back office. Yes, administering payroll is sometimes a pain, but that doesn’t necessarily mean you need help.

It could be one sign, among others. If you’re struggling to finish up with payroll or cheques are always late, it’s probably time to engage support services for your back office. Other signs include a high rate of error and issues remitting to the Canada Revenue Agency. The CRA may even levy penalties or conduct an audit, which costs your business.

If other tasks are also going unfinished or neglected, it’s likely time to consider back office support for your business.


How Does It Help?

Many business owners see getting this kind of support as a “nice to have,” not a necessity. The truth is you don’t need to manage everything on your own. It could even be more cost effective to get a helping hand.

One of the reasons staffing agency owners resist partnering with a third party for their back office is that they’re concerned about costs. In the long run, however, back office support will likely cost you less. Late payments, tight cash flows and debt repayment, errors in payroll, missed tax credits, and more can run up costs for your business. With back office support, these costs are reduced or eliminated.

Proper support in the back office can help you get things done correctly and on time, each and every time. In turn, you can focus on the things you need to pay the most attention to, such as sourcing the right candidates, winning over clients, and placing the right people with the right businesses.


The Answer to all Your Troubles

Getting back office support may not seem that important, especially in the face of some of the issues a staffing agency can face. It’s probably one of the easiest and most robust solutions you can engage for your firm, however.

If you’re still wondering how support services for the back office could benefit your business, talk to a provider today. They can illustrate just how support services could benefit your business and allow you to keep growing.


Things You Need to Know When Starting a Temp Staffing Agency

Topics: Back Office Service Provider

Managing Bookkeeping on Your Own? 4 Mistakes You May Be Making

Posted by Karen McMullen

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Aug 13, 2018 9:00:00 AM

Managing-Bookkeeping-on-Your-Own-4-Mistakes-You-May-Be-Making-compressorMany small business owners decide to handle their bookkeeping on their own. After all, how difficult can it be? You record the credits and debits and keep track of ins and outs.

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As most small business owners often discover, managing the books is often more complicated than they initially assume it’s going to be. While you may have the basics down pat, it might be more difficult than you initially thought. Here are some of the most common mistakes people make when they manage their books on their own.

1. Overlooking Tax Credits

This is perhaps one of the most common bookkeeping mistakes, and it’s one that can add up. Many staffing agency owners like yourself overlook tax credits they may be eligible to claim.

This is usually because the person doing the bookkeeping isn’t aware of the credit. It’s very difficult to claim a credit you don’t know exists. This could mean you end up paying more in taxes than you should or need to.

How can you make sure you’re taking advantage of all the tax credits you’re entitled to? One way would be to study up on the tax regime in the province you operate in. Another way is to hire a knowledgeable bookkeeper or third-party firm to assist you.

2. Not Leaving Enough Time

Running a staffing firm is no small task, and you probably find yourself wearing many different hats. Your to-do list is almost never empty, and many tasks get carried over day after day, week after week.

You’re often pressed for time, and bookkeeping is one thing that seems like it can easily be left for tomorrow. When you do sit down to look after the books, you find yourself in deep. Straightening everything out takes more time than you thought it would.

You end up missing deadlines because you just couldn’t get to the accounting in time or you thought it would take less time than it did.

3. Incorrectly Categorizing Expenses

You’re inputting your expenses, but you’re not putting them into the correct categories. This may not seem like a huge issue, but it could cause problems later down the line. How?

Incorrectly categorized expenses could mean you don’t meet the requirements for certain tax credits or that you do claim a credit you shouldn’t be eligible for. Another issue could be within your own budgeting, as you begin to incorrectly allocate expenses or try to pare back budget items.

Incorrectly categorized expenses may not seem like they could cause much trouble, but they could result in penalties from the CRA or even an audit. A bookkeeper could help you avoid these outcomes.

4. Mixing Business and Personal Spending

This is a problem many small business owners eventually run into. They use business funds for their personal spending, or try to justify personal purchases as a business expense. At first, this may not seem like a big deal. Unfortunately, it can cause big problems, especially if the CRA decides to audit your books.

Mixing business and pleasure isn’t a recommended course of action, and it’s certainly not a good plan for your finances. Keep everything on the straight and narrow by correctly separating business expenses and personal expenses. There are several ways to do this, including using a small business account. A bookkeeper can also help keep you on the right track.

There are many other errors staffing agency owners often make when they manage their bookkeeping themselves. Let the experts help you and avoid some of these mistakes.

how-tse_s-back-office-support-helped-a-staffing-agency-expand-nationally

Topics: Back Office Service Provider

Why Back-Office Support Is Key to Increasing Efficiency

Posted by Mai Dowdie

|

Jun 8, 2018 9:00:00 AM

Why_Back_Office_Support_Is_Key_to_Expanding_NationallyA well-oiled back-office operation can help keep operational costs low and boost productivity. However, most companies don't take steps to make their back-office operations efficient. This results in decreased cost efficiencies and reduced profitability.

Download "How TSE’s Back Office Support Helped a Staffing Agency Expand  Nationally" Case Study

Back-office operations relating to accounts, IT, HR, and legal compliance support front-end employees. No business could function without their support. The efficiency of the front-end operations, in fact, depends on a solid backing from the back-office employees.

One of the best ways to improve the efficiency of the back office is to outsource the operations to a professional back office solutions provider. Why? Here are five benefits you’ll gain from outsourcing back-office operations.


Gain Cost Efficiencies

The foremost benefit of external back-office support is that it helps in cutting costs. Paying for internal back-office operations can cost a lot of money. You have to provide health insurance, holiday pay, disability payments, and pay for many other mandatory employee benefit plans. All this can take a big chunk out of the operational costs.

By outsourcing back-office operations, you can significantly cut down internal costs. You no longer need to employ staff to perform any back-end operation. Letting a specialized firm handle all your back-end tasks can result in savings of up to 70 percent. You can invest the savings in growing your business or making it more efficient.


Focus on Core Activities

Outsourcing back-end operations to a company will let you focus on your core business activities. In this way, you can channelize all your time and effort to improve the core business operations. This can result in better business performance and improved profitability.


Benefit from Specialized Services

Outsourced vendors employ highly experienced and specialized staff for different back-end operations. By hiring their services, you can get the specialized support that can make operations faster and more efficient. This is particularly valuable for new companies that don't have the resources to invest in experienced staff for accounting, legal, HR, or other back-end operations.


Improved Internal Control

The expert staff of outsourced back-office vendors is experienced in ensuring compliance with standards of governance and compliance parameters. They can make sure that the internal operations conform to legal requirements. This helps you avoid legal trouble down the road due to noncompliance with provincial or federal rules.


Enhanced Customer Satisfaction

Lastly, letting a back office solutions provider handle your back-end operations will result in improved customer satisfaction. Proprietary software helps you track all orders and clients from one place. This will help your sales and customer support personnel to more effectively meet the needs of customers, which will have a positive effect on the company's bottom line.

Let a back-office solutions provider take care of all your back-end needs.


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Topics: Back Office Service Provider

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