The staffing industry is consistently growing. Despite the advent of job searching and professional networks like LinkedIn, businesses are still employing staffing companies in order to find the right employee. According to the American Staffing Association, the staffing industry’s sales have increased every year since 2009. In 2015, sales increased 5.4% to $147 billion. With this much demand for staffing services, companies need a way to keep up.When your sales and customers increase, the work for the accounts receivable department also increases. This means more invoices that need to be sent out, more phone calls to make and more emails to be sent. Often times, the man power simply isn’t there to add all this additional work. This is where accounts receivable software comes into play. You can take on more work, while not adding any additional accounts receivable staff. Below are some of the best features of accounts receivable software for a staffing company.
As your company is growing and you’re adding more businesses and clients to your list, you’re sending out more emails requesting and reminding of payment. With automated email, each individual email does not have to be crafted and sent out. Instead, the accounts receivable software can determine who needs what email sent to them based off of rules set in the system. Pre-created email templates for collection letters, invoices, payment reminders and notices of legal action can be created and used in the system. This means more time saved and less overall work for your staff.
Deciding who needs to get a phone call next is one of the most difficult things to figure out in a collections representative’s day. Do you call the company that owes the most money or the company that has the most outstanding invoices, even if they are all smaller amounts? Do you tackle the easy accounts that you know you can collect on or the ones that need the bigger push? Accounts receivable software makes that decision for you and helps you work through a prioritized call list. From within the list you can drill down on each customer’s information to find out how much is due, when they were last contacted and any other important notes on the account.
The staffing industry uses a lot of contracts. You have a contract with payment terms for the companies you’re working with, deciding when an employee works out when they will pay. You have a contract with an individual client and their payment terms. Using document management with accounts receivable software allows you to automatically attach these important documents with the invoice to remind customers of their terms, helping them to pay more quickly.
With an online bill pay portal, customers are able to pay without prompting from your staff. After receiving an email, they simply follow a link and enter their credit card or bank information to pay via ACH. This decreases the amount of time you would have to wait if they were paying by check and stops your staff from having to key in individual credit card information from each customer.
Using accounts receivable software in the staffing industry is all about saving time. You’re constantly adding new customers and increasing sales, which means more invoices, more emails and more phone calls. It’s important that you’re simply not adding extra work to your current staff, putting your accounts receivable at risk of non-collection. Adding accounts receivable software is cheaper than adding an additional staff member and more efficient.