Benefits of Pay and Bill Software for IT-Focused Recruitment Companies
Published: 04/06/2023
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Pay and bill software is a crucial tool that every recruitment business should adopt and utilise. In this article, we will focus on its benefits specifically for companies working with IT specialists. We firmly believe it can help bridge the supply gap for specialists, and we will explain how.
As you probably already know, there is a significant mismatch between the demand and supply of IT talent. When examining the issue more closely last week, we concluded that there are two main solutions to this crisis that work together. Firstly, expanding the pool of specialists by welcoming contractors and remote workers. Secondly, providing them with the tools that not only suit their working style but also make their overall experience with you smoother.
Pay and bill software is a useful solution, especially when integrated into a broader tech stack. While any recruitment agency can benefit from such a system, it is almost essential for those supplying IT specialists. Not only does it make managing daily tasks easier, but it can also help improve your business overall. Curious to learn more? Great, because we’re happy to explain.
The term 'Pay and Bill' refers to streamlining and optimising several core processes in recruitment, including invoicing, payroll processing, compliance management, onboarding, and timesheet entry.
It is a highly cost-effective and easy-to-implement practice that depends on digital solutions such as accounting software, timesheet management systems, and CRM.
As mentioned earlier, pay and bill encompass many aspects considered essential for most companies. However, when it comes to IT recruitment specifically, there are certain details to explore. These are more about how you collaborate and communicate with your contractors rather than internal procedures.
Security is central to IT, given the amount of sensitive data involved in the daily tasks of an average IT specialist. Therefore, when working with IT contractors and recruitment agencies, the risks are even higher than in other situations. It’s not only the data of the contractors and the agency that is at risk, but also that of the client. Due to the financial nature of the pay and bill process, any security breach can be devastating for both businesses and relationships. Modern pay and bill software typically includes encryption and other security measures to prevent such incidents.
With the full implementation of IR35 legislation, a new aspect of compliance must be considered. In simple terms, failing to meet it is as costly and reputation-damaging as a security breach. Moreover, it could seriously discourage IT contractors from working with you in future - a significant concern given the current shortage of senior professionals. Since pay and bill software is primarily aimed at recruiters, most solutions are now naturally adjusted to be IR35 compliance-aware.
Like any other modern tools, pay and bill software is now accessible across a variety of devices. When discussing IT specifically, this is more than just a convenience – it is a complete game-changer. As we discussed in our previous blog, the pool of IT specialists is very limited at present. You simply cannot afford to be restricted by obstacles that are easily overcome, such as the physical location of an employee. In other words, you need to be able to accommodate those who cannot be physically present in the office.
Being able to access the pay and bill module from any device with an internet connection can also enhance the overall experience IT contractors have with your business. It generally cuts down on the back-and-forth that might otherwise occur, which can lead to longer processing times, chasing the other party, and confusing email threads. Additionally, it opens up automation options that further improve the quality of the overall process, such as greatly reducing the chance of human error. However, we will explore this further in a separate section.
If the above doesn’t impress you, we have more to offer. Pay and bill software can significantly accelerate the growth and development of your business, provided you use it correctly. Naturally, you can’t benefit from features you’re unaware of, so we’re happy to make you aware of them.
As briefly mentioned, pay and bill software isn’t just a useful tool for speeding up pay runs. It is actually a powerful automation assistant that, depending on your process, can completely handle the pay cycle. Like other SaaS solutions, it is also compatible with additional tools. Therefore, with the right integrations, your performance could reach new heights. For example, a strong combination would be linking pay and bill software with your accounting system, timesheets, and CRM. Integrating these tools would facilitate seamless data transfer instead of switching between tabs to export or import documents.
There are additional shortcuts available as well. In this specific scenario, for instance, the pay and bill tool could actually be part of the timesheet software - which is the case with Timesheet Portal. This would mean that not only would you save money by investing in one less tool, but accessibility and process fluidity would also be improved. Naturally, this is just one example - there are countless other options suitable for any business that may seek them.
In case it’s not obvious at this point, adopting pay-and-bill software, whether it’s a standalone tool or integrated into another solution, is highly beneficial for your business. However, we primarily considered it from the perspective of accelerating processes and enhancing productivity. Yet, there is another area it supports - business scaling. Very often, companies become limited in their growth when they physically cannot take on more clients, making it impossible to scale. The right tools serve as a solution to that.
By delegating more tasks to software, you naturally free up a lot of time for your workers, which means the capacity of tasks they can handle also increases. As a result, you will be able to take on more clients or projects without needing to expand your team, although this is only a short-term solution. Furthermore, most solutions are actually designed to scale with you, helping you to continue growing by adapting to your evolving requirements. Ultimately, most SaaS platforms provide everything you need for success - it’s all about how you utilise them.
Just like with any type of software, there are several options available on the market. Of course, no two businesses have exactly the same needs. Before you start searching for a system, make a quick list of the key features you require and the working style of your company. This will serve as your guiding star.
Recruiting IT specialists is particularly challenging in today’s climate. The gap between demand and supply is widening as we speak, meaning companies are under pressure to compete with one another to both attract and retain talent. Pay and bill software isn’t just a great way to streamline the experience for your existing and potential workers. It is also vital when working with remote specialists.
As we mentioned earlier in this article, pay and bill tools are not always standalone solutions and can sometimes be integrated into other software as a module. Depending on how your business operates, this may not always be ideal. However, we believe that for IT recruitment specifically, the combination of pay-and-bill with timesheets is almost unparalleled. The simplest reasoning is that it minimises the steps a user needs to take. There is not a single company that wouldn’t benefit from less admin.
Pay and billing software can give a competitive edge to companies that either employ IT specialists or use recruiters that supply such staff. First of all, it simplifies several processes when managing remote workers. Secondly, it enhances security measures within your operations and helps you stay compliant with policies like IR35.
While mainly focusing on convenience and safety in financial operations, the right solution will also benefit your business overall. Pay-and-bill involves automation, which is designed to free up your team’s time by handling tedious and repetitive tasks. This enables them to concentrate on performance-driven responsibilities that also help your business develop, grow, and scale. Combining your existing solutions through integrations further enhances this process. The more steps you eliminate, the faster your journey to success will be. What’s not to love?
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