How payroll software can improve your cash flow

It is a well-accepted axiom among businesses both large and small that cash is king.

This couldn’t be truer for your recruitment agency. With a host of accounts, bills and invoices to manage for both your clients and customers, it’s crucial to keep on top of the cash going in and out of your business.

So what role does cash exactly play in your agency that makes it so important to achieving success?

First, you would already understand that cash is vastly different to profitability. A healthy profit margin doesn’t mean that you have the cash required to cover overheads, employees’ wages and the myriad other costs involved in running your agency.

Even with a growing client base, if they aren’t providing you with the payments on time, you’ll struggle to meet the immediate needs of your agency.

Having a healthy pool of cash to draw upon isn’t just about being able to make instant payments, however. A positive cash flow also helps you stay clear of debt as it lessens the need to constantly talk with banks to take out loans or constant redraws to make up shortfalls.

One of the best ways your agency can stay on top of its cash flow is by investing in specialist efficiency software.

FastTrack360, for instance, integrates your accounts payable, timesheets and billing into one streamlined system to enhance workflow automation and help you keep track of where cash deficiencies may lie.

The software’s automated billing function allows you to quickly and accurately pay candidates, invoice your clients and ensure that accounts receivables are settled on time, helping maintain a healthy flow of cash into your agency.

And with a range of software options to suit business of all sizes, there is a solution to fit your agency’s unique needs.