The more we dive into the issues surrounding the staffing industry, the more we realized that paycheck issues directly affect employee morale and satisfaction, therefore affecting the company’s bottom line.
A study by the Founder of Comprehensive Coaching shows that the morale of an employee is directly linked to profitability. Low morale–low profits. High morale–high profits. (Simple as that…)
This is because the less engaged your team is, the less productive they become and vice versa.
Low employee morale can also turn into high turnover and it is disconcerting because of its tremendous impact both financially and on productivity levels.
One simple yet effective thing you can do to avoid low employee morale is to ensure that your employees are compensated accurately and on time. (No doubt about it…)
At Bilflo, we made it our mission to create innovative tools that help staffing companies automate their back-office processes to avoid payroll errors that can be caused by manual processes while providing you business intelligence that you need to identify trends and grow your business.
Here are our key features:
If you are interested in learning more, please feel free to schedule a Discovery Session with our team today!
Alternatively, you can check our resources to learn more about our services.
Business Intelligence (BI) software has rapidly gained adoption. In 2020 alone, 54% of enterprises agreed that cloud-based BI was vital to their current and future initiatives.
The Business Intelligence market in the U.S. is estimated at US$ 6.1 Billion in the year 2020 and is forecast to reach a projected market size of US$ 7.4 Billion by the year 2027.
According to Research and Markets, significant growth has been reported all over the world, the global market for Business Intelligence is estimated at US$ 22.4 Billion in the year 2020, is projected to reach a revised size of US$ 34.5 Billion by 2027.
TechJury did a deep dive analysis and hand-picked some of the most relevant business intelligence statistics for 2021.
Here are some of their takeaways:
- By 2023, over 33% of large-sized businesses will practice decision intelligence.
- Data analytics makes decision-making 5x faster for businesses.
- 7 out of 10 businesses rate data discovery as very important.
- Most businesses adopted business intelligence in 2020.
One of the biggest challenges business leaders face is putting together the right pieces of information together to gain a holistic view of the company’s operations – and it only gets harder the bigger the organization grows. This is why more and more businesses are transitioning to Business Intelligence software for their data analysis needs.
At Bilflo, we believe that in order to maximize your company’s resources and be ready for growth, you need to have access to real-time business intelligence that you can quickly gather insights on your organization’s data and overall health.
If you want to know more about how Bilflo can help you, please feel free to take advantage of our Free Trial by Signing Up Here
You can also check out these 30-sec videos on how our software works:
Today’s business world runs faster with technology, and refusing to use new systems means your competitors are a step ahead of you.
Research by McKinsey found that 45% of the tasks individuals perform at work every day, can be automated with currently available technologies. When talking about efficiency in the workplace, it is useful to start looking at which tasks could be better managed using an automated system in cloud-based software.
Here are some of the primary benefits that come with business automation:
- Better Communication: An automated process can help ease miscommunication and allow your teams to better handle their workload. Various applications can be easily implemented into your operations, enabling people to have a better grasp of the tasks and stay updated with any changes.
- Cost Reduction: Manual labor costs more than an automated process. It takes more time to do and requires the full attention of the person in charge of it. When you automate business processes, tasks will be completed at a much faster rate, allowing you to save both time and money on labor.
- Efficiency and Output: Automation allows you to cut back labor hours and improve your overall productivity level not just at a business level but on individual employees as well. The cut in workload will help in improving their efficiency and they will be able to take on new tasks without comprising their output.
- Scale: The success of your business is dependant on your company’s ability to grow. Automating business processes, and removing the risk of human error, give your business the competitive advantage and the position to grow and scale at a faster rate.
At Bilflo, we believe there should be a system specifically designed to handle your back office workload while having access to the business intelligence you need to grow your business.
Here are some of the tasks that Bilflo can take over so that your highly skilled workers will be able to focus on the work that matters.
- Timekeeping and Approval: Let your employees enter their time and provide clients with easy access to approve and reject time and expenses.
- Payroll and Invoicing: Integrate & export directly to your payroll and accounting systems for a seamless stacked experience.
- Business Intelligence: Gain useful insight that drives smarter decisions that have a dramatic impact on your bottom line and the overall growth of your company.
See how our integrated solution works by checking out our resources:
CrucialLearning tackled The Four Crucial Moments For Uncertain Economic Times. It aims to help organizations to be financially agile in these trying times.
We summarize it for easy reference. Here are the 4 crucial conversations:
1. Debate Dithering and Denial
When a team is confronted with financial data that may or may not signal a crisis, teams can often disagree over the urgency of the issues and how to handle them. Basically, a team that is unable to discuss their difference can delay the decision allowing the crisis to deepen while teams that are able to discuss disagreement can take action within a few hours or days and resolve the issue faster.
In many organizations, managers are aware of huge potential savings but just can’t talk about them due to politically sensitive cultural practices; even more, cite times when the barriers were leaders’ pet policies or topics.
3. Silent Collision
Everyone is asked to make tough decisions. But most are skeptical about whether their peers will really pony up. So they watch and wait—refusing to make hard choices until they see others dive in. One major cause of this is accountability. Only one in ten respondents said that peers were willing to hold each other accountable for their cost savings commitments.
4. Irrational Slashing
The result of failure to address the previous three. Senior leaders rose up through the ranks seeing failures in the previous three Crucial Conversations. They themselves often dithered rather than acted. They felt stifled in their ability to raise undiscussable when talking about sensitive cost-cutting options. They participated in silent collusion—forestalling tough decisions until they witnessed real accountability.
These crucial conversations should not be a hurdle to financial agility. Here are some key ways for businesses to become more flexible, efficient and come out of the year in a stronger position.
1. Understand your business better
When you have clarity on your business and workforce data, these conversations can easily be discussed within your team to improve efficiencies and address potential concerns.
Knowledge is power and if you know how your business will react to a change in circumstances, you will be able to set in place some plans to best deal with the situation.
2. Rolling Forecasts
These are strategic approaches to financial forecasts as they are guided by key business drivers. This makes them an important tool in agile financial planning.
Rolling forecasts offer a way for your organization to quickly correct financial warning signs. It also provides a consistent horizon, which gives finance leaders like yourself the confidence to make critical business decisions.
3. Enterprise integration
It’s paramount that managers have the ability to see the entire financial situation with the right information at the right time. Integrating financial modeling reduces preparation time, while simultaneously reducing the risk of error by removing numerous data handling touchpoints. The result is managers and analysts making decisions on controlled, trusted information in a much shorter space of time.
At Bilflo, we aggregate all of your workforce data from various systems into comprehensive business intelligence giving you access to real-time reporting.
This helps organizations have business clarity and make data-driven decisions.
See how our integrated solution works by checking out our resources:
Keep Your Business Healthy by Getting Paid Fast
One of the top challenges that we face in the staffing industry is getting paid for our services. It shouldn’t be such a headache. Staffing firms find themselves in a cash crisis when waiting out extended payment terms or late payments from customers and as a result, they are unable to make payroll, provide benefits for employees and meet tax requirements.
Aside from the cash flow impact, time chasing payments is time taken away from recruiting new candidates and securing new placements preventing some companies to grow their business.
A new survey by Melio and YouGov filled between March 26, 2021 and April 7, 2021. Completed by 1,002 U.S. B2B small businesses shows the following key findings:
- 55% of small businesses think their clients are deliberately delaying payments
- 50% say late payments should incur significant interest
- 59% say they have direct experience with late payments
- 44% say late payments are a challenge affecting their business
- 47% say late payments have gotten worse due to COVID-19
Melio’s survey shows that due to late payments small businesses have or have considered:
- Delayed hiring (40%)
- Delayed purchasing inventory (39%)
- Cut employee hours (36%)
It also reveals that if they were paid on time, they could have:
- Invested in growing their businesses (64%)
- Paid back and lines of credit more quickly (58%)
Here are some tips on how to get paid in time:
- Maintain great client relationships: Maintain a good relationship with your clients. A client that feels like more than just a revenue stream will want to do more business with you and as a result, will pay you on time.
- Invoice on time: It should go without saying, but if you want your clients to pay on time, you need to invoice them on time. The sooner you get them that bill, the sooner they can pay you.
- Use cloud-based services: Cloud-based accounting automation software help agencies stay on top of their accounting with some advantages that the old method lacks.
- Stick to a payment schedule: If you expect to get your payments regularly, you need to invoice your clients regularly. You maintain the same, consistent calendar. One of the top challenges that we face in the staffing industry is getting paid for our services. It shouldn’t be such a headache. Bill was designed by a busy staffing agency to radically improve back-office payment processes and to ensure that invoices are in perfect order before sending them to customers/clients.
One important thing you can do to improve your payment processing is to migrate from manual accounting to automated accounting. At Bilflo, we find ways to help staffing agencies become more efficient and improve their current process to make room for growth.
See how our integrated solution works by checking out our resources:
Business integration is a major contributor to growth as it allows organizations to leverage their existing processes, people, technology, and information in order to stay ahead of the competition.
Understanding the fundamental difference between point and integrated solution
Point solutions aim to resolve a single functional gap specific to a channel by using best-of-breed features while an integrated platform, solves multiple use cases and can be rolled out across different business functions.
An integrated platform makes it easier to meet the current requirements and more flexible in its approach, providing you scalability and flexibility advantages, not to mention the profits, exponential ROI, business growth, and long-term benefits of being future-ready. On the other hand, a point solution while perfectly catering to its value proposition is limited in terms of expansion. Here are some key differences between point and integrated solution :
By integrating a robust tool with your legacy or existing tools, you can easily enhance the power of your systems to streamline business processes and operations.
Here are some of the key benefits of Bilflo’s integrated solutions:
1. Improved Data Accessibility
With the help of system integration, data accessibility becomes easier for people in organizations. This leads to better decision-making, at different levels, which often results in accelerated business growth.
2. Improves employee collaboration and performance
When businesses are well-integrated, improved connectivity will streamline communication between participants of different functions. As a result of this, organizations can easily share more information that was previously difficult, costly, and/or time-consuming to access.
3. Enhance visibility through real-time data and reporting.
With an integrated software system, problems can be solved and changes can be made with just a few clicks rather than by having to visit multiple systems.
Bilflo understands the need for integrated solutions rather than multiple point solutions. We provide staffing firms One Integrated Solution designed to fit into their current ecosystem (ATS, CRM, Time Management, Payroll, Accounting).
See how our integrated solution works by checking out our resources:
Factors that Drive Staffing Firm Automation
The value derived from investing in business processes and automation solutions Is difficult to dispute as it is proven to increase efficiencies, save time and money, and eliminate errors, among many other benefits, for companies across industries and of varying sizes.
Surprisingly, many companies are still relying on outdated processes and systems – or are failing to capitalize on the full benefits of automation. According to the 2018 North American Staffing & Recruiting Trends Report, more than a third (35 percent) of staffing firms don’t automate during the prospecting, client engagement, or account management stages; and about 40 percent don’t automate candidate selection, screening, or nurturing at all.
The covid-19 pandemic has changed the way staffing firms do business. The swift and sudden changes forced on the industry turned the slow and steady evolution into a digital revolution. Many staffing firms have already adopted some form of automation in their day-to-day businesses.
However, many of staffing firm fail in using automation software due to little to no planning. They’ve implemented automation tools that are too complex and difficult to understand.
SIA posted an article on the factors that businesses have to consider before automating their processes.
- Identify what your expected outcome is and plan your strategy based on your expected outcome.
- Once you have identified your strategy, assign an expert to lead the process of identifying, selecting, and implementing the solution.
- Research whether the solution resolves the problem and involve and make sure that you are getting all the benefits of your selected solution.
In summary, automation software can boost a staffing firm’s efficiency while driving productivity when used correctly and to its full potential.
Bilflo automates your current process and offers premium software integration to connect with your current ATS, CRM, & Accounting tools; eliminating the need to overhaul or disrupt your day-to-day operations.
In the end, all of your workforce data is aggregated into one system so you can make holistic, data-driven business decisions while decreasing costs and increasing profits.
With an automated, transparent, and streamlined process, you can:
- Build trust and increase your employees’ satisfaction by ensuring that your team is compensated accurately.
- Reduce back-office workload and labor cost by taking the pain out of managing employee time and manual data entry.
- Manage your business for growth and success with our business intelligence tools.
Our goal is not only to make the process easier for you but to also empower your team in the work they do with contractors. Whether you need to store client agreements, split hire fees, or save offer letters, Bilflo is there to fulfill you and your team’s needs.
So what are you waiting for? Start automating your business with Bilflo.
Schedule a live discovery session with our team today.
In modern recruiting, recruiters are now realizing that less is more.
Imagine receiving 100 applicants and going through each application and learning that 90% of your applicants are either unqualified or unfit for the position you are trying to fill, tedious and time-consuming, right?
Wouldn’t it be nice if you are only going to review 10 applications, 90% of whom are high-caliber, top-notch candidates? This leaves you with more bandwidth for engaging and nurturing applicants and ensuring a positive candidate experience.
Employment Marketplace (EmInfo) explained the difference between having 100 random applications and having 10 highly qualified applicants. Focused energy on the 10 yields better results.
Tips on how to achieve high-quality applications
Use industry-specific or niche platform
With an industry-focused approach to recruiting, you’re more likely to attract candidates who are dedicated and passionate about their particular sector. Niche job boards tend to be most fruitful when hiring for highly specialized positions that require very specific qualifications.
Identify poor performing job boards
When you are fully aware of the performance of the job board you are using, then you will be able to identify what needs to be improved or whether to change or keep your existing job board provider.
Understand your current and historical data
When you have a clear understanding of your data, you will be able to make adjustments to your existing processes to reach your target goals. You will have a clear view of what is not performing, whether the sales representative, job description, salary offer, etc.
Having a reliable and reputable Applicants Tracking System makes the whole process less cumbersome and they are worth every penny.
Bilflo on the other hand enhances the front side of the business by managing that ongoing relationship with your high-quality talent, clients, and you with an automated back-office solution.
We offer a no-obligation consultation of how well your systems are integrated from end to end.
We specialize in creating stacked solutions with your current platforms.
You can check our resources to learn more about our services.
In today’s fast-moving business environment, making quick decisions is key to capitalize on opportunities. This is why many businesses have adopted Business Intelligence to improve their company’s growth by helping companies make better decisions using current and historical data. It provides performance benchmarks to make the organization run smoother and to easily spot market trends to increase sales or revenue.
In the recent market research report conducted by Technavio, it is predicted that the business intelligence (BI) and analytics platforms market is poised to grow by USD 12.62 billion during 2020-2024, progressing at a CAGR of almost 10% during the forecast period.
What is Business Intelligence?
The term Business Intelligence (BI) refers to the technologies, applications, strategies, and practices used to collect, analyze, integrate, and present pertinent business information. This enables much more informed business decisions to be made using the data.
Why is Business Intelligence So Important to Modern-day Organizations?
Without actionable insights that are specific to a particular challenge you are trying to solve, there will be an element of guesswork and chance that goes into your decision-making. Business intelligence allows you to gain valuable insights into the operations of your business, customized to your immediate needs.
Advantages of Using a Business Intelligence
Make more informed decisions
Effective business intelligence can enable managers to make more informed, data-driven decisions. These decisions can be made with far more confidence, too, and can help reduce the level of risk. Decisions can also be made far quicker than before, which saves valuable time and money.
Cut costs and remove inefficient spending
Detailed reports can help you see exactly where you’re spending money and can compare this to your budgeted costs. This can enable you to decide where adjustments need to be made to help cut wasteful spending and reduce inefficient costs in the future.
Spot inefficient business processes
Business Intelligent organizations have better control over their processes and standard operating procedures, as the visibility of these functions is improved by a BI system. The days of skimming through hundreds of pages of annual reports to assess performance are long gone. Business Intelligence illuminates all areas of your organization helps you to readily identify areas for improvement and allow you to be prepared instead of reactive.
Identify new business opportunities
A BI system also allows you to understand the implications of various organizational processes and changes, allowing you to make informed decisions and act accordingly. This can help you see new unidentified opportunities for the future which can help to give your business an increased competitive advantage.
HR departments are responsible for overseeing many different aspects of an organization’s workforce spanning the entire employee lifecycle from employee onboarding to eventual employee separation from the company.
Some employers may decide to make an investment in a full-service Human Capital Management (HCM) software solution. However, despite the existence of self-service HCM software, many organizations still manage common HR functions through manual processes and/or require the time and effort of individuals within the organization other than the employee.
To better understand the total costs (both labor and non-labor) associated with completing HR tasks, Ernest and Young surveyed 504 individuals in a supervisory role who work at companies based in the US with employees between 250-4,999 that handles HR tasks such as:
A few things stand out from these results
- Labor costs constitute nearly all of the total costs related to all of these tasks – this suggests that an ability to reduce or eliminate the time associated with performing these tasks could result in significant cost savings
- The area with the most potential cost savings is benefits enrollment, particularly around tasks related to providing plan information to employees, whether to inform them about plan changes or providing data to facilitate comparisons between plans.
- Interestingly, onboarding tasks are generally less expensive than tasks related to employee separation.
In the report, the average cost of a data entry for common HR tasks was $4.39 – and some HR tasks require several data entries! The average costs of some crucial HR tasks were much higher than that:
- $15.76 to track (FMLA) or other leave time
- $14.75 to collect/organize employee timesheets
- $18.69 to calculate PTO balances and update an employee
Interested in learning more?
Download the FULL WHITEPAPER here.