Despite the need to keep costs under control in the current economic climate new research suggests that SMEs in the recruitment sector could be losing up to 350,000 a year through poor back office management. The survey of 117 companies across the UK also found that the amount of savings had no direct correlation to the size of the company.
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ìWe were astonished to find how much variety there was in terms of efficiency in SMEsî says Daniel McPherson; company CEO of InTIME, back office solutions specialist. ìFor example we found one company with an annual turnover of nearly 100m would be able to save up to 200,000. However, another company with an annual turnover of only 10m could save in excess of 250,000. With costs currently under pressure it is commercial suicide for organisations to be throwing away as much as 4% of their turnoverî.
The survey highlighted that companies are wasting money by not having online systems in place which improve streamlining of pay and bill systems, online payslips and automated reporting. Without them, not just admin staff, but also consulting staff are wasting time chasing timesheet authorisation and sales opportunities are lost.
ìItís always a worthwhile investment to assess where your business could be saving money, especially the way the economy is at the momentî continues Daniel. ìWe want organisations to be aware that now is a good time to analyse business losses and get the savings they deserveî.
Recruitment SMEs could be losing up to 4% of turnover a year through poor back office management
Despite the need to keep costs under control in the current economic climate new research suggests that SMEs in the recruitment sector could be losing up to 350,000 a year through poor back office management
