Highlights
- Ongoing uncertainty over Brexit, and the impact any deal agreed will have is making it very difficult to financially plan for the future with any degree of accuracy
- Staying on top of legislative and regulation changes by the HMRC constantly places a heavy weight of responsibility on in-house accounting teams
- Healthcare recruitment agencies need a solution that is totally transparent, removes the stress, offers peace of mind and frees up internal staffs’ time
When running a healthcare recruitment agency, it can often feel like the last job on the list is your full-time one – placing great candidates with great clients.
Both the industries of recruitment and healthcare are tough, easily changeable and dare we say volatile.
But, dealing with the pressures of the industries is just the tip of the iceberg for those who run healthcare recruitment agencies, because with success and growth comes the need to manage all the ever-increasing accounting needs of any recruiting firm such as invoicing, payroll, timesheet management and credit control, never mind all the tax, compliance and regulatory burdens.
It can very easily feel as if this is where you have to place all your focus and the clients, candidates and billings are secondary.
One of the key accounting challenges facing healthcare recruitment agencies today is the ongoing uncertainty over Brexit, and the impact any deal agreed will have, making it very difficult to financially plan for the future with any degree of accuracy.
Although, it was way back in April 2017, the introduction of IR35 in the public sector still has many agencies trying to manage internally the real burden it has brought on accounting and administrative functions.
Now responsible and liable for deducting the necessary PAYE and NIC healthcare recruitment agencies have an ongoing need for more specialised, highly in demand and expensive staff.
Having just met IR35 head on healthcare recruitment agencies then last year had to comply with GDPR or face significant fines making it essential for accounting teams to update existing processes and fundamentally change how they gather, manage, process, store and secure candidate data. This has caused significant disruption and cost for all recruitment businesses but especially for the smaller and mid-size ones.
Then of course, there is the daily challenge of the constant new levels of regulation and compliance demands, especially in the areas of payroll and tax.
Staying on top of legislative and regulation changes by the HMRC is not an easy undertaking and it constantly places a heavy weight of responsibility on in-house accounting teams and many businesses have been forced to employ more and more in-house experts and upgrade technology to ensure compliance.
We can all agree that accounting teams within healthcare recruitment agencies are challenged before they even start thinking about billings, payroll, client retention, new business and of course finding top talent.
But, what is the best way to deliver this service to the business? Do you take on even more extra internal staff? This can be an effective solution and of course is common practice but you have to consider that there are more bums on seats who are ‘non-billers’ and what happens if there is a sudden downturn, which as we all know is very possible in the world of recruitment.
What happens then if you have committed to extra internal staff and you’ve already incurred all those ‘hidden’ costs such computers, software licences, telephones, furniture.
So, do you wait and see if there are any new business wins and see how the things go? But, this will add even more pressure to your already stretched team and the consequences could be wide reaching, leading to a poor candidate and client experience and increasing the potential for mistakes such not paying people on time, receiving payments late and even legal and compliance errors that can have widespread consequences.
What healthcare recruitment agencies need is a solution that is totally transparent, removes the stress, offers peace of mind and frees up internal staffs’ time.
An expert offshore accounting partner will become a cost effective, stable and truly flexible part of your in-house accounting team and will improve your existing practices using the latest technology and their qualified 24/7, ISO 27001 as well as ISMS ISO/IEC 27001:2013 certified and GDPR compliant team.
Quickly your accounting processes will be streamlined significantly reducing operating costs and providing higher levels of efficiency, accuracy and compliance.
You and your team will be able to manage and pre-empt risk which in turn will allow you to do what you do best, run and grow your business.
IMS People Possible are world leaders in offshore accounting solutions for businesses like yours. Our wide range of accountancy services will keep your business flexible, scalable and at the cutting edge of technology and compliance, all whilst providing significant on-going cost savings.
Working with IMS People Possible will always give you the reassurance of a company that constantly measures and monitors its own quality, accuracy and compliance, ensuring you always receive the best possible service. To know more, drop an email at sales@imsoneworld.com
