Do you know what the financial health of your recruitment agency is right now, at this exact moment in time?
The truth is, for many recruitment agency Directors, finding the answer to this question can be a challenge. The unique financial set-up of recruitment businesses – with everything from contractor payroll & expenses, factoring deals, invoicing and credit control to contend with – means it can be hard to keep track of what’s coming in and going out.
The information needed to gain an accurate financial picture is often hidden away in various spreadsheets and back office systems, meaning it is a fiddly and time-consuming job and one that is always changing.
Yet the benefit of having access to this, and other business performance data, is huge! Such insights can highlight growth opportunities, while helping streamline processes, give clarity, drive greater productivity and efficiency so you can retain a competitive advantage.
The good news is, there is another way! Step forward the recruitment agency back office dashboard.
A recruitment agency dashboard is a central hub of real-time information that allows agency owners to quickly see how their business is performing at any given time. The beauty of such dashboards is that the data itself is presented in an easy-to-understand and visually appealing way, meaning it can be digested at a glance.
Offering a window into the operations of an agency, dashboards not only give a top-level view, but then provide the option to delve deeper into certain data as required. For example, revealing more detailed insights into clients, consultant performance and active jobs.
Bespoke permissions can also be set, allowing for different dashboards to be made available to different team members, depending on their role and the type of information they need to see.
Why use dashboards?
Using dashboards can save teams precious time. They can also provide vital information that can be used to make informed decisions about the business, as well as highlighting new opportunities and flagging up potential issues.
Directors can make their management decisions based on accurate, real-time data, while consultants can see exactly what’s happening with their pipeline and targets.
Using dashboards within your business also greatly benefits your clients. Dashboards enable consultants to keep track of automated confirmation of hire processes and get alerts from clients when adjustments need to be made – this all helps to give the client a streamlined more accurate experience of working with your agency.
Key benefits of using a dashboard
The all-in-one back office solution we provide at 3R was designed by recruiters for recruiters and our dashboard is no different.
Having a wealth of recruitment experience, we understand how agencies work and the information that is most important to you and have designed our dashboard to quickly and easily provide exactly what is needed. It can be used as a standalone system but also easily integrates with the 3R CRM and other leading recruitment agency CRMs, including Bullhorn.
In the words of our longstanding client Talent Locker:
"3RF provides a wide range of user-friendly, easy to navigate and useful dashboards for managing our contract workforce and pipeline of permanent placements. Our consultants can use it to track their margin against their targets and can quickly access contractors when they have issues with timesheets or payment".
Here we take a closer look at some of the core features and benefits:
Live Statement – your complete business overview
With money coming in and money going out in various ways, it can be difficult to keep track of the financial health of an agency – especially when different business functions are being managed by different systems.
With the 3R dashboard, the core information is collated and held in one place, using real-time data to provide an accurate snapshot of how the business is performing at any given time. This includes your current pipeline.
The frontpage dashboard provides a live statement, including the margin for that week from both contract and permanent billings. This information is supplemented by weekly customer reports, which are sent out automatically to whoever needs to see them, such as the business owner and company accountant.
Customisable – designed to evolve with you
The bigger your agency gets, the more data you will need to have a handle on. The 3R dashboard can evolve with you, being customisable for different stages of business growth. For example, when you switch from being a 1-2 person team to bringing additional staff on board for the first time. At this point, there will be a whole host of new information you may wish to add, such as targets, the monitoring of placements and other employee performance metrics.
With complete control over user permissions, you can also set up different dashboard for different team members, so only the key information is displayed.
A director dashboard may typically include:
A recruiter dashboard may typically include:
You can also expand any chart on your custom back office dashboard for deeper insight.
Client management – enhanced customer experience
Our dashboard support agencies to deliver improved customer service, by helping to streamline processes, eliminating the need to duplicate information and the risk of human error, and ensuring the right information goes to the right person at the right time.
Credit checks can be requested at the click of a button and turned around the same day. Our dashboard also helps you keep track of credit limits and overtrading, aiding you to better manage potential risk and make informed business decisions over who you might aim to grow more business from, and who to move away from.
Week View – consultant ‘wheel of fortune’
Week View is a popular feature with consultants as it helps them better manage their workforce and track margins for their commission.
Consultants can look at the current week or go back to previous weeks and examine what’s happening with contractor timesheets and perm starters, including ones who are due to start work in the future.
This ‘wheel of fortune’, shows each step in the back-office process and prompts them with actions where necessary, to ensure they get paid.
Confirmation of Hire – helping you get paid quicker
The automated confirmation of hire process (COH) ensures everything runs smoothly and transparently. Rather than details being confirmed over the phone or trawling through emails or CRM systems, there is an auditable trail of client approvals for the agreement and financial details prior to your candidate starting, such as start dates, charge rates, payment terms and accurate invoicing contacts. This limits any room for error and keeps things clear and simple, so invoicing is smooth and secure which in turn means you’re paid quicker!
Timesheets – made quick and easy
Timesheets are one area where our dashboard can have a huge impact on efficiency and transparency. All steps within the process are covered within an auditable trail and at the click of a button, consultants can see:
Team performance – boosting results
Directors can use the dashboard to see how consultants are doing. It allows you to easily track consultant value, to see how much money they made this week, how many contractors they have placed and how much margin they are making. The detailed performance data can flag up individuals who are soaring, or who may be in need of additional training or support.
Book your free demo
With backgrounds rooted in the recruitment industry, at 3R, we know that having access to detailed business performance data can be transformational for agencies – and we want to make it as easy as possible with our specially designed dashboards and all-in-one finance and back office solution.