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During times of uncertainty, it’s important to evaluate the effectiveness of internal operations like accounting and finance.

Determining prices for products and services is a very important decision for any business. Post pandemic, because of inflation, pricing a product or service appropriately has become even more critical.

In Part 1 and Part 2 of our benchmarking blog series, we introduced benchmarking and provided examples of key benchmark findings for staffing companies. Based on these findings, we identified specific problems for the companies to solve. This blog provides some hypothetical solutions stated below.

In Part 1 of this three-part blog series, we introduced benchmarking and chose four staffing companies from clients in the employment services industry to demonstrate the financial metrics that we used for benchmark analysis. In part 2, we will take a look at the key findings from this analysis.

"Benchmarking" is the process of measuring the products, services, processes, and financial performance of one company against those of similar companies that are known to be leaders in one or more aspects of their operations. Benchmarking provides necessary insights to help you understand your company’s position and performance within the industry and even across industries, and further helps you identify specific areas, systems, or processes in which your company can improve.

On a list of things you like to do, paying bills likely ranks somewhere near the bottom. Which is not surprising since it's time-consuming, prone to errors—especially if paper is involved—and fixing mistakes can be challenging at best. Not to mention the security and fraud concerns associated with sending checks in the mail.

Life as we know it is trending back towards normal, but the professional landscape is forever changed. Employers are allowing employees to permanently work from home, which will change their respective technology needs. Developing a suitable set of technology solutions—often called a “technology stack”—helps businesses streamline operations and empowers employees to work efficiently and effectively in multiple work environments. Below we outline common examples of various business processes and applications that can be integrated with your accounting products, to help you custom-build your own technology stack.