What Is QuickBooks Workforce?
QuickBooks offers a channel for staffing companies to equip their workers with simple and easy-to-use technology. In short, the solution is designed to help businesses manage their temporary workforce – which is a growing segment of the labor market.
Over 40% of all businesses now depend on contingent workers to stay afloat, according to Harvard Business Review. The reasons are both historical and practical: staffing up for lean times or scaling down during busy ones has always been a defining characteristic of the American economy.
But in recent decades, companies have gotten better at managing this workforce. These days, contingent workers are often contractors with specialized skillsets that can be used in various departments. Hiring, managing, and engaging these employees is no small task.
The promise of QuickBooks Workforce is that it can make all of this easier for staffing agencies. The software-as-a-service (SaaS) platform includes an applicant tracking system, time tracking system, electronic timesheet approval system, and a payroll management system.
The software can save time for both the employer and worker. It is designed to eliminate the need for paper forms or spreadsheet entries, expediting processes that take up a lot of time in traditional staffing models.
In addition to these benefits for workers, hiring managers can use QuickBooks Workforce to track expenses, manage budgets, calculate payrolls, and more.
How Does QuickBooks Workforce Tie into QuickBooks?
The decision to create a separate solution for staffing companies was not made lightly. But as more and more of these businesses started using the core QuickBooks software on their own – whether for accounting or inventory purposes – the rationale became clear.
That is because the original impetus behind creating QuickBooks was to simplify accounting for small businesses. Because of this, many of the features in QBC are designed with simplicity and ease-of-use in mind. While this isn’t a problem for some staffing companies, others have different needs for their software.
For example, many staffing agencies already use QuickBooks Self-Employed to manage their workers’ timesheets and expenses. But they need a payroll management system for full-time contractors. This is where QBC comes in. The solution allows businesses to do what they love about QuickBooks – accounting software that is easy to use – while also providing the payroll management functions they need.
The integrated nature of QBC ensures that both workers and managers are using modern technologies designed to save time, increase efficiency, and make the business run smoother. The result is a powerful combination of tools for staffing companies.
What Are QuickBooks? A Brief History & Overview
QuickBooks has come a long way since its inception. It was originally offered as a standalone product for small businesses and sole proprietors who didn’t need the accounting sophistication of an enterprise solution.
In fact, that was one of the main selling points: QuickBooks promised to work where accounting software like Peachtree and Sage had not.
Today, QuickBooks is now recognized as one of the powerhouses in accounting software. Companies ranging from small businesses to public corporations have purchased and utilized the software for mission-critical tasks.
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