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Managing Your Recruitment Budget

In Hiring Strategy — by Recruiterbox

When it comes to recruiting a new member of your team, it can be difficult to keep track of all the expenses that get included in the process, with costs ranging from advertising methods to tea and coffee. It is important to establish a budget to manage these costs early on, and a useful way to do this is to use online software that will cut down on much of the administration and simplify some of the more time consuming aspects of managing a complex recruitment budget.

Generate A List Of Expenses

Before you can begin to form a budget, you need to create a list of the various expenses you will need to pay out for, such as advertising costs or reference checking expenses. Once you have done this, and have a clearer idea how much money you are happy to spend on each area, you can create a budget with a financial target in mind. Using online accounting software to do this is useful as it categorises the various sections for you, giving you a clear overview of which areas are requiring more money than others. It will also give you a target to work towards, so you are less likely to overspend.

Request Payment Alerts

For areas of your budget that require you to outsource services, such as advertising vacancies, you can opt to use software to alert you to any outstanding payments that are due. This will save you checking through your invoices each week to check what needs to be paid, and will ensure that no bills slip through the gaps. It will also alert you if you are close to going over budget, so you can keep a closer eye on the finances without having to monitor them on a daily basis.

Customise Your Software

Using online accounting software to manage your recruitment budget means that you can customise the application to suit your requirements. For example, if you want to create a basic budget you can request a simple overview of your expenses. Alternatively, if you are advertising for more than one vacancy, you can create multiple budgets and financial forecasts for each one and manage them separately from one account. You can also set up multiple user permissions so that you can enable colleagues to monitor the accounts. This can be useful if you are advertising for vacancies in different departments of your business as you can project manage the budget more effectively.

Managing money in any area of your business is difficult, but especially if you are working to tight deadlines such as advertising contracts and vacancy start dates. Using online services to cut back on the amount of time needed to monitor the finances means that you will have more time to devote to your business duties and to searching for a suitable candidate. The use of software does a lot of the work for you, such as creating accurate overviews of expenditure, so that you can keep within your means in an efficient way regardless of time constraints or budget size.

Katie Sykes is a Business Management professional who uses accounting software every day to help with the smooth running of her finances. Katie also takes care of the recruitment for her marketing business.

Recruiterbox is considered the most user friendly hiring software on the market. If you’re ready to take your recruiting and hiring to the next level, request a Recruiterbox demo today.