Virtual Business Source needed a solution that would fit with their array of clients. Specialising in the HR industry, they needed technology that would fit with the demanding nature of their client businesses. Productivity and efficiency are key, and having data all under one roof would streamline the firm’s operation and services.
Futrli allows clients to understand their key financial data in real-time. There was demand for interactive advisory services and a link to their clients’ Xero accounts. Futrli does exactly that and clients are able to visualise KPI results and see where they’re up to in an instant.
Futrli has allowed Virtual Business Source to add value to all of their clients. Non-financial data added to forecasts and reports means the advisors can help clients better than ever, as it gives more accurate projections. For example, clients can monitor the number of candidate calls, a crucial aspect of HR.
Interview in full
For more than 15 years Virtual Business Source has been providing first class support to organisations and businesses with its management accounting, bookkeeping, payroll and human resources services. The firm has built a strong reputation for excellence in handling clients’ outsourcing needs and giving vital and proactive support which enables businesses to develop and grow.
Virtual Business Source specialises in working with the recruitment industry, a sector known for appreciating the latest that technology has to offer. “The recruitment industry is very tech savvy and is always looking for new and better ways of doing things,” says Marie Pegram, Associate and Recruitment Expert at Virtual Business Source. “The adoption of new software and technology by the sector is impressive.
“At Virtual Business Source we have the same approach to productivity and efficiency and take great pride in staying at the cutting edge of best practice. This is why Futrli has been so appealing and exciting to us. It really changes for the better what we can offer our clients and the way we work with them.”
At the most basic level, Futrli helps Virtual Business Source’s clients to understand their key financial data in real-time, enabling them to make informed decisions quickly and efficiently. Futrli allows Marie and her team to generate a wealth of added value to their clients’ businesses, giving them a platform for interactive advisory services.
“99% of our clients are already using cloud software Xero,” says Marie. “So Futrli is the perfect fit for them and us. It slots in effortlessly into our working relationship. The biggest selling point for our clients is that Futrli allows for real-time KPI reporting, which is extremely important for the recruitment sector.”
“Recruitment is an incredibly fast moving industry, where margins are extremely important and cashflow can be very tight. That’s why traditional management reporting and bookkeeping is not ideal for the sector. More than most industries, those in recruitment need to know the exact state of their finances at any one time. Now we can do that for them and the response has been overwhelming.”
As well as having more time to analyse a client’s financial figures thanks to Futrli’s ease of use, Virtual Business Source also ensures its clients have access to the data and insight it produces. Marie’s team provides clients with clear visual dashboards containing critical information that allows firms to see in an instant where they are and what their KPIs are in real time often utilising Futrli’s three-way profit and loss, balance sheet and cashflow forecasting tools.
“Clients really appreciate the fact that Futrli presents information in an easily digestible format while also capturing the small details that make a difference,” explains Marie. “Now we spend less time just presenting to our clients and more time talking, guiding and spotting opportunities.”
Futrli provides an additional benefit now that Virtual Business Source can import non-financial data, allowing them to analyse this in comparison to financial KPIs thereby helping their clients to have an even deeper understanding of how to become more profitable and competitive.
“Futrli helps us add value in so many different ways,” says Marie. “We are now building dashboards which factor in key non-financial data for our recruitment clients such as the number of vacancies, interviews, candidate calls and so on.
“Using these dashboards our clients can carry out staff performance reviews and investigate how best to revise or amend their working practices. Before Futrli this would have been far too costly and time consuming a process for most firms. Now it’s not only doable, it’s in real-time. Being able to offer such detail really helps Virtual Business Source stand out in a competitive market.”