Temp Agency Bookkeeping
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Transcript of Temp Agency Bookkeeping
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Temp Agency
Bookkeeping
Devin CobiaBecky DaytonSam Waldron
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Overview
MethodologyTemp Agency
Company Description Market Analysis
Industry Background Customer Analysis Marketing Strategy
Competitive Analysis Best Practices Liabilities Forms Financial Plans Recommendations
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Overview (cont’d)
Bookkeeping Marketing Analysis
Industry analysis Customer analysis
Seasonality Marketing Liability Recommendations
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Methodology
Resources offered through BYU-Idaho Library
Internet researchCold callingInterviewsFinancial analysis
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Temp Agency
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Company Description
Goal: build the economy of Salmon and surrounding parts of Lemhi
Agency will play role in helping employers find the right employees, jobs will be created, and companies will receive the help they need.
Located at the Salmon Valley Business & Innovation Center.
SVBIC and LCEDA will support company for first part of operation
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Industry Background
Temp Agencies are a key indicator of economic conditions
As the economy stabilizes temp agencies are needed more than before
In 2008, unemployment rate in Idaho was 3.5%, by 2009 it was 8.8%
90% of US companies use temporary help services.
- Frontline Source Group
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Customer Analysis
Unemployment rate in Salmon, Idaho is 15%, *5.9% higher then the national average*
Potential employees could be students, home makers, home based business owners looking to make extra income
Temp Agencies usually focus on companies that need short term labor Outsourcing, downsizing, consolidating
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Marketing Strategy
Social Network Used for updates, promotions, and other information Best form is through blogging and Facebook
Website People like getting information about a new store
before entering the store Store hours, phone number, address, directions What to expect upon arrival
Website appearance indicative of actual store appearance
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Competitive Analysis
There aren’t any temp agencies in Salmon, so main competitor will be online search job search engines Simply Hired Job Monster Kelly Services
Idaho Department of Labor Useful resource or competitor Provides free job services for long term employment
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Competitive Analysis (cont’d)
Figure 1.1Temp Agency Idaho Department of Labor Simply Hired Job Monsters
Convenient Yes Yes Yes YesOnline advertisement Yes Yes Yes YesOther advertisement Yes Yes No NoInitially inexpensive No Yes Yes YesLong term employment No Yes Yes YesShort term employment Yes Yes No NoLocal Reputation Yes Yes No NoPerson to person customer service Yes Yes No NoHigh Qualified Employees Yes Maybe Maybe Maybe
Competitive Analysis
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Best Practices
Create a strong brand Word of mouth is the main channel others will
hear about the agency Have a strong vision and stick with it Create solid background checks and screening to
ensure employees are perfect of clients. Create a culture of integrity and trustCreate relationships with employees and employers
Learn as much as possible about employees and employers and this will help achieve the best results
Become invaluable to employers and employees through relationships
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Liabilities
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Forms
Include examples? Just talk about where we received them from?
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Financial Plan
I don’t know how many exhibits we’ll want to include here. This may take quite a few slides.
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Cash Flow
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Recommendations
Department of Labor Establish a relationship with Dept of Labor and
work togetherCustomer client focus
Start out broad, don’t have a particular business segment
Financial plan Use of a loan or creation of equity
Liability Obtain liability insurance
Hiring Use provided forms to hire best possible temps
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Recommendations - Marketing
Word of mouth Free form of advertising
Social media Creating company pages on Facebook and Twitter
could prove to be helpful
Website Online presence , provide vital information
Newspaper Advertise in the Recorder Herald
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Bookkeeping
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Industry Analysis
Bookkeeping relies on companies outsourcing More efficient, cost effective, and easier to avoid
mistakes Usually small businesses
Wide selection of services from financial analyzing to accounting
Local service is known to be reliable Word of mouth, especially in a small community can
destroy a bookkeeper’s reputation
Online bookkeeping Bookkeepers can set up small offices even in their homes
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Customer Analysis
Salmon, ID is home to a variety of businesses Retail and recreational businesses Natural resource industry
Due to the smaller size there are several small businesses Good for bookkeepers
Focus on building the company leads to outsourcing
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Seasonality
Dependent on the bookkeepers focus Accountants will be busy during the first quarter
of the year Financial statements will be prepared at the year
end which is traditionally December 31st for companies
Stay consistently busy through: Training Consulting Tracking finances throughout the year
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Pricing Book Keeping Price Anaylsis
Book keeping monthly charge $ 100.00
Book keeping houry charge $30
Bi-weekly payrole charge (4 employees) $ 20.00
Monthly Profit Book Keeping Monthly Profit Payrole
# of companys monthly charge monthly
1 $ 100.00 $ 20.00
2 $ 200.00 $ 40.00
3 $ 300.00 $ 60.00
4 $ 400.00 $ 80.00
5 $ 500.00 $ 100.00
Hours worked hourly charge
5 1 $ 150.00
2 $ 300.00
3 $ 450.00
4 $ 600.00
5 $ 750.00
Yearly Profit Yearly Profit
Yearly Profit yearly monthly charge yearly
1 $ 1,200.00 $ 240.00
2 $ 2,400.00 $ 480.00
3 $ 3,600.00 $ 720.00
4 $ 4,800.00 $ 960.00
5 $ 6,000.00 $ 1,200.00
yearly hourly charge
1 $ 1,800.00
2 $ 3,600.00
3 $ 5,400.00
4 $ 7,200.00
5 $ 9,000.00
Work months in a year 12
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Marketing
Online As online bookkeeping is more prevalent
bookkeepers must have an online presence Have a basic website with information
Social Media An easy way to spread the word about
bookkeepers is through social media Social media is such a large part of today’s world
if it isn’t used, the bookkeeper will get left behind.
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Liability
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RecommendationsMarketing
Online Post on local websites such as salmonidaho.com
and cityofsalm.com. Create a basic webpage
Social media Create a Facebook page and have your
employees and employers like it or join the group
Create a blog full of tips, articles, and overall finance advice
Pricing Enter the market charging less than competitors