1. Evaluate your processes. Talk to employees to determine what works and what doesn’t. Are you diligent about paying taxes but spending a lot of time processing checks every week? Once you know where you stand, you can more effectively identify areas that need assistance.
2. Ensure you have enough money to cover temp agency payroll and taxes. This has always been a challenge for staffing firms because you need to pay your employees and vendors weekly but customers often take 30, 45 or even up to 90 days to pay. Whether you use a funding company, a bank or have funding on your own, make sure you are able to meet your cash flow needs.
3. Hire effective employees. The staffing industry is all about people, so hiring employees who can understand and execute human resources issues is a must. These are the people who will troubleshoot any issues and make sure the process is running smoothly.
4. Consider bringing in a third party. A temp agency payroll funding company can not only provide you with the funds you need to ensure you make payroll each week but can also help with back-office needs such as filing payroll taxes, sending invoices and collections.
5. Use all-encompassing software. Find a software solution that is simple, easy-to-use and cost efficient. It should be able to manage both front- and back-office tasks and provide the data your company needs in a single view without lengthy searching. Many temp agency payroll funding companies provide software in conjunction with their services.