5 Ways to Manage Your Temp Agency Payroll

Managing temp agency payroll is one of the biggest tasks of your staffing firm, and it can be a complex and time-consuming process. Here are five tips to make it easier. 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 […]

6 questions to ask your payroll factor

Not all payroll factors are the same. Some operate only within specific industries, and the rate advance can vary. When reviewing payroll factoring prospects, ask these six questions to gain valuable information to make an educated decision. 1. How can I be assured my company will receive funds? Your staffing firm needs steady cash flow, […]

Why aggressive sales tactics can backfire for your staffing firm

These mantras are as familiar to salespeople as they are commonplace in the business world. Don’t take no for an answer. Create a sense of urgency. Keep calling. But while trying to land a big client or close a big deal can be daunting – especially when your prospective client is difficult to pin down […]

Understanding Recourse and Nonrecourse Factoring Services for Staffing Firms

Most staffing agencies choose payroll factoring as their type of staffing agency finance. With factoring, staffing firms sell their accounts receivable invoices for a fee to the factor and gain cash up front to pay their employees and other parties. There are two different types of factoring. Recourse – With recourse, the staffing firm assumes […]

How should I communicate the role of my payroll factor?

Staffing firms have credit constraints due to a variety of reasons, including personal credit problems, start-up business costs, low margins or no working capital. In those situations, they turn to a payroll factor to provide the necessary financing for weekly payroll and other expenses, such as workers’ compensation insurance, office equipment, additional office personnel and […]

5 points to cover in your staffing agency business plan

Your staffing agency business plan is your blueprint for success, whether you are starting a staffing agency or planning for expansion. Not sure where to start? Here are the five key points to cover when creating your staffing agency business plan. Write your elevator speech. You should be able to describe your new company to […]

How Factoring Can Help with Accounts Payable

In a perfect world, you would send an invoice to a client and the client would send you a check upon receipt. But in reality, it hardly ever works that way. Instead, you send an invoice, and it could be 30, 60 or even 90 days before you get paid, which can make it difficult […]