Limitations of Bank Payroll Funding

When you’re starting a staffing agency, a bank is often the first place that comes to mind when you’re looking for payroll funding. However, just because banks are the traditional means of finance doesn’t mean they are the right option for your business. There are several downsides to bank payroll funding.   It takes time. […]

Temporary staffing employment screening: How often, when, why and how?

Screening your temporary staffing employees is critical — you want to make sure the workforce you’re sending out is appropriate for the job and protect yourself against any potential liabilities. “We screen employees on a daily basis,” says the vice president of sales and operations at a large Cleveland-based staffing firm that specializes in the […]

What to Look for in a Factor

Deciding to pursue temp factoring is the first step, but what should staffing firms, including those who are starting a staffing agency, look for in a factor? Bruce Friedman, Business Services & Outsourcing Partner at BDO, recommends asking peers within the staffing industry for referrals. “Ask around and see if you know somebody who has used the […]

Determining your staffing niche

To determine your staffing niche, think about the intelligence and experience of yourself and your key management personnel. Then evaluate your strengths and weaknesses to determine where your center of expertise lies.   If you have experience as a temporary staffing employee in the administrative niche, it makes sense to target that niche because you […]

The Benefits of Factoring

Understanding the details and proceeding with temp staffing factoring offer valuable benefits to the staffing firm. Factoring generally provides cash more quickly without the hassles of financial reporting review. For example, a traditional lender usually asks and takes significant time to review the staffing firm’s financial statements and tax returns, whereas a factor usually doesn’t […]

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, […]