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, […]

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 […]

Payroll outsourcing: your invisible partner

Staffing firms are busy doing what they do best — interviewing candidates, selling staffing services to potential clients and marketing their firm to those potential clients — all while keeping one step ahead of the competition. Full-service payroll funding for staffing companies serves the role of an administrative branch of the staffing firm.   Virtually […]

5 hidden benefits of outsourcing payroll

While the main benefit of payroll outsourcing services — continuous cash flow to help you pay your employees and other related parties — is obvious, there are many hidden benefits you may not realize. Full-service payroll funding companies:   Fund and process all of your payroll. This is one of the main advantages of outsourcing […]

The value of outsourcing payroll services

A TemPay client in Indiana was doing approximately $10,000 per week in sales prior to using the payroll funding company’s services. It had self funded the firm by maxing out credit cards to continue to maintain a limited client base. The client found itself unable to grow due to a lack of capital, as it […]