Signs that it might be time to find a new payroll funding company

Given the importance of a payroll funding company to the continuity of your staffing firm, it’s critical to take the time to review the relationship and look for warning signs that your provider might be underperforming. When reviewing your payroll funder, consider whether full-service or money-only best serves your business. In addition to advancing most […]

How to choose the right business structure for your staffing agency business

The business structure you choose for your staffing firm will have far-reaching consequences, so choose carefully. This decision will affect your personal legal liability, how the firm can raise the money it needs to operate, the paperwork you will be required to file and what you — and your firm — will pay in taxes. […]

How outsourcing your staffing agency back office functions can save you time and money

There’s a lot to think about as you’re running your staffing firm. And with all those to-dos jostling for position, invoicing your clients can get lost in the shuffle. While your mind is likely working through ways to grow your business, critical yet tedious and time-consuming administrative duties can be left unaddressed. That could lead […]

The importance of knowing your clients’ creditworthiness for payroll factoring and more

Creditworthiness might not be top of mind while you’re negotiating a deal with a potential client. However, it’s something you shouldn’t ignore. It does little good to win business if the client doesn’t pay or goes bankrupt mid-contract. That’s why, before you sign a contract, it’s important to evaluate your potential client’s credit. As Michael […]

How to price your staffing services

Setting the prices for your staffing firm’s services can be tricky. Some of the costs that you need to cover are obvious — the pay rate of the worker, employer taxes (FICA, Medicare, SUTA, and FUTA), workers compensation, any benefits that are paid, plus overhead. But determining the remainder of the markup is difficult, especially […]

How to shop for a new payroll funding partner

Your staffing firm has outgrown its payroll funding partner, and it’s time to canvass the market for a better option. But where do you start? First, you need to determine what type of funding you need. Explore traditional banking partners, which will offer loans or a line of credit, and see if those terms, including […]

How to get the working capital you need for growth

When a strong economy creates a demand for labor, and new clients are in need of temporary assignments, funding needs for your staffing agency can increase dramatically. Payroll costs increase at a faster pace than the rate you are being paid by new clients, meaning you are quickly burning through cash and credit. Capitalizing on […]

Creating a business plan for your staffing agency

A business plan is the blueprint you follow to build your company. It outlines all of the major aspects of the business and keeps its architects — you and your business associates — focused and aligned. But a business plan is also a document you’ll use as you work with other critical stakeholders, including funders, vendors and […]

5 characteristics of a professional payroll funding company

Your payroll funding company is a critical partner to your staffing firm. It’s responsible for the essential function of paying your temporary employees when they ought to be paid as well as filing and paying your payroll taxes. If it went out of business, it’s your company’s reputation that would suffer. That’s why it’s important […]