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 […]

How to Start the Payroll Factoring Process with TemPay

You’ve completed a TemPay application for temporary payroll factoring, been approved, and are ready to begin your funding relationship with TemPay. Now what? Here are the 3 steps needed to get your company ready for your initial payroll funding: TemPay’s processing department will advise you on our process and procedures and how to send your payroll/billing requirements to TemPay. 2. […]

Full-service versus money-only payroll factoring

Most factoring companies offer two payroll factoring options: money-only and full service. Money-only factoring is strict payroll funding without any additional services. With full-service factoring, the factor provides administrative support, including filing payroll taxes, sending invoices, paying temporary employees and making collections. Both funding options have their merits, and your choice depends on your staffing […]

Why is payroll factoring an effective form of financing for small businesses?

Payroll factoring is a perfect form of staffing agency finance for small businesses because the process is quick and easy. In payroll factoring, you sell your accounts receivables invoices for a fee to obtain immediate cash. Your clients then pay the factoring company. This type of staffing agency finance allows you to manage your agency’s […]

What to Look for in a Factoring Company

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 factoring company? 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 […]

6 questions to ask your payroll factoring company

Not all payroll factoring companies 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 […]

Understanding Recourse and Nonrecourse Factoring Services for Staffing Agencies

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 to smooth-out cash flow hassles as a temp staffing agency

Cash flow challenges are the bane of businesses large and small. As a staffing agency, most of your money is invested in payroll, so you don’t typically have the option of paying your vendors when you receive payment from clients. To help you even out cash flow headaches, here are some tips. Clearly establish and […]