Accounts Receivable Financing for Staffing Firms & Payroll
As the US economy continues on its upward path, the demand for temporary staffing is growing even more rapidly. The staffing industry is projected to grow by 3% in 2017, according to a recent forecast by Staffing Industry Analysts, a global advisor on temporary and contingent work. Indeed, temporary staffing has grown as a percentage of overall employment in the US. Temporary staffing is predicted to increase by 3% in 2018 to $126.8 billion with the overall staffing market likely to achieve 4% growth to reach $146.6 billion. Even more dramatic...
read moreThe Best Staffing Payroll Services
How to Choose the Best Payroll Service Provider for Your Staffing Firm Staffing agencies have unique needs when it comes to processing payroll, which is why many use an outsourced provider. Using a professional payroll service rather than an in-house accountant could save your staffing agency time, money and legal issues. Take a further look at the benefits and best providers out there if your staffing agency struggles with making payroll. While you get paycheck generation services from every payroll company, you should note that not all of...
read moreHow to Choose a Staffing Factoring Company
Staffing Factoring is a subset of Invoice Factoring with a twist. When picking the right staffing factoring company for your business, critical questions need to be answered: Staffing expertise: As the owner of a temp staffing agency, you understand the nuances of your business. Workman’s Comp, relentless cash flow needs, matching the right person with the right job, proper job classifications- The variables to manage are relentless! You need an accounts receivable financing company who understands the vagaries of your business. In 1998...
read moreUnderstanding Factoring Rates
Many business owners attempt to compare APR interest rates to invoice factoring rates. The problem is twofold. One, the best factoring company’s rates include Accounts Receivable Management, Credit Services, and Credit Protection and two, a bank only helps the most creditworthy company with typically three years of proven profitability. Here is a simplified explanation of how factoring works and what it would cost you. What are Possible Factoring Fees based on Time Frame? Length of Time for Payment Invoice Factoring Rate 20...
read moreAdvanced Payroll Funding
How to Get Advanced Payroll Funding for Your Staffing Agency America’s staffing companies hire nearly 16 million temporary and contract employees per year. Temporary staffing is overgrowing, and the companies that offer these services must keep up with the expansion but battle the ensuing cash flow issues. Workers want to receive weekly or bi-weekly payment at the very least, and big companies take 45-60 days to pay. Advanced payroll funding is essential to growing your business and keeping both employees and customers happy. Temp staffing...
read moreStaffing Industry Continues to Boom
A shining light in the U.S. economy is the temporary staffing industry. A new report by CareerBuilder shows temporary staffing growing 57 percent between 2009 and 2014. There is a modest growth of 3% for staffing firms in 2018, according to the American Staffing Association. All the talk about the labor market making a fundamental shift to temp jobs is turning out to be a reality. The continued growth is obviously great news for the staffing industry. Staffing firms employed nearly 3.10 million temporary and contract workers per week in the...
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