Accounts Receivable Financing for Staffing Firms & Payroll
As the US economy continues on its upward path, the demand for temporary staffing is growing even faster. However, from 2020 to 2024, the global average increase in revenue is expected to be roughly 2%. These trends reveal sustained growth in revenues and profitability for staffing firms. At the same time, growth also means continuing and ongoing struggles in staffing companies’ cash flow. The reason: Client companies often take their time paying their invoices; normally taking them 30 to 60 days. Meanwhile, the staffing firm needs cash to...
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 advantages 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, constant 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 two-fold. The best factoring company’s rates include Accounts Receivable Management, Credit Services, and Credit Protection; and 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 days 1.00% 30...
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 provide these services should keep up with the constant growth and 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 necessary when it comes to growing your business and keeping both employees and...
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 excellent news for the staffing industry. Staffing firms employed nearly 3.10 million temporary and contract workers per week in the...
read moreSecurity Guard Staffing Industry Challenges
Uncertain times, increased risk and liability to government and business have created a greater need for security services, with more and more industries employing outside security personnel, both for data and physical risk management. There are three most common goals of security services. These are put together to protect clients and employees, to guard physical assets against damage and theft, and to avoid cyber/identity theft. From a physical perspective, the trend in the industry has moved more to licensed or certified staff. This makes...
read moreThe Staffing Industry Is Experiencing Tremendous Growth
The staffing industry has been experiencing tremendous growth and is expected to continue to grow 6% per year until at least 2020. U.S. companies use temporary labor has reached an all-time high. Overall economic growth this quarter will be 3.3 percent at an annual rate. This is up from the previous estimate of 3.0 percent. A Federal Reserve Bank of Philadelphia report also sees an improved outlook for the unemployment rate over the next three years. The forecasters predict the unemployment rate will be an annual average of 6.4 percent...
read moreThe Benefits of Factoring for Temp Staffing Agencies
Accounts Receivable Factoring Temp Staffing Agencies Staffing Industry Analysts recently published an update to its Global Staffing Industry Market Estimates and Forecast. Around $461 billion is estimated in revenue for the global staffing market for 2017. On the constant-currency basis, there is a 7% growth this year and 6% the following year. With industry growth comes an opportunity for accelerated profits, and often this requires additional working capital. BusinessCash supplies fast and easy factoring packages to temporary staffing...
read moreFinancing and Factoring for the Security Guard Industry
The industry for security guard services is rapidly expanding and is gaining popularity in the U.S. Not only has the growing number of new businesses led to an increase of the potential clientele for this industry, but it is also becoming increasingly popular among corporate and government agencies who require this service regularly. Thus, the market is significantly expanding, opening more growth opportunities for the security guard industry itself. As a security guard business, taking advantage of these opportunities is a key factor to...
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