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 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 moreComputer Systems Analysts Temp Jobs on the Rise
In 2017, there was a 69% increase in the hiring needs expectations of employers. This comes from those planning to hire temporary or contract workers. Indeed, staffing companies are reaping the benefits of this continuing trend. The United State’s fastest-growing temp jobs that pay $15 an hour or more include: Computer system analysts are the #1 growing temp job at 11,802 jobs and a predicted 14,024 temp jobs in 2019. Next up are accountants and auditors, management analysts, computer user support specialists, application software...
read moreFactoring for Technology Companies
Technology IT companies are experiencing a long period of growth and often use temporary staffing companies to fulfill their needs. Over the last 14 years, IT employment has increased by more than 41%, compared to just 3.3% of total employment. Many expect IT temporary staffing to grow another 7% in 2015 and reach $27.8 billion- big business for tech companies. It also means they need to be ready with the proper working capital to take advantage of continuous growth. Big staffing companies clients often take 30-60 days to pay invoices. 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...
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