Tempay http://www.tempay.com Wed, 08 Apr 2015 17:59:25 +0000 en-US hourly 1 5 signs you need a new back-office software solution http://www.tempay.com/2015/04/07/5-signs-you-need-a-new-back-office-software-solution/ http://www.tempay.com/2015/04/07/5-signs-you-need-a-new-back-office-software-solution/#comments Tue, 07 Apr 2015 13:37:42 +0000 http://www.tempay.com/?p=2371 If you haven’t already, you should consider a productive relationship with an outsourced payroll services company. That and a reliable staffing agency software solution can work wonders toward enhancing efficiency and profitability at staffing agencies of all sizes and specialties. Here are a few signs that you need outsourced payroll services and an advanced back-office […]

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shutterstock_150497960If you haven’t already, you should consider a productive relationship with an outsourced payroll services company. That and a reliable staffing agency software solution can work wonders toward enhancing efficiency and profitability at staffing agencies of all sizes and specialties.

Here are a few signs that you need outsourced payroll services and an advanced back-office software solution.

  • Your talent pool is weak. With a reliable software solution, you’ll be able to work with the top job boards and maintain a roster of talented applicants for quick placement.
  • Applicants are forgotten. You make contact with top talent in your area, but by the time you seek an interview, they’ve been hired elsewhere. A revitalized economy is good news for agencies ready to take advantage of better hiring times — and bad news for those that are unprepared. A good staffing agency software solution will help you keep applicants in mind and move them toward an interview and quick placement.
  • Client needs are going unmet. When your best clients want to hire, they want to take action now. If you’re not ready to give them what they want, they’ll find a vendor that can. Good staffing agency software lets you quickly and efficiently match talent with need.
  • Invoicing is a hassle. Cash flow is an ongoing challenge in staffing, as is the need to get temps paid on time. Use a trusted outsourced payroll services company to smooth out cash flow crimps, meet your payroll needs and get paid.
  • You don’t know where you stand. How many job placements did you make last month? How is this month’s billing tracking against your goals? What are your gross margins so far this year? Good staffing agency software will include a dashboard that enables you to see real-time numbers. You can generate custom reports to instantly view and track your company’s progress.

As a full-service outsourced payroll services firm offering invoicing, payroll taxes and credit monitoring resource, TemPay enables staffing agencies to focus on growing their businesses.

 

 

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Winning strategies to reduce invoicing hassles http://www.tempay.com/2015/03/25/winning-strategies-reduce-invoicing-hassles/ http://www.tempay.com/2015/03/25/winning-strategies-reduce-invoicing-hassles/#comments Wed, 25 Mar 2015 00:57:29 +0000 http://www.tempay.com/?p=1913 Nothing can hurt your company faster than slow payment or nonpayment, but you can’t waste your accounting department’s time begging clients for money. A good payroll financing strategy can help save your company from cash flow crunches. Payroll financing is one of several strategies that can help you reduce invoicing hassles. Here are a number […]

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Nothing can hurt your company faster than slow payment or nonpayment, but you can’t waste your accounting department’s time begging clients for money.

A good payroll financing strategy can help save your company from cash flow crunches. Payroll financing is one of several strategies that can help you reduce invoicing hassles. Here are a number of things you can do to successfully invoice clients and receive payment in a reasonable time.

  • Do your homework. Some clients are problems from the get-go. That’s particularly true if a company has a questionable reputation or is in dire straits financially. Others just simply hold on to their cash for as long as they can, regardless of the impact on vendors. Don’t let this happen to you. Most conditions that can impact payment can be uncovered relatively easily. Ask that potential clients fill out a credit application and then study it carefully. Do you know others who might have done business with this prospective client? Ask around. A quick online search can reveal red flags.
  • Know when to walk away … know when to run. Your salespeople are trained to get clients — not turn them away. The temptation is to accept every new client, not only because they feed your bottom line but because it can be a real morale downer when you have to tell a commissioned salesperson that you’re walking away from the sale. Make sure the salesperson understands the situation and knows it’s not his or her fault.
  • Demand payment upfront. You wouldn’t do this with your best customers, but what about those who are in the gray area, when you’ve accepted them as clients but have reservations about doing so? Perhaps they have a history of slow payment, but they’ve not stiffed anyone, at least to your knowledge. In this situation, you might demand at least a portion of payment upfront — a high enough percentage to allow you to at least break even if it’s the last check you receive from that customer. Sure, the potential customer might turn you do down immediately on those terms, but you’ve lost nothing but a little stress and a possible cash crunch.
  • Request progress billing. If you’re working a project that will take three months to complete and you anticipate payment within 90 days of invoicing, you won’t see payment until half a year from now. In the meantime, you’ll have labor and materials costs of your own to pay out of pocket. Any time you think the assignment will be long and involved, don’t hesitate to set up a payment schedule sequenced with project milestones. This typically breaks a large project into three component billing stages, but break it down into however many installments make sense in your situation. In each stage except the last — usually after job completion — you hold your continued activity as leverage.
  • Discount for early payment. Your clients may have 30- or 60-day payment policies, but can you incentivize them to respond faster? If your margins will allow it, discounting as little as 5 percent for payment within 10 days or fewer of billing can encourage a swifter response.
  • Consider payroll financing. While this strategy won’t get you paid any faster, it will enable you to wait out slow payment without the stress of cash flow hiccups. A percentage of the invoice will be advanced to you, allowing you to keep the cash flowing.

 

As a full-service payroll financing company providing services including payroll funding, invoicing, payroll taxes and credit monitoring, TemPay enables staffing agencies to focus on growing their businesses.

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3 signs your startup is burning cash too quickly http://www.tempay.com/2015/03/18/3-signs-startup-burning-cash-quickly/ http://www.tempay.com/2015/03/18/3-signs-startup-burning-cash-quickly/#comments Wed, 18 Mar 2015 00:53:40 +0000 http://www.tempay.com/?p=1911 Money is the lifeblood of your young company. Whether you’ve stockpiled Series A funding, solicited friends and family loans and investments, or used your own life savings, going through it too quickly will add to your stress, causing you to make hasty decisions for short-term gains and maybe even start your company’s death spiral. Here […]

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shutterstock_127480352Money is the lifeblood of your young company. Whether you’ve stockpiled Series A funding, solicited friends and family loans and investments, or used your own life savings, going through it too quickly will add to your stress, causing you to make hasty decisions for short-term gains and maybe even start your company’s death spiral.

Here are key signs your business is burning through cash at an unsustainable rate.

  • You’re playing the part of a successful entrepreneur before you’ve earned the role. You’ve got the hip loft offices in the edgy part of town, you’ve recruited top-tier talent and your take-home pay makes the neighbors envious, all before you’ve won your first big client. Everyone knows you must maintain the image of success in order to attract it, but the reality is sure to catch up with the image — eventually. Resist the temptation of the trappings of success. Don’t let your seed capital burn a hole in your corporate pocket. Spend your cash conservatively during your company’s early stages because you never know when you’re going to start turning a profit.
  • You see tough decision that need to be made, but you don’t make them. You can’t possibly get rid of that fancy address and four highly paid vice presidents. What would that do to company morale? How would it look to the market? Unfortunately, entrepreneurship means making tough short-term decisions to assure long-term survival. Sometimes you just have to pull the trigger.
  • You’re buying when you should be leasing. The magic of outsourcing is that it’s not a fixed cost, unlike rent that must be paid each and every month. Or employees, who take home a paycheck twice a month whether they’ve earned it that pay period or not. Just about everything your company might need — from equipment to services to, yes, even employees — can be leased or outsourced. At this time in your company’s early stage existence, your goal should be to base expenses on immediate need and the expectation of turning an eventual profit.

Make every dollar count. Slow down the burn rate, and you’ll buy time, be free of making desperate decisions and look more appealing to outside investors.

 

As a full-service payroll funding, invoicing, payroll taxes and credit monitoring resource, TemPay enables staffing agencies to focus on growing their businesses.

 

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Are your clients creditworthy? http://www.tempay.com/2015/03/11/clients-creditworthy/ http://www.tempay.com/2015/03/11/clients-creditworthy/#comments Wed, 11 Mar 2015 17:52:21 +0000 http://www.tempay.com/?p=1908 Knowing the creditworthiness of your clients is a crucial question in the staffing field, especially if you’re regularly providing clients with temp workforces while you retain financial responsibility for wages, withholdings and benefits. While your use of a factoring company can alleviate the weekly cash crunch, you must still feel confident about getting paid — […]

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shutterstock_130347173Knowing the creditworthiness of your clients is a crucial question in the staffing field, especially if you’re regularly providing clients with temp workforces while you retain financial responsibility for wages, withholdings and benefits. While your use of a factoring company can alleviate the weekly cash crunch, you must still feel confident about getting paid — on your terms, if possible.

Here are some steps you can make to gain greater assurance of the creditworthiness of new clients.

  • Consult a lawyer. An effective credit application must include enforceable penalties, and that’s where an attorney specializing in creditors’ rights comes in. Be wary if new clients balk at sharing their credit history or providing references, or if they want to significantly renegotiate the terms and penalties.
  • Remember that reputation matters. The elephant in the room, when it comes to the enforcement of your credit terms, is the imbalance of power issue. If you’re doing business with a start-up or a smaller company of unknown risk, you can demand the credit terms that make you feel as confident as possible of getting paid. But if the client is established, much larger than your company and has a good reputation, consider whether it’s worth pushing your lending terms and application procedures quite so hard. If your credit application form and process are perceived as being too onerous, your client may simply go elsewhere for staffing services.
  • Do your due diligence. There’s a lot you can learn about a company behind its back, so to speak, with a Google search. Have other vendors brought lawsuits for slow payment or nonpayment? Has there been a lot of management turnover? Is there an abundance of customer complaints, public spats or other controversy? Talk to current and past vendors, and ask about problems with slow payment or constant renegotiation of bills. (Past vendors are likelier to speak freely, but take their complaints with a grain of salt. They might have other motives to badmouth past clients.)
  • Enlist a payroll factoring company. Even when you’ve done all you can to assure timely payment, there will be sleepless nights spent wondering if you’ll make your next payroll. To put those worries aside, explore the benefits of engaging a factoring company. With a factoring company, you can immediately sell your accounts receivable invoices for valuable upfront cash. TemPay advances 90 percent or more of a total invoice, among the highest rates in the industry. And through our full-service factoring services, we’ll provide the added services of cutting paychecks, printing out invoices, filing payroll taxes and undertaking related tax and payroll duties.

Following a few sensible suggestions gives you greater assurance that the check really is in the mail — and your bottom line won’t suffer until delivery.

 

As a full-service factoring company providing payroll funding, invoicing, payroll taxes and credit monitoring, TemPay enables staffing agencies to focus on growing their businesses.

 

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Three strategies to revisit for continued success http://www.tempay.com/2015/02/25/three-strategies-revisit-continued-success/ http://www.tempay.com/2015/02/25/three-strategies-revisit-continued-success/#comments Wed, 25 Feb 2015 00:27:56 +0000 http://www.tempay.com/?p=1886 Congratulations on your staffing agency’s success. You’ve beaten the odds, and now you lead a large and still-growing firm. You’ve attracted a roster of valuable clients and top talent and have found a staffing agency funding source that eliminates cash flow stress. Take pride in all that you and your people have accomplished. You’ve earned […]

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Congratulations on your staffing agency’s success. You’ve beaten the odds, and now you lead a large and still-growing firm. You’ve attracted a roster of valuable clients and top talent and have found a staffing agency funding source that eliminates cash flow stress. Take pride in all that you and your people have accomplished. You’ve earned the plaudits.

Now think back to when you started out. There were one or two or five of you in a cramped office with bad ventilation. You obviously did a lot of things right in order to end up where you are today. But as you grew, you gave up some of the attitudes and activities and ambience that contributed to your success. Some of those things you hope to never see again (claustrophobic offices and missed paydays), but did you give up too much? Consider these things you used to do and see if you think any deserve a second look today.

Acting young and nimble

You weren’t acting back then. You were young, and you had to be nimble. You went with your instincts because you didn’t have the luxury of time. If an opportunity came up, you took it now, or went out of business tomorrow. You took on the search for new software or outsourced your staffing agency funding based on your own good instincts because you didn’t have an office full of advisers and department heads to bounce your ideas off of.

As businesses get bigger, more people get involved in every decision-making process. They see all kinds of possible downsides and urge caution. They advise first getting hold of the lawyers and accountants before switching staffing agency funding vendors — or making any major decisions at all. Often, they’re right. But by the time you’ve involved everyone who’s got a horse in the race, the race is over. The opportunity has passed.

Consider getting some of your heedless courage and impulsivity back. Not all of the time, as caution and strategic deep thoughts often make sense. But sometimes the logical thing to do is to give it a quick “yes” based on your youthful brashness and too many years of experience. What’s the worst that could happen?

Treating employees like you’ll have to sit across from them in the break room

They say there’s less crime in small towns than in big cities because everyone knows everyone in the smaller community. You can’t burgle the house of your mom’s best friend.

Similarly, in the old days, you couldn’t make autocratic changes to daily procedures or to the company’s commission structure or to the health plan if it might negatively affect others, at least not when you had to sit across from all four of your employees at lunch and make small talk. You knew them and their families — and you knew what would hurt and why.

Sometimes you still had to make those tough calls, but you explained yourself first. And you only made those painful decisions when you’d carefully considered all alternatives and saw no other way.

Today, you might not even know everyone who works for you, but your office culture will benefit if you make an effort to do so.

Going out on sales calls

You knew the temperature of the market when you were the chief (or only) salesperson, as well as the talent recruiter, bookkeeper and office manager. But you outgrew those client handshaking duties when you got big enough to hire a sales manager and an entire sales department. Sure, you take your No. 1 client out golfing or to lunch now and then and attend networking events, but you don’t make cold calls or help out on run-of-the-mill prospect pitches. And that’s too bad. You no longer really know how your clients think about your staffing agency or understand the challenges faced by your salespeople unless you occasionally get out and make some sales calls. Just like in the good (and bad) old days.

Bigger is better in a lot of ways. But think about it — and consider sometimes getting things back to how they used to be when you were young and small and barely knew what you were doing. Doing so might bring additional success.

 

As a full-service staffing agency funding, invoicing, payroll taxes and credit monitoring resource, TemPay enables staffing agencies to focus on growing their businesses.

 

 

 

 

 

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Three tips for streamlining your recruitment effort http://www.tempay.com/2015/02/18/three-tips-streamlining-recruitment-effort/ http://www.tempay.com/2015/02/18/three-tips-streamlining-recruitment-effort/#comments Wed, 18 Feb 2015 18:59:47 +0000 http://www.tempay.com/?p=1884 With the economy heating up, responsiveness will be your clients’ No. 1 demand. When they need talent, they need it now. Here are three tips to help meet your clients’ time-sensitive demands. Look beyond the resume. To your younger jobseekers, traditional resumes are a thing of the past. Their life experiences are keyed to the […]

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With the economy heating up, responsiveness will be your clients’ No. 1 demand. When they need talent, they need it now. Here are three tips to help meet your clients’ time-sensitive demands.

Look beyond the resume. To your younger jobseekers, traditional resumes are a thing of the past. Their life experiences are keyed to the multimedia digital world, which features blurbs of information enhanced by photos and video clips.

Even among mid-career professional candidates, the ability to write a good resume is not necessarily an indication of career ability. Would you pass on a chemical engineer at the top of his field because he’s not a particularly compelling writer?

You’ll learn much more about a person — and come several steps closer to making a hiring decision — by focusing on the candidate’s online footprint. Professional sites such as LinkedIn and VisualCV host vibrant resumes enriched with digital content including portfolios, presentations and communications with others in the candidate’s network.

A social networking presence can also reveal plenty, sometimes more than the candidate would like to share with recruiters. A quick Google search can, in short order, give you a much more in-depth introduction to a possible candidate than any two-page resume.

Recruit proactively. As national unemployment figures fall, opportunity expands. Job positions will fill much faster than they have in recent years, so you and your clients have to be ready. One way to do this is to think proactively and encourage clients to do the same. If a good candidate comes to your attention, even before there’s a job opening, make the connection. Open lines of communication, start the screening process and encourage the candidate to stay in the loop.

Make sure your staffing software can enhance your recruitment efforts. Not all staffing software programs are created equal. For maximum responsiveness, it’s imperative that the recruitment features on your software can keep up. You should be able to quickly and easily manage contacts, track candidates and fill open positions. If your software is lagging — or you’re not using staffing agency software at all — visit softwareadvice.com to demo competitive products and find one that best suits your purposes.

As a full-service payroll funding, invoicing, payroll taxes and credit monitoring resource, TemPay enables staffing agencies to focus on growing their businesses.

 

 

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Staffing agency financial trends for 2015 http://www.tempay.com/2015/02/11/staffing-agency-financial-trends-2015/ http://www.tempay.com/2015/02/11/staffing-agency-financial-trends-2015/#comments Wed, 11 Feb 2015 00:53:29 +0000 http://www.tempay.com/?p=1882 The good news is that 2015 is expected to offer more staffing agency opportunities than we’ve seen in a long while. Here’s a look at payroll financing and other trends you’ll see as we go deeper into 2015. You should consider payroll financing to protect cash flow. If you have to increase your compensation to […]

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The good news is that 2015 is expected to offer more staffing agency opportunities than we’ve seen in a long while. Here’s a look at payroll financing and other trends you’ll see as we go deeper into 2015.

You should consider payroll financing to protect cash flow. If you have to increase your compensation to keep top talent and pay more to fund increased temp payrolls in a growing economy, doing so is going to ding the corporate checking account. That’s why more staffing agencies are outsourcing their payroll services by turning to factoring companies. A good payroll financing provider can offer competitive short-term payroll financing on your accounts receivable, as well as such associated services as invoicing and credit monitoring, allowing your agency to grow your business without worrying about the impact on cash flow.

Your top recruiters will expect to be appropriately compensated or they’ll go elsewhere. The growing economy means that there’s more movement in most U.S. job sectors, and that includes the job recruitment field. You’ll find more competition for top talent than most staffing agencies have seen since before the Great Recession. As a result, you need to make sure your compensation packages stay competitive and that your best performers know they’re appreciated. While this will require an increased financial commitment on your part, it should come back in the form of a sales boost.

You’ll do more business. According to the CareerBuilder 2015 Hiring Forecast, 36 percent of employers plan to add to their full-time permanent workforce in 2015, a 12-point increase over the 2014 number. But watch out — all of those open positions also trigger a prediction for increased turnover. First you’ll see this as an opportunity to do more business — which it is — but too much turnover coming from your agency can sully your reputation and lead to client dissatisfaction, which will impact your bottom line. So be as careful about the quality of your hires as you are about the quantity.

Temp placements are also expected to increase, according to the same CareerBuilder forecast, as 46 percent of employers plan to hire temporary or contract workers, up from 42 percent last year. Once again, this is good news, but if you handle temp placements, it will crimp your payroll funding.

Good luck, and enjoy all of your fresh opportunities in 2015.

As a full-service payroll funding, invoicing, payroll taxes and credit monitoring resource, TemPay enables staffing agencies to focus on growing their businesses.

 

 

 

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Staffing software can help your business grow http://www.tempay.com/2015/01/29/staffing-software-can-help-business-grow/ http://www.tempay.com/2015/01/29/staffing-software-can-help-business-grow/#comments Thu, 29 Jan 2015 00:30:10 +0000 http://www.tempay.com/?p=1878 Making this the best year ever might be a part of every annual New Year’s resolution, but over the next 11-plus months, you actually have a realistic chance of hitting the mark. As the U.S. economy picks up, employees have more options than they’ve had since the Great Recession, and they’re starting to get choosier. […]

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Making this the best year ever might be a part of every annual New Year’s resolution, but over the next 11-plus months, you actually have a realistic chance of hitting the mark.

As the U.S. economy picks up, employees have more options than they’ve had since the Great Recession, and they’re starting to get choosier. Employers have more needs, too. That’s why, if you haven’t already, it’s imperative that you convert to staffing software to handle the potential increase in business. Consider these key survey findings from 2014.

  • A CareerBuilder job forecast survey found that 46 percent of employers plan to hire temporary or contract workers in 2015, up from 42 percent last year.
  • According to the Bureau of Labor Statistics, the rate at which workers voluntarily left their jobs in 2014 was the highest since 2008.
  • 52 percent of employees responding to a Conference Board survey reported being unhappy at work. This portends additional movement.

For the staffing industry, this adds up to opportunity. If you choose to continue doing things the old, inefficient manual way, you do so at your own risk. A USA Today survey found that 83 percent of jobseekers conduct their searches with mobile devices such as smartphones and tablets. They take for granted the ability to use digital media to post resumes, search jobs, research companies, apply for positions and communicate with hirers with ultimate convenience.

Jobseekers expect your staffing firm to be on the cutting edge of digital technology. That’s why it’s imperative that you explore staffing software or upgrade if your current system isn’t fully meeting your needs and those of clients and jobseekers. Start by visiting softwareadvice.com to compare and contrast recruitment and staffing software and try demos. The right decision really could make this your best year ever.

 

As a full-service payroll funding, invoicing, payroll taxes and credit monitoring resource, TemPay enables staffing agencies to focus on growing their businesses.

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Nurturing a Liquid Paper kind of company culture http://www.tempay.com/2015/01/28/nurturing-liquid-paper-kind-company-culture/ http://www.tempay.com/2015/01/28/nurturing-liquid-paper-kind-company-culture/#comments Wed, 28 Jan 2015 21:25:24 +0000 http://www.tempay.com/?p=1875 Yes, it really was a harried typist who invented Liquid Paper as a quicker and neater way of correcting typing errors. Her name was Harriet Nesmith Graham, and she led the secretarial pool at Texas Bank and Trust. And because reality is often more fascinating than fiction, she was the mother of future Monkee Michael […]

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Yes, it really was a harried typist who invented Liquid Paper as a quicker and neater way of correcting typing errors. Her name was Harriet Nesmith Graham, and she led the secretarial pool at Texas Bank and Trust. And because reality is often more fascinating than fiction, she was the mother of future Monkee Michael Nesmith.

The point is, this billion-dollar idea came from someone without an advanced degree or product development expertise. She was just a single working mom who saw a better way. After using and sharing her homemade corrective fluid for five years at the bank, she started her own company, where she incorporated decentralized decision-making at an office campus that included an employee library and childcare center. By the time she sold the business in 1979 for $47.5 million, Liquid Paper employed 200 and was producing 25 million bottles of corrective fluid a year.

If you’re not doing so already, it’s important to learn how to nurture a culture that encourages that kind of creativity and initiative. Here’s how to get a leg up on your culturally clueless competitors.

Maintain an atmosphere of respect and encouragement. Fear is no enticement to action. Encourage your management to be open and receptive to questions, suggestions and critiques of the status quo. “Because we’ve always done it that way” is no response. Neither is, “You’ve only been here six months. What do you know?” If you make it the job of your employees to keep their heads down and just get their assigned work done, that’s exactly what they’ll do.

Reward good ideas. Nothing encourages initiative better than a bonus, but other rewards work, as well. A Starbucks gift card, a write-up in the company newsletter or a brief mention at the annual meeting show that you recognize and value the dedication of your people.

Take action. A suggestion box full of cobwebs quickly creates a cynical workforce. Many companies pay lip service to welcoming the input and feedback of all as a standard part of interviews and orientations. Follow up your vocal encouragement with action, or employees will see that their suggestions never gain traction. You’ll look like a pleasant enough leader trying to come across in the best possible light. They may like you well enough, but they’re just going to do their jobs and go home at the end of the workday.

Be authentic. Culture is really just a trendier word for the organization’s personality — and that comes directly or indirectly from you. If you operate a small company, your workers take inspiration — for better or worse — from the signals you send. The energy, optimism, patience, openness, fairness and support for which your company is known mirror your own personality traits. If you employ hundreds or even thousands, you’ve put together a leadership team that reflects those personality quirks. So don’t expect a better company culture than the values you’ve embedded.

But imagine how things would have been different if Betty Nesmith Graham had been told to just keep typing.

 

 

 

 

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Five tips for improving your payment processing system http://www.tempay.com/2015/01/27/five-tips-improving-payment-processing-system/ http://www.tempay.com/2015/01/27/five-tips-improving-payment-processing-system/#comments Tue, 27 Jan 2015 21:24:21 +0000 http://www.tempay.com/?p=1872 Anything that can be done to streamline operations helps boost the productivity and profitability of your staffing agency. For example, if your payroll payment process is slow, clunky, overly complicated and regularly taking up too much valuable time to implement, it will adversely affect your clients, workers and the efficiency of your own people. From […]

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Anything that can be done to streamline operations helps boost the productivity and profitability of your staffing agency. For example, if your payroll payment process is slow, clunky, overly complicated and regularly taking up too much valuable time to implement, it will adversely affect your clients, workers and the efficiency of your own people. From payroll funding services to staffing software, there are a number of existing solutions that can help you get more out of this important area.

  • Consolidate pay cycles. Do you pay management staff on a biweekly schedule and hourly workers every week? These traditional pay cycles might meet the expectations of employees, but they create twice the hassles and double the opportunity for errors. Consider consolidating pay periods to increase efficiency and cut the time spent on the payroll process.
  • Switch to electronic payment services. Direct deposit and payroll prepaid cards are quick, easy and efficient ways to administer payroll. Whether or not an employee has a savings or checking account, payment can be made easily and cost effectively.
  • Automate payroll activities. The best staffing software enables firms to end the manual tedium by fully automating most of the duties involved in payroll administration. Everything from creating job orders to direct deposit of funds can be accomplished with a few clicks. Top-quality staffing software easily handles deductions, garnishments, payroll taxes and other onerous tasks, allowing you and your people to focus time and attention on doing what you do best — recruiting top talent, boosting sales and serving the staffing needs of your clients.
  • Take a critical look at low-margin clients. This isn’t to say you should automatically turn down less-profitable work, but it’s worth careful bottom-line scrutiny. Sometimes the least profitable accounts can cost the most effort. Figure out how much time must be put into administering payroll for those borderline clients. If they’re among your easiest clients to service, do nothing. But don’t let those low-margin clients be among your most time consuming. The good news is that, as the economy steadily improves, you should be feeling more confident than you have over the last several years in your ability to turn down work that might be barely profitable and, quite frankly, not worth the effort.
  • Consider using a payroll funding Cash flow is a consistent problem for staffing agencies of al sizes. Your clients might not pay for 30 or 60 days or longer, but you can’t wait that long to pay employees. A payroll funding company gives you a short-term cash cushion with ready access to the working capital that’s critical for your operation. It will let you smoothly ride out the constantly changing tides of client demand, to ramp up or scale back to reflect current realities and meet your responsibilities to employees and clients alike.

Do you have additional tips for reducing the time and hassles of payroll administration? Have you tailored your payroll processing system to get things done more efficiently? If so, tell us about it. We’d love to hear from you.

 

As a full-service payroll funding, invoicing, payroll taxes and credit monitoring resource, TemPay enables staffing agencies to focus on growing their businesses.

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