5 Ways to Manage Your Temp Agency Payroll

Managing temp agency payroll is one of the biggest tasks of your staffing firm, and it can be a complex and time-consuming process. Here are five tips to make it easier. 1. Evaluate your processes. Talk to employees to determine what works and what doesn’t. Are you diligent about paying taxes but spending a lot […]

6 questions to ask your payroll factor

Not all payroll factors 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 flow, […]

Understanding Recourse and Nonrecourse Factoring Services for Staffing Firms

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 should I communicate the role of my payroll factor?

Staffing firms have credit constraints due to a variety of reasons, including personal credit problems, start-up business costs, low margins or no working capital. In those situations, they turn to a payroll factor to provide the necessary financing for weekly payroll and other expenses, such as workers’ compensation insurance, office equipment, additional office personnel and […]

5 free online tools for staffing firms

There are many free resources available that can benefit your staffing firm, if you know where to look.   Here are five online tools for managing everything from your social media accounts to job postings.   1. HootSuite – Managing multiple social media accounts can be difficult. HootSuite is an easy-to-use interface that allows you to […]

Succession planning for your staffing firm

Succession is one of the most important decisions you will make for your staffing business. There is no better time to start planning than the present – the sooner you have a strategy in place, the smoother the transition will be.   Unsure where to start? Follow our tips to ensure succession success.   1. Have […]

6 things to know about workers’ compensation

Workers’ compensation can be the bane of a staffing firm’s existence. All staffing firms need workers’ comp insurance for their temporary employees, but it is expensive, and managing claims takes time away from your business.   In addition, workers’ comp is often more difficult to manage in staffing than it is in other industries, because […]

5 ways to maximize client value

Your most valuable assets for revenue, referrals and feedback — your existing customers — are already at your staffing firm’s fingertips. You just need to know how to tap into them.   Attracting a new customer costs five times as much as retaining an existing one, according to data from Lee Resources International Inc., making […]