You’re a staffing firm in growth mode. That’s great. But this exciting time is also the time when you can get tripped up on everyday hurdles to your success. Such perhaps mundane or annoying procedures such as payroll, collections issues (from clients), and financing, when not properly attended to, can cripple your growth and indeed your company.
This is where outsourcing these hurdles can give your company room to maneuver and grow. Let’s look at these hurdles one-by-one and see how outsourcing can help.
Hurdle #1: Payroll.
The good news is that most staffing companies intuitively understand the importance of payroll. Put simply, professional payroll is a key retention tool for both your clients and the candidates you place. When there are errors in calculations, you get dissatisfied and confused customers, and it can cascade into late payments and overlooked billings.
But that’s not all. A payroll mistake in any of these categories can result in not only image problems, and hamper your efficiency, but also lead to penalties surrounding these areas:
- W-2 forms
- Tax deposit and filing deadlines
- Classification of employees and contractors
- Overtime payments
- State unemployment taxes
- Garnishments and levies
A simple, head-ache free solution to these issues is to outsource your payroll.
For example, at Madison we can reduce risk and increase efficiency by offering:
-Multistate payroll processing
-Printed checks or direct deposit with online paystub
-In-house staff payroll
-Online payroll processing application
-Online timecard system
-Multistate new hire reporting
-PTO & sick pay tracking and reporting
-Workers’ compensation reporting
-ACA (Affordable Care Act) reporting
Hurdle #2: Collections.
Collections are not a fun part of your business, but again, they are crucial to your success. You need to establish firm guidelines with your clients. A faulty collections program can have a harmful impact on your cash flow and recovery can be time-consuming and inefficient without the right tools.
Here again outsourcing is something you should consider. A good partner can help you can reduce delinquency rates, reduce your collection time, and reduce your collection costs. This in turn adds up to increased revenue and productivity.
It starts with good billing. At Madison, we offer:
-Customized invoicing and distribution
-Billing issue alerts
-Timesheet to invoice verification
When it comes to collections, we help you with:
-Detailed aging reports
-Auto-alerts leading up to chargeback status
-View and submit notes on aging accounts
-Services branded with your company logo
Hurdle #3: Financing.
Without proper financing, your ability to react and be pro-active with market changes is limited. Worst case scenario, a lack of funding at the appropriate time can stall your growth and derail your company.
For more than 25 years, Madison Resources has provided payroll funding for staffing companies. From helping startup firms get off the ground to giving staffing companies the support they need to grow with confidence, we improve cash flow and profitability by offering quick access to capital. We offer two options, depending on your needs.
The first is our full-service payroll funding option, which gives you:
-100% payroll funding – plus our suite of back office services. Payroll processing, billing, credit and collections, and payroll tax filing, all wrapped up in one simple integrated solution. This takes care of the three hurdles we address in the article.
-We also offer funding only, for those firms who
already have their back-office operations in place. Madison’s funding-only option offers access to the capital you need to improve your cash flow. Let us help you assess the best option for your business.
Are you looking for a better funding and back-office solution and partner?
Contact us today and we can show you how easy (and painless) it can be to jump these hurdles to staffing success.