As the owner of a staffing company, your main focus needs to be on the key core activities that will give you the highest return for your time spent. Revenue-generating activities need to take up the majority of your time. In order to save money while increasing efficiency, you should be outsourcing your back office. Trusting your administrative tasks to a third-party frees up time to increase sales, recruit talent, and better serve your customers.
Outsource these back-office tasks to Madison Resources.
As a staffing company owner, your job is to run your business. If you try to process payroll yourself, you lose time for finding customers, creating partnerships, and other core responsibilities. In addition to just processing payroll it involves collecting and paying multiple types of taxes and filling out complicated forms. You must stay current on changing tax laws, tax rates, and deadlines for submitting reports. Otherwise, you face fines and penalties for late payments or underpayments. By outsourcing payroll processing, someone else is responsible for keeping payroll records, calculating annual wage and tax reports, and sending out payments for deductions such as health plans and wage garnishments. Madison Resources can handle payroll processing, payroll tax filing, and W-2 processing for you. This must be coordinated with credit and billing
Knowing whether to extend credit to a potential customer is important for your staffing company’s cash flow. You need to determine whether a customer can pay your invoices so you can pay your employees and vendors. This process involves checking risk ratings and credit reviews, reviewing trend analysis, and performing transaction reconciliation. Madison Resources can save you time by performing these services for you.
A proficient accounts receivable system is important to your staffing company. You need payments to be on time and accurately recorded for your accounts receivable to be paid on time. This process needs to be coordinated with payroll. Outsourcing billing eliminates the need for staff or expensive equipment for invoicing and accounts receivable management . Advanced billing solutions and payment options are used for faster payment collection and processing to improve your cash flow. Use the time and money saved to improve sales, create lasting customer relationships, and focus on other revenue-generating activities. Let Madison Resources handle your billing.
Handling collections in-house costs your staffing company time and money. There is no guarantee you will receive payments in time to pay your employees and vendors. By outsourcing collections to a third party with a comprehensive understanding of the process, you can bring in payments in a shorter amount of time and reduce the number of unpaid invoices. When you outsource billing to Madison Resources, we also handle collections and cash applications for you. There is always a concern with collections that you want a team that understands the staffing relationship needs so you maximize collection timelines but maintains the relationship.
Outsource to Madison Resources
Let Madison Resources take care of your back office. You take care of growing your staffing company. Contact us today.