Startup Tips: What Business Operations Do I Need in Place?

Startup Tips: What Business Operations Do I Need in Place? Madison Resources
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Preparing to operate your staffing startup can be a complex process. In addition to planning for the big picture, you must take care of the moving parts that make your business run. For instance, you need to open a business bank account and set up office space. You also need to build a website with an integrated job board and hire recruiting and sales staff. Plus, you have to handle the financial aspects of extending customer credit, processing payroll, billing, and collecting and applying payments. Fortunately, you can make things easier by outsourcing many of these services to a trusted partner.

Here are some business operations that Madison Resources can help your staffing startup put in place.

Credit Checks

Before agreeing to do business with a potential customer, make sure the company is creditworthy. If you agree to extend credit by providing services before payment, then you need to know that the company can pay its invoice when it arrives. We can run credit checks on your behalf. Our services include the following:

  • Commercial credit reviews on prospective and existing customers
  • Credit analysis and risk assessment on customers
  • Ongoing credit monitoring of active customers
  • Credit issue alerts

Payroll Processing

Before hiring employees, you need a payroll processing system in place. This includes processing and filing I-9s and W-2s, making tax payments, preparing payroll tax returns, and reconciliation. You can outsource this service to us. Our services include the following:

  • 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
  • Census reporting
  • PTO & sick pay tracking and reporting
  • Workers’ compensation reporting
  • ACA reporting
  • Annual W-2 processing
  • Tax withholding and unemployment returns
  • Electronic payments of federal, state, and local payroll taxes
  • Quarterly tax filing package for recordkeeping
  • State registration guidance

Billing

In order to issue and collect on invoices, you need a billing system in place. We can handle this for you. Take advantage of the following services:

  • Customized invoicing and distribution
  • Billing issue alerts
  • Timesheet to invoice verification
  • Vendor Management Portal verification
  • Portal invoice submission

Payments and Cash Application

Before billing customers, you need a system in place to ensure your invoice payments are properly collected and applied. We can help you with this. We offer an online payment option and timely and accurate posting. Our cash application services are conducted in accordance with your customers’ instructions. For overdue invoices, we offer the following collections services branded with your company logo:

  • Daily/weekly auto-generated reports
  • Complete detail aging report
  • Aging detail over 60 days
  • Credit limit over 85% exhausted
  • Collections efforts details
  • Auto-alerts leading up to chargeback status
  • VMS/portal knowledge
  • View and submit notes on aging accounts

Gain Support for Staffing Business Operations

Partner with Madison Resources to gain the tools and resources needed to launch your staffing startup. Our funding, technology, back-office services, business intelligence tools, and industry expertise can help you launch and grow your staffing startup. Find out more today.

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