3 Reasons Staffing Agencies Need Payroll Funding
Written by US Funding on September 15, 2015
If you’re a fast-growing staffing agency providing skilled labor to a variety of businesses, there’s no doubt you have a lot of money coming in and flowing out of your company daily. When your accounts payable outpaces the accounts receivable, which often happens during periods of rapid growth, it puts your staffing agency in a frustrating position. You have to pay your employees and you have to pay your bills. But racking up debt can put a damper on your growth, and put you, as the small business owner, in a stressful spot. Fortunately, there’s a better solution.
Payroll funding through U.S. Funding not only helps you meet payroll, but manages those payroll expenses for you to help keep your business running smoothly. Let’s look at three benefits of payroll funding for staffing agencies:
Did you sign on a new client with Net-30, 60 or 90 day trade terms? Do you need money to pay those new employees within the week? We don’t make you wait for approval, even if you need more money upfront than you have in the past.
Payroll funding is an easy way to grow your business without extending your credit past your comfort zone, applying for bank loans, or tapping into money you’d rather spend expanding your business.
Forget about high interest credit card debt, or starting the long process of getting approved for a loan at a high interest rate. If you were absolutely certain outstanding invoices would be paid on time and that you’d have the money in the bank to pay back that debt and maybe earn some points on a credit card, your cash flow would be easy to manage. But staffing agencies don’t run with that kind of certainty, especially not if they’re growing fast. Don’t risk penalties, late fees, high interest rates, or even ruining your credit rating if you can’t pay your bills. U.S. Funding makes it easy to get the cash you need for payroll right away.
By using our payroll funding services, you’ll pay just a small fee to have all your outstanding invoices and accounts receivable paid up front, giving you the money you need to make payroll every month.
We Handle Your Payroll Processing
Payroll processing, as you probably know, is quite a monster for a small business owner to tackle alone. Small business bookkeepers who operate on a monthly or weekly basis often don’t have time to manage payroll, too, and even if you have a full-time bookkeeper on-staff, that person may be at the very limit of their workload simply managing accounts receivable and balancing the books.
At U.S. Funding, we not only pay your outstanding invoices upfront, so that your staffing agency can make payroll, but we manage the payroll for you, as well. Wouldn’t you like to have a lighter load for your bookkeeping staff and the peace-of-mind that comes with knowing you’ll make payroll each month?
That’s exactly what U.S. Funding can provide when you call us for payroll funding.