There’s a lot to think about as you’re running your staffing firm. And with all those to-dos jostling for position, invoicing your clients can get lost in the shuffle.
While your mind is likely working through ways to grow your business, critical yet tedious and time-consuming administrative duties can be left unaddressed. That could lead to overdue payments, or worse, not getting paid yourself.
Working with a full-service payroll factoring company can help solve those issues.
Full-service payroll factoring companies can:
- Ensure your temporary employees get paid
- File and pay your staffing firm’s payroll taxes
- Invoice your customers so you get paid
- Follow up on delinquent accounts
- Monitor the creditworthiness of your customers
- Prepare reports on the administrative and financial activity of your firm
Invoicing is a vital aspect of your business; you’ve got to get paid for your services. Cash flow is critical, whether its money coming in to pay your overhead, or money going out to pay your temps on time. But it’s also a hassle. When your clients want to hire, you need to be able to take action immediately. If you’re tied up with invoices or negotiating delinquent debts and you miss their call, they’ll find a vendor that can give them the attention they need. A factoring company can tackle your back-office functions and smooth out your cash-flow crimps to make sure you meet your payroll needs and get paid.
A full-service payroll factoring company is also an invisible partner. Your employees and customers only see your firm’s name on their checks and invoices, while the full-service factoring company takes care of billing and payments at the same great level of service your customers have come to expect from you.
Stay focused on strategy
There are so many things to keep track of when running a business — the number of job placements you’ve made, how this month’s billing is tracking against your goals, your gross margins for the year and more. A full-service factoring company can help you keep track of your firm’s progress so you can make the best strategic decisions.
You can be freed from tedious administrative duties, such as processing payroll and tax filings required by local, state and federal governments. You’d have the freedom to focus on growing your business without getting bogged down with mundane, time-consuming, albeit critical, administrative tasks.
You wear a lot of different hats when you run your own business. Consider taking one of them off and giving it to a full-service factoring company like Encore Funding. The time you take back from outsourcing your administrative burdens could be critical to your firm’s success.
Do you have more questions or would you like to learn more about our payroll factoring services? Contact us today!