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How to Price Your Staffing Services
Setting the prices for your staffing firm’s services can be tricky. Some of the costs that you need to cover are obvious — the pay rate of the worker, employer taxes (FICA, Medicare, SUTA, and FUTA), workers compensation, any benefits that are paid, plus overhead. But determining the remainder of the markup is difficult, especially…
Read MoreHow to Choose the Right Business Structure for Your Staffing Agency
The business structure you choose for your staffing agency will have far-reaching consequences, so choose carefully. This decision will affect your personal legal liability, how the firm can raise the money it needs to operate, the paperwork you will be required to file and what you — and your firm — will pay in taxes.…
Read MoreHow Outsourcing Your Staffing Agency Back Office Functions Saves You Time and Money
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…
Read MoreSigns That It Might Be Time to Find a New Payroll Funding Company
Given the importance of a payroll funding company to the continuity of your staffing firm, it’s critical to take the time to review the relationship and look for warning signs that your provider might be underperforming. When reviewing your payroll funding partner, consider whether full-service or money-only best serves your business. In addition to advancing…
Read MoreHow Payroll Factoring Helps With Accounts Payable
In a perfect world, you would send an invoice to a client and the client would send you a check upon receipt. But in reality, it hardly ever works that way. Instead, you send an invoice, and it could be 30, 60 or even 90 days before you get paid, which can make it difficult…
Read MoreWhat is Payroll Factoring?
Staffing agencies have a wide range of financial obligations, including workers’ compensation insurance, advertising and marketing, and office equipment and upkeep. Yet one of the biggest financial challenges is payroll factoring for staffing companies. Many staffing agencies choose to finance their payroll invoices through a factoring company such as Encore Funding. But what is payroll factoring…
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