Managing Your Staffing Company’s Payroll
Funding Your Payroll
- Self-fund: This option is excellent if you have liquid capital available. It allows you to skip out on any fees and avoid accruing interest on any credit lines.
- Business line of credit: A business line of credit is a type of financing that allows you to borrow money up to a predetermined limit as needed. It’s different than a loan because it’s a revolving account. You pay it off and still have the credit line available to use for future payrolls. However, you’ll incur some fees with a business line of credit.
- Invoices factoring for staffing companies: Invoice factoring is a financing option that allows you to sell your outstanding invoices to a factoring company in exchange for immediate cash. Invoice factoring for staffing companies is a good option if you have many unpaid invoices causing cash-flow issues.
- Payroll funding companies: There are companies that specialize in providing funding specifically for payroll. These companies typically offer short-term loans or lines of credit designed to cover payroll expenses.
- Become an AtWork franchisee: As an AtWork franchise owner, you can access payroll funding and processing services explicitly created for staffing companies. These services will simplify the payroll process and ensure that your employees are paid on time.
When Payroll Becomes Overwhelming
Convert to an AtWork Franchise