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Temporary Staffing Paper

629 Words3 Pages

Yes. Factoring is a good match for the temporary staffing industry. It can help smaller agencies free up necessary cash to grow and take on new business. The Reality of a Small Temporary Staff Agency Temporary staffing agencies are between a rock and a hard place. They are in the business of providing temporary staff to other companies. They send employees in to do a job for a client company, then invoice that client for the hours the employees worked. The client has between 30 and 60 days to pay the invoice. In the mean time, the employees who did the work for that client need to be paid. The staffing agency needs to have the money to cover payroll between the time the work is done and the time the client pays for that work. Staffing …show more content…

The freed-up cash can be used for just about anything. Including meeting the payroll of a temporary staffing agency. If a staffing agency wants to free up cash, the first step is to establish a relationship with a factoring agency. The factor will review the staffing agency's client list and open invoices. The factor wants to know that the clients have good credit and that the volume and amounts of invoices is sufficient for factoring. Once this is approved, the relationship is established The act of factoring is relatively easy from the staffing agency's side. They send in their open invoices as well as copies of the employee time sheets. The factor reviews and verifies the invoices are valid. If everything checsk out, within 24 to 48 hours of submission, the factor forwards up to 90% of the face value of the invoices. Once the client pays the invoices (in 30 to 60 days), the factor forwards the remaining value of the invoices, minus their factoring fee, which usually ranges from 3 to 5 percent. This makes cash flows very easy to manage. And it makes it possible for a temporary staffing agency to take on more and bigger

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