Staffing firm owners may be leaving critical funds on the table – potentially tens of thousands of dollars – all from not knowing these four words: Employee Retention Tax Credit (ERTC). Enacted as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act passed in 2020, this tax credit provides employers up to $7,000…
The Federal Reserve recently raised the benchmark interest rate by a quarter of a percentage point, the latest in a series of hikes. The benchmark rate range is now 4.75-5%. This move is intended to slow down inflation. What does that mean for staffing firms that fund with a bank? If you are currently funding…
The IRS recently ended Good Faith Transitional Relief for inaccurate or incomplete Affordable Care Act (ACA) reporting beginning tax year 2021. Translation: you could soon be facing increased penalties for ACA non-compliance. At the same time, the agency is facing funding and staffing issues and a massive pandemic-related backlog of paperwork. So, if you are…
The fees a factoring company charges on your invoice amounts. Factoring fees can include daily fees, incremental fees, and admin fees. You may be able to arrange your fee structure (daily vs. admin) to fit your business/billing structure. The factoring fees you might encounter include the daily dee, incremental fee, and admin fee (see below…
When the pandemic first hit the US and business as usual came to a screeching halt, unemployment soared to extreme levels. Suddenly, a significant part of the population was relying on increased unemployment benefits and for longer than the typical 26 weeks. That extra money had to come from somewhere. And it came, and went,…
According to a recent Staffing Industry Analyst report, over 80% of companies with more than 1,000 employees in the US use a Vendor Management System (VMS). Over the past decade, that number has increased by 30%. In other words – VMS is a reality for many staffing firms who want these contracts. Chances are, you…
Note: reposted from RecruitingDaily’s Use Case Podcast In episode 162 of the Use Case Podcast from Recruiting Daily, host William Tincup speaks to our own Jeremy Bilsky about how staffing firm owners make the business case or the use case for purchasing Advance Partners services. The conversation provides a great introduction to what we do…
Note: originally posted on Staffing Hub While the U.S. economic rebound has had its up and downs, the staffing industry continues to grow at a moderate pace. Staffing Industry Analysts predicts the staffing industry will grow 2.4% in 2024 to reach an industry value of $216.9 billion. There are many, many opportunities for staffing firms…
The phone finally stopped ringing, giving Brittney Hays a moment to breathe and reflect. Following a grueling year of pandemic-related starts and stops, business at her Tacoma, Washington, staffing firm was booming. Placements were up 230% in a matter of weeks with no sign of slowing down. Hays, the owner of South Sound Staffing, is…
If you’re contemplating a merger or acquisition as a way to supercharge your growth in 2021, it’s important to tread carefully, now more than ever. M&A activity is clearly on the upswing from staffing firm owners looking to take fast advantage of the emerging post-pandemic economy. While last year saw an understandable decline, 2021 has…
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