Keep Your Business Healthy by Getting Paid Fast
One of the top challenges that we face in the staffing industry is getting paid for our services. It shouldn’t be such a headache. Staffing firms find themselves in a cash crisis when waiting out extended payment terms or late payments from customers and as a result, they are unable to make payroll, provide benefits for employees and meet tax requirements.
Aside from the cash flow impact, time chasing payments is time taken away from recruiting new candidates and securing new placements preventing some companies to grow their business.
A new survey by Melio and YouGov filled between March 26, 2021 and April 7, 2021. Completed by 1,002 U.S. B2B small businesses shows the following key findings:
Melio’s survey shows that due to late payments small businesses have or have considered:
It also reveals that if they were paid on time, they could have:
Here are some tips on how to get paid in time:
One important thing you can do to improve your payment processing is to migrate from manual accounting to automated accounting. At Bilflo, we find ways to help staffing agencies become more efficient and improve their current process to make room for growth.
See how our integrated solution works by checking out our resources: