Do you run a complex business with several layers of staff, contractors, and subcontractors?

If so, then you probably need help to pay them, which almost always has to happen before you’ve collected revenue. This is true of businesses of almost any size, nowadays. Our payroll funding services can help fill a gap in your company’s HR/accounting management framework.

Here’s an explanation of what that is and why you should consider it.

What is Payroll Funding?

Payroll funding, also known as A/R (accounts receivable) helps you manage your incoming revenue to make it available for payroll. You can do so without having to wait for customer receipts, which means you can pay your staff and contractors before building revenue.

Regardless of your business status or profitability, this is an essential accounting component. Many major businesses employ some variation of this. You can think of it as a form of short-term credit to help your business meet its payroll obligations, making it an alternative to traditional banking methods.

Advantages to Using Payroll Funding

• Fast Access to Cash - This method gains you instant money through an upfront cash advance. That alone makes it way less bureaucratic than dealing with normal banks. 
• No Debt & Less Risk - You don’t have to worry as much about credit scores and reputation. It’s also less risky because it means your ability to pay folks doesn’t absolutely depend on incoming revenue, which could experience bottlenecks for various reasons.
• Grow Your Business Faster - Another advantage to avoiding debt is that it puts your resources to work for you much faster. All that effort devoted to debt service can now go toward growth projects, capital investments, hiring new staff quicker, and so forth.
• No Need to Carry Collateral - Unlike other credit institutions, you don’t have to prove anything, and only require accounts receivable.
• Very Common System - Like we said, this is a popular way to handle personnel expenses nowadays. You’ll see this in many businesses in industries like retail, healthcare, construction, hospitality, and more.

Florida Resource Management is the most effective payroll consultant for Florida businesses who wish to conquer these potential obstacles once and for all. We can also help with benefits administration, employee screening, workplace safety management, and other important HR endeavors. You can learn more about our elite services by calling our Sarasota office at 941-343-6160.