Even though year-end is months away, it’s never a bad idea to double check that your staffing agency has all the pieces in place to make sure the year-end filing and printing is a smooth process. The Lone Oak Payroll tax manager, Ariel Peterson, provides some insight into how your staffing agency can start to prepare for year-end early. You might be thinking that year-end is months away and you have plenty of time for your year-end filing checklist. But from my seven years of experience as a … [Read more...]
How to Improve Emotional Intelligence in the Workplace
Teams and employees with high emotional intelligence (EI) often give businesses greater adaptability and innovation, leading many employers to look for high EQ (emotional quotient) in potential job candidates. But it’s also crucial that employers, managers, and leaders possess emotional intelligence, so what are steps we can take to foster better EI within ourselves? Luckily, EI resembles a muscle that can be trained and strengthened. It’s a learnable skill once you understand its basic … [Read more...]
Key Questions to Ask When Choosing a Payroll Company
At some point in the business life cycle, Staffing companies of all sizes determine that it is more efficient and cost-effective to outsource payroll to a third party. Once you've taken that leap, how do you decide which payroll company will fit your needs? Choosing the right payroll company goes beyond asking for prices. There are many variables that come with choosing a partner for your unique payroll needs. Lone Oak Payroll's Senior Vice President Kevin Standa covers some of the best … [Read more...]
Payroll Funding and Invoice Factoring: What’s the Difference?
Within the staffing industry, you may hear the terms payroll funding and invoice factoring being used interchangeably. This is because they refer to the same process. But while we can apply the term invoice factoring to any industry, the term payroll funding is most commonly used in the staffing world. What is Invoice Factoring? Lone Oak Payroll knows invoice factoring well. It’s what we do and how we help startup staffing agencies grow into nationally recognized businesses. Invoice … [Read more...]
How is Lone Oak Payroll Different than Other Payroll Funding Companies?
Lone Oak Payroll® is a unique provider of payroll funding. While other funding companies offer payroll funding, they do not have the software to calculate, process or execute payroll like Lone Oak Payroll. This requires companies like yours to partner with a separate software provider at an additional cost. Lone Oak Payroll has a partnership with TempWorks Software, which allows us to offer all services in one package, something that other companies cannot match. With TempWorks Software’s … [Read more...]
How to Differentiate Your Staffing Agency
In today's constantly shifting workforce, it's critical that staffing companies identify ways to set themselves apart from their competition. This is especially true with the current labor shortage. How are you building a foundation for your staffing company's future success? For staffing agencies, investment in brand and identity often calls for differentiating your company, which can help you stay competitive in a tough market and develop a superior expertise in your chosen … [Read more...]
Staffing Agency Profit Formula: How to Mark Up Bill Rates to Maintain a Healthy Margin
Director of National Sales at Lone Oak Payroll and TempWorks Software, Claudette Dunlap, provides insight into best practices on how to set bill rates to maximize profitability.* There is no “one size fits all” formula when it comes to marking up bill rates for services. Different locations and industries have different expectations of healthy margins for profitability. The staffing industry is no different. Furthermore, each market sector within the staffing industry, whether it’s light … [Read more...]
Understanding and Reducing Procrastination at Work
Procrastination is often a top contributor to delayed projects, inconvenienced customers, and poor work quality. It’s also a symptom of burnout and stress. Understanding the root cause of procrastination and how it works can help us stop it from wreaking havoc on our workdays. Procrastination is a particularly unique problem, as most people agree that it works against their best interests. When we are actively procrastinating on a project, we are often aware that doing so has a … [Read more...]
The Importance of Adaptability for Staffing Agencies
Adaptability is one of the most important traits a business can have. In times of hardship, such as during COVID-19 restrictions, the most successful staffing agencies are the ones nimble enough to redirect their resources and reimagine their workplaces. In light of this, how can organizations learn to become more adaptable? Let’s take a look at some of the key traits that define companies who excel at change. Keep up with staffing industry trends Make sure you are learning about … [Read more...]
Payroll Funding vs Bank Loans: Which One Is Right for Your Staffing Agency?
Lone Oak Payroll is a payroll funding and services company tailored for the staffing industry. We offer invoice factoring for staffing agencies, providing the necessary cashflow to help businesses accelerate their growth. If you own a staffing firm and are wondering what the benefits of payroll funding vs bank loans are, look no further. Here are six ways payroll funding can offer you greater flexibility and opportunities for growth compared to a traditional bank loan. Benefits of Payroll … [Read more...]
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