Make Data-Driven Decisions with These Five Back Office Reports

Lone Oak Payroll’s director of payroll funding, Ashlee Mikesh, provides advice and insight on funding and back office reports that will help you make data-driven business decisions at your staffing agency.

Reviewing your company’s data through funding reports is essential for making cost-effective business decisions. With over 250 reports to choose from at Lone Oak Payroll, narrowing your choices to the most beneficial options can be understandably challenging.

Before making a choice, ask yourself some basic questions and ascertain exactly what you want to achieve. Are you looking for specific information, and if so, where do you access it? What should the date range be? Answering these questions can help pinpoint which reports will be more valuable to your decision-making process.

Top Five Benefits of Report Data

1. Make accurate cash flow projections with a quick view of the entire invoice life cycle.

Invoice Funding Report: Commonly used for making cash flow projections, this report breaks out your funding by invoice. You can see the fee you paid, how much money will come back in final reserves once an invoice has been paid in full, the invoice date and amount, the pay date, and any other details about your invoices. It’s a great way to see the life cycle of an invoice at a glance.

2. Prioritize your collections process on factored invoices before they are charged back.

Factored Invoice Aging Report: This report shows our clients all outstanding invoices that are funded by Lone Oak Payroll. It can be used alone or in conjunction with the traditional Invoice Aging report. The Factored Invoice Aging shows only invoices that are currently factored by Lone Oak Payroll. This report focuses your collection efforts by helping you prioritize payment for factored invoices before they are charged back. Invoices are removed once they are paid by the debtor or chargeback. In addition, this report serves as a helpful tool to compare chargebacks and funding amounts to ensure accuracy.

3. Focus additional collections efforts on the debtors that require more time and resources.

Collections Summary Report: This report shows various metrics to support collection efforts, such as the day sales outstanding (DSO), the pay amount, and balance. It will find skipped invoices, debtors that have never paid, and more. You won’t spend unnecessary time contacting well-paying and on-trend debtors, making your collection efforts more efficient.

4. Adjust your sales or operations efforts with a summary of real-time financial data.

Management Report: The Management Report provides a summary of numerous financial metrics by branch for a given week. Use this report to look at your gross profit summaries, billed versus paid hours, and more. Since it can be broken out by branch, you can also use it from a sales recognition standpoint to compare branches’ financial information.

5. Develop customized action plans by monitoring the status of your top 10 customers.

Funding and AR Top 10 Accounts Report: Every customer is important, but your top 10 customers may deserve some special treatment! This report shows your top 10 customers and gives you snapshots of information to see how much AR is outstanding, the last payment date, and more. These customers hold the majority of your outstanding AR balance, so it’s important to see their aging balance along with the last payment date. This can help you determine who is in good standing and who to call and request payment from.

By frequently monitoring the data in these reports, you can make informed decisions for the future of your staffing business. At Lone Oak Payroll, our experienced team of professionals have worked directly with staffing agencies across the country for more than a decade. We work hard to ensure our clients have the necessary tools and systems in place to be successful in a competitive market. Do you have other questions about reports and payroll processing? Contact us today to learn more about our services!


Ashlee Mikesh, Director of Payroll Funding

Ashlee started in payroll processing in 2011 and has extensive experience partnering with clients on a vast array of financial areas including payroll, collections, taxes, underwriting, credit analysis, risk evaluation, and account and receivables management. From developing processes and procedures for fraud prevention to underwriting and payroll, Ashlee makes sound financial decisions with the goal of providing safe, secure funding for our clients. Ashlee treats every client partnership with care. Her end goal is to help clients realize their goals – no matter how big or small.