Joe Kelly is a seasoned veteran of the staffing business. Having built several staffing, recruiting and consulting firms from the ground up, he understands the challenges that face staffing companies at every stage of the business lifecycle. He knows that the focus of any team needs to be on hiring exceptional people and exceeding customer expectations.
However, that strategic focus can only be achieved when time-consuming, yet critical back office functions run smoothly. When Kelly first branched out to start his own business, he knew he needed to:
- Control turnover by providing a competitive but stable compensation model
- Allow all investable dollars to go towards generating revenue
- Outsource functions that were not part of core competencies
Bootstrapping may work in some industries, but for staffing firms looking to scale quickly, access to financing and technology are crucial. Kelly was looking for a flexible solution that allowed him to fully outsource functions so that his team could focus 100 percent on building client relationships and connecting with top talent.
Enter Sterling National Bank, A Full-Service Solution
Kelly chose Sterling National Bank and its Payroll Finance Division to achieve his goals. He outsourced payroll, taxes and recordkeeping, and as the company grew, he also took advantage of cash management services, acquisition financing and equipment financing solutions.
Access to financing services has made a real difference in Kelly’s business, but so has Sterling’s full suite of technology services. Payroll processing compliance can be a major hurdle for staffing firms that serve multiple markets, and Kelly currently operates in over a dozen unique geographic areas serving over 700 clients. Payroll and tax rules and regulations vary from state to state, city to city and Sterling allows Kelly’s team to remain compliant with changes coming down the pike.
Kelly relies on the flexibility of Sterling National Bank’s model to provide him with agility. He and his partners can move quickly on new initiatives and focus all of their energy on strategic growth, while trusting Sterling to handle the rest.
A Finance Solution Tailoring to Staffing
Sterling National Bank’s Payroll Finance Division works solely with staffing companies and understands the challenges facing their clients every day.
The Division is powered by Sterling National Bank, which means clients have access to a full range of payroll finance solutions and a full-service back-office technology suite complete with ATS and traditional bank products:
- Payroll Funding and Processing
- Acquisition Financing Available
- Invoicing, Payroll Tax Administration and
- Custom Reporting
- Industry Leading Payroll and Billing Software
- Government and Diversity Program Support
- Traditional Lines of Credit
- Asset-Based Lending
- A/R Finance, Factoring and Equipment Finance
- Full Suite of Banking Products
With over two decades of working with Sterling, Kelly has taken advantage of the flexible offerings provided by his Sterling team. According to Kelly, Sterling’s services, “Free up enormous time and certainly much more intellectual and emotional energy. This has allowed us to go from a fixed-cost model – in which we had to have our own back office staff that we train, manage and pay to do all the work – to a variable-cost model. It allows us to grow as much as we need and handle any downturn in our business or in the economy without substantial risk,” he said.
To learn what Sterling National Bank Payroll Finance Division can do for your staffing firm, contact our expert team today.