“Accuracy is critical. You just can’t have mistakes when you’re dealing with your customers when it comes to invoicing. You can’t have mistakes when it comes to paying your people. Critically, when you’re funding a large payroll, you don’t want to spend a lot of time trying solving problems and fix things. You just want to take care of the administrative processes and move on to do business.” -Robb Mulberger, President, NRI Staffing
If you use a funding provider or an outside source for back office administration, accuracy should be just as important to them as it is to you. But, how can you tell if they share your focus on getting it right?
We’ve detailed some important questions to ask and processes to look for when assessing how important accuracy is to your funding provider.
Do they audit their own work, and if so, how often?
A lot of business can transpire over the course of a month, meaning there are many opportunities for errors. Your funding provider should be auditing their work monthly to ensure you’re receiving every penny to which you’re entitled, and to catch any errors before they compound into a bigger headache. Ask how often they audit their own processes, and what procedures are in place to ensure the audit is complete and accurate.
How long does it take for errors to be corrected, and are you charged interest while errors are being researched?
Mistakes can happen, but it’s important to know what happens while the mistake is being researched. Are you being charged daily interest or a fee while the item is in dispute? Will that interest be returned if you’re found not to be at fault? Make sure you also understand if there’s a timeline for errors to be resolved, so you know how quickly you can move on from any issues. Your funding provider should match your sense of urgency to resolve errors.
Are reports easy to read and understand?
Oftentimes, you need to be able to clearly read and understand your reports to know if there’s an issue in the first place. Easy to read reporting makes it simple to match your records to your funding provider’s so you can quickly identify any discrepancies.
Do they have an experienced, knowledgeable staff?
When your funding provider has staff who are long-time professionals in their jobs and who know the staffing industry, the number of errors are often reduced. An experienced, well-trained staff will be on the lookout for common mistakes and avoid making mistakes themselves.
Accuracy shouldn’t just be a sales pitch—it should be an active, ongoing goal for your funding provider. With proper procedures and processes in place, as well as knowledgeable staff to execute these practices, you can feel good about working with a funding provider that shares your focus for getting things right the first time.
y once in a while as I speak with staffing company owners, I’ll meet someone who doesn’t use any source of outside payroll funding assistance. 
