How Payroll Financing Has Been Helping Nonprofits Make Payroll
Many people are misinformed about the structure and operations of nonprofits. For example, most don’t know how Payroll Financing has been helping nonprofits make payroll.
Just because a business is classified as nonprofit doesn’t mean that money does not change hands or that people don’t need to be paid. Thankfully, Payroll Financing has been helping nonprofits make payroll.
The Relationship between Payroll Financing and Nonprofits
Just like any other business, if employees are involved, making payroll is one of the most important functions. After all, if employees do not get paid, they are volunteers.
For many nonprofits, delayed checks are a normal part of doing business, and when this happens, they have difficulty making payroll. That’s where Financing Solutions (www.fundmypayroll.com) comes in.
At Financing Solutions, they provide immediate business funding to nonprofits. Then, when the checks finally come in and your cash flow situation improves, you can repay the money.
Run by two serial entrepreneurs, they are accustomed to working with nonprofits and understand the unique challenges and circumstances faced by these businesses. As a result, they make things easy.
You can apply in as little as 15 minutes and receive an answer on your application in a few hours. Once approved, you can have the instant business financing you need in your account in less than 48 hours, giving you plenty of time to make payroll.
More than 90 percent of businesses that apply for funding from Financing Solutions are approved. In addition, there is no long term commitment. You can pay the money back in a couple of weeks or months without any early repayment penalties.
The Importance of Nonprofits
In the world of business today, it seems all people focus on your economic impact and how much money you make. However, there are still some that understand the importance of making a difference, such as nonprofits.
For example, nonprofits employ millions of people, which actually represent a huge effect on the economy of this country. A recent study showed that more than 10 percent of our total employment is in the nonprofit sector. These jobs range from entry-level to professional.
Nonprofits further stimulate the economy by their business operations, requiring vendors in all fields, which mean other for-profit businesses grow and thrive through their services. All this is in addition to the good work they do for the community.
What Nonprofits Can Do to Improve Their Business
Whether you are for-profit or nonprofit, money is king. However, for nonprofits, this is in limited supply. Still, there are things you can do to improve your organization and help it to grow.
First, it is critical to pay close attention to finances. Some nonprofits get so caught up in their mission that money issues can take a back seat. If you don’t have the funding for an on-site accountant, recruit someone to help you. This could mean an employee who also has a financial background, board members or volunteers.
Also, ask the right questions concerning finances or new purchases. You might fare better by simply improving what you already have.
Another way for nonprofits to improve their business is by contacting Financing Solutions. They can provide the fast business funding you need to help your business thrive.