Blogs

Three Steps to Lower Your Cybersecurity Risk in the Staffing Industry

By Bryan Besco posted 4 days ago
The staffing industry obtains some of the most important data for threat actors, personally identifiable information (PII). Additionally, staffing firms work in some of the most cyber attacked industries. With this to factor, it is increasing important to ensure that staffing firms are taking steps to protect not only their data, but data of their clients and placements. So, what should a staffing firm do to try to lower these risks? Here are three steps you can put into practice to get started. Step 1: Multi Factor Authentication (MFA) One of the keys to lowering your firm’s risk factor is protecting your credentials and MFA has shown to make ...

Do You Know What the Most Overlooked Cybersecurity Protection in Business is? Humans.

By Bryan Besco posted 6 days ago
No matter how sophisticated a cybersecurity threat is, there is a common thread we find in most attacks, and that is the human element. When we examine recent examples of prominent data breaches, we find that human error has served as a common catalyst for each breach intensifying. The ransomware that facilitated the 2021 Colonial Pipeline cyberattack was installed after hackers compromised an employee’s password through phishing attempts. The 2022 cyberattack on the U.S. The Department of Labor utilized two methods that impersonated department email addresses, spoofing the actual address and buying a similar domain, tricking personnel into sharing ...

IRS Guidance Simplifies Employee Retention Credit Wage Reduction Timing

By Bryan Besco posted 18 days ago
Recent IRS updates to Employee Retention Credit (ERC) frequently asked questions (FAQ) revise previous guidance regarding which tax year a taxpayer must reduce their wages and make adjustments related to an ERC claim. The IRS added new questions to their FAQ under Income tax and ERC. These questions address the following situations and remove the need to file amended returns under these circumstances: Specific situations I filed an ERC claim but did not reduce the wage expense on my return. I received payment for the ERC claim in a subsequent year. What am I required to do? If a claim was filed in a past year, but wages ...

Tackling the Staffing Industry: A Guidebook for CFOs

By Bryan Besco posted 03-18-2025
The last five years have left CFOs with no shortage of problems to solve and challenges to overcome. From the uncertainty of the Covid-19 pandemic, to trying to conquer rising inflation, to ever rising interest rates, CFOs across business sectors have grown accustomed to juggling multiple fire drills at once. Compounding these challenges for CFOs is the fact that as the world continues to try to emerge from this choppy economic period, not only are CFOs tasked with navigating immediate issues, but they are also simultaneously charged with revamping financial operations to better insulate businesses against similar disruptions in the future. And arguably nowhere ...

You’ve built a successful staffing company through hard work and determinations. What's next to secure your legacy?

By Bryan Besco posted 03-04-2025
You’ve built a successful staffing company through hard work and determinations. Things were not always easy but you have survived and even thrived. But now you want to consider the next chapter of your life. The first and foremost step in considering the future of your company is to assess the available options and determine what path makes the most sense to you. Perhaps you are considering handing the company to family. Perhaps you are considering selling the company to a third party for maximum value. Or perhaps you want your hard work to continue to thrive, growing for many years to come. Executed correctly, succession planning ensures continuity and allows ...

Are You Concerned About Cyber Threats and the Pressure it's Creating for Your Organization?

By Bryan Besco posted 02-25-2025
In today's digital world, data security has become a critical issue for all organizations, regardless of their size or industry. Cyber threats such as data breaches, cyber-attacks, ransomware, and phishing are increasing daily, and organizations are under constant pressure to secure their sensitive data. Staffing firms are not immune to cyber threats. To ensure better data security, staffing firms must develop, implement, and maintain a comprehensive data security strategy that outlines the policies, procedures, and technologies to safeguard data from unauthorized access, theft, or manipulation. There have been several US staffing companies that have reported ...

How Are You Solving the Gen Z Conundrum to Close the Talent Gap in Manufacturing?

By Bryan Besco posted 02-20-2025
Manufacturing performance seems to be exceeding expectations in recent years, but the looming talent gap remains a primary concern, and could weigh heavily on growth prospects in the mid to long term. Investment continues to flow in domestically and abroad, but an aging workforce and a lack of eligible candidates to fill those positions, it will be more difficult to capitalize on those opportunities. Manufacturing is becoming a more technological industry and one that lends itself to highly skilled and tech-savvy professionals, creating the shortage of qualified workers to succeed the aging workforce. The evolution of manufacturing has fostered an environment ...

Does Sales Tax Nexus Keep You Up At Night?

By Bryan Besco posted 02-18-2025
Sales tax nexus occurs when a business has some kind of connection to a state. Prior to the U.S. Supreme Court’s decision in South Dakota v. Wayfair, Inc., 585 U.S. (2018), physical presence was required to create nexus for sales tax. Physical presence can mean a number of things, including having an office, an employee, a warehouse, or storing inventory. After Wayfair, physical presence is no longer required and Economic nexus comes into play. In Wayfair, the Court ruled that if a company had a minimum of $100,000 in sales or 200 sales transactions then economic nexus would apply. Currently, more than 40 states have economic nexus provisions. Some states ...

Retirement Planning Rundown: Are You Aware of the Updates and Changes in 2025?

By Bryan Besco posted 02-13-2025
As 2025 begins, the cost-of-living increases for retirement plans and IRAs will become effective, as will new provisions from SECURE Act 2.0 and other changes. These changes include rules on required minimum distributions (RMD) on inherited IRAs, catch-up contribution limits for older employees, and auto-enrollment requirements. Required minimum distributions on inherited IRAs resume in 2025 A new IRS rule proposed in 2022 that required certain beneficiaries (those who inherited an IRA of someone who has reached their required beginning date for RMDs) of inherited IRAs to empty the inherited account within 10 years caused confusion for some beneficiaries ...

Are You Creating a Sustainable Culture of Continuous Improvement?

By Bryan Besco posted 02-11-2025
Today's staffing business environment is very different from what it was, and with new technology, it is changing at a much faster pace. As a result, staffing companies are growing and becoming profitable quickly than ever before, making the competition extremely fierce. Developing a sustainability program is the first step to developing and maintaining your competitive edge. It is critical to initiate programs that create value for your customers, company, and stakeholders for your business to thrive. The focus for continuous improvement By creating a sustainable culture of continuous improvement – one that fosters a mindset of continuous improvement ...

Seeking a consultant with "travel nursing" experience.

By Richard Burdei posted 02-06-2025
Hey everyone. Looking for assistance from someone experienced with "Travel Nursing". Feel free to reach out directly at richard@burcostaff.com

What Are Your Keys to Long-Term Success with Enterprise Resource Planning Systems?

By Bryan Besco posted 02-06-2025
Enterprise Resource Planning (ERP) systems are complex software systems that connect with every moving part of your company, from manufacturing/logistics to accounting to HR to service to sales. An effective ERP system can revolutionize your team's workflows, deliver better financial outcomes, and streamline operations. These systems can be easily adapted to accommodate growth and new products, help with scalability, and provide additional insights. The right ERP system will vary by company and its specific needs, and it is important to utilize best practices and avoid common mistakes for successful execution and implementation. Our ERP implementation specialists ...

How Can You Improve Your Financial Management Practices to Elevate Your Staffing Business?

By Bryan Besco posted 02-04-2025
A financial gap is discovered when a company compares its actual financial data to its budgeted or projected data. Financial gaps can lead to problems for businesses, such as missed payroll, late payments to suppliers, and lack of flexibility for investment in the business. Financial gaps can be caused by many factors, but improving your financial management practices can help identify these gaps quicker and thereby allow you to mitigate some of these issues and lead to higher business performance. Causes of financial gaps Four common causes of financial gaps and have determined how those causes happen. Overdependency on key customers ...

Are You Futureproofing Your Staffing Business?

By Bryan Besco posted 01-28-2025
Selling a business is an extremely complex, daunting, and emotionally involved task for business owners and they involve much more than crunching and matching numbers. Given the complexity of the process, if you are preparing to sell your business, the planning and preparation should begin two to three years in advance of your planned sale. Throughout this planning process there are key steps to execute while preparing to sell. Make your company attractive and maximize general valuation When buyers evaluate prospective companies for purchase, they are typically looking for a couple of key elements. The first is going to be “fit” within their portfolio ...

Are You Cyber Ready?

By Bryan Besco posted 01-21-2025
As the leader of your staffing organization, the future wellbeing of the company rests on your shoulders, which includes the security of your network, data, and proprietary customer information. Every week in the news, there are reports of companies that have experienced cyber-attacks. While you think it will never happen to you, there is a good chance it could. Since most likely you are not an Information Technology (IT) expert, here are six key questions you can use to have a discussion with your IT team about your current cybersecurity readiness. 1. Do we have a robust incident response capability in place? What you want ...

Do You Know the Difference Between Cost of Performance vs. Market Approach to Sourcing Revenue?

By Bryan Besco posted 01-16-2025
Calculating how to source gross receipts is a key element in determining a staffing company’s state income tax liability. Staffing companies operating in multiple states should be aware of the growing trend in which states are migrating from a cost of performance based sourcing method toward a market-based approach when determining where to properly source gross receipts derived from sales of services. Under cost of performance (COP), receipts earned from performance of services are apportioned to the state based on the location where the taxpayer incurs expenses associated with providing those services. For example, assume Company ABC has all its property ...

Retirement Planning Rundown: Updates and Changes in 2025

By Bryan Besco posted 01-14-2025
As 2025 begins, the cost-of-living increases for retirement plans and IRAs will become effective, as will new provisions from SECURE Act 2.0 and other changes. These changes include rules on required minimum distributions (RMD) on inherited IRAs, catch-up contribution limits for older employees, and auto-enrollment requirements. Required minimum distributions on inherited IRAs resume in 2025 A new IRS rule proposed in 2022 that required certain beneficiaries (those who inherited an IRA of someone who has reached their required beginning date for RMDs) of inherited IRAs to empty the inherited account within 10 years caused confusion for some beneficiaries ...

Are You Burning Cycles Working "C" Jobs?

By Kim Henderson posted 01-08-2025
Are You Burning Cycles Working "C" Jobs? How often in staffing have we worked on lackluster jobs that would never result in a placement due to unrealistic skills, process, or expectations? Time is something we can never manufacture, and we must aim our efforts towards jobs that will yield a placement! Sometimes we don’t ask the hard questions because we fear getting answers we don’t want to hear. Let’s get our head out of the sand in 2025! It’s better to know if the client is serious or just tire kicking. Here's what to ask to know if you're working an "A" job! How long has the position been open, and why is it open? Have they seen/interviewed candidates ...

Coping with the SECURE Act 2.0: Things Employers Need to Know

By Bryan Besco posted 12-19-2024
Debuting in 2019, the SECURE Act has played a pivotal role in helping US employees better prepare for retirement and combat the yawning American retirement security crisis. In fact, according to the Federal Reserve's recent Economic Well-Being of U.S. Households in 2022 report, a majority of non-retired employees now have at least some retirement savings. That said, while the number of employees with retirement savings has ticked up, a vast minority of non-retired employees, 31%, say that their retirement savings plans are "on track" according to the same report – a concerning decrease from 40% in 2021. This shortfall has not gone unnoticed and spurred on the ...

Common Payroll Mistakes Staffing Companies Make…and How to Avoid Them

By Bryan Besco posted 12-17-2024
Payroll taxes are often complicated for companies with stable and settled workforces; staffing companies have all of the same issues as traditional employers, but with higher volumes and with additional technical issues. While there are no easy solutions, below are some issues to be aware of and ideas on how to deal with them. Hiring Process One of the first issues you will deal with is at the beginning of the hiring process: are the people you are paying employees or contractors? This may seem like an easy question, but it often is not. The IRS has identified 20 factors to consider in making the decision. Many states are cracking down on employee ...