Gusto + Fundbox Helps Small Business Owners "Make" Payroll
One of the scariest parts of owning a small business, especially when you're at the under 10 employee mark, is making payroll. This tends to be more of an issue for service-based companies that may rely on large payments on project work that isn't easy to time.
Managing Cash Flow
One solution, if it's in your control, is to try to break out your project work into progress payments so the deposits are more regular. Collecting retainers up front can also help ensure you'll have the cash to pay your workers while they work on the project.
Gusto + Fundbox
Acknowledging the fact that this can be a challenge for businesses, Gusto has teamed up with Fundbox to integrate the short-term loan process for when it's needed most. Many of our customers already use Fundbox so this is a win-win.
I am not sure if Gusto is making this available to all or if it's an invite-only, but you'll receive an email from Gusto that it is available. When you click the link, Gusto launches and here's what you'll see:
After you click "Get Started" within Gusto, you'll see a login navigation bar pop up on the right side to sign in or create an account. We haven't made it past that point, but if you're in need of short-term funding for payroll this may be just what you're looking for.
Of course, this isn't an ideal situation for any business to remain in. We suggest working with an outsourced accountant or fractional CFO to understand where you're cash is going and what you do to help mitigate this in the short-term; short-term loans are an expensive way to make payroll.
Working on a longer-term plan so this is no longer a need for making payroll is the ultimate goal.
Until then, take a look and see if this is right for you.