Information for the city of Birmingham
Birmingham is the largest city in Alabama. The city is the county seat of Jefferson County. The city's population was 212,237 according to the 2010 United States Census. The Birmingham Hoover Metropolitan Statistical Area had a population of about 1,128,047 according to the 2010 Census, which is approximately one quarter of Alabama's population.Birmingham was founded in 1871, during the post Civil War Reconstruction period, through the merger of three pre existing farm towns, notably, former Elyton. It grew from there, annexing many more of its smaller neighbors, into an industrial and railroad transportation center with a focus on mining, the iron and steel industry, and railroading.
Birmingham was named for Birmingham, England, United Kingdom; one of the UK's major industrial cities. Many, if not most, of the original settlers who founded Birmingham were of English ancestry. In one writer's view, the city was planned as a place where cheap, non unionized, and African American labor from rural Alabama could be employed in the city's steel mills and blast furnaces, giving it a competitive advantage over industrial cities in the Midwest and Northeast.From its founding through the end of the 1960s, Birmingham was a primary industrial center of the South. The pace of Birmingham's growth during the period from 1881 through 1920 earned its nicknames The Magic City and The Pittsburgh of the South. Much like Pittsburgh, Birmingham's major industries were iron and steel production, plus a major component of the railroading industry, where rails and railroad cars were both manufactured in Birmingham. In the field of railroading, the two primary hubs of railroading in the Deep South were nearby Atlanta and Birmingham, beginning in the 1860s and continuing through to the present day. The economy diversified during the later half of the twentieth century. Though the manufacturing industry maintains a strong presence in Birmingham, other businesses and industries such as banking, telecommunications, transportation, electrical power transmission, medical care, college education, and insurance have risen in stature. Mining in the Birmingham area is no longer a major industry with the exception of coal mining.
Birmingham ranks as one of the most important business centers in the Southeastern United States and is also one of the largest banking centers in the United States. In addition, the Birmingham area serves as headquarters to one Fortune 500 company: Regions Financial, along with five other Fortune 1000 companies.In higher education, Birmingham has been the location of the University of Alabama School of Medicine (formerly the Medical College of Alabama) and the University of Alabama School of Dentistry since 1947. Since that time it has also obtained a campus of the University of Alabama, University of Alabama at Birmingham (founded circa 1969), one of three main campuses of the University of Alabama System. It is also home of the private Birmingham Southern College. Between these two universities and Sam University, the Birmingham area has major colleges of medicine, dentistry, optometry, pharmacy, law, engineering, and nursing. Birmingham is home to three of the state's five law schools: Cumberland School of Law, Birmingham School of Law, and Miles Law School. Birmingham is also the headquarters of the Conference, one of the major U.S. collegiate athletic conferencesFrom Birmingham's early days onward, the steel industry has always played a crucial role in the local economy.
Though the steel industry no longer has the same prominence it once held in Birmingham, steel production and processing continue to play a key role in the economy. Steel products manufacturers . In recent years, local steel companies have announced about $100 million worth of investment in expansions and new plants in and around the city. Vulcan Company, a major provider of crushed stone, sand, and gravel used in construction, is also based in Birmingham.In the 1970s and 1980s, Birmingham's economy was transformed by investments in bio technology and medical research at the University of Alabama at Birmingham (UAB) and its adjacent hospital. The UAB Hospital is a Level I trauma center providing health care and breakthrough medical research. UAB is now the area's largest employer and the second largest in Alabama with a workforce of about 18,750 as of 2011.
As of 2009, the finance & banking sector in Birmingham employed 1,870 financial managers, 1,530 loan officers, 680 securities commodities and financial services sales agents, 380 financial analysts, 310 financial examiners, 220 credit analysts, and 130 loan counselors. City Center in downtownThe telephone company that is now owned by ., which was formerly and before that , which had its headquarters in Birmingham, has a major nexus in Birmingham, supported by a skyscraper downtown as well as several large operational center buildings and a data center.The insurance companieshave their headquarters in Birmingham, and these employ a large number of people in Greater Birmingham.Birmingham is also a powerhouse of construction and engineering companies,each with more than $500 million in sales per year, are located in Birmingham. The Birmingham metropolitan area has consistently been rated as one of America's best places to work and earn a living based on the area's competitive salary rates and relatively low living expenses. One study published in 2006 by Salary.com determined that Birmingham was second in the nation for building personal net worth, based on local salary rates, living expenses, and unemployment rates.A 2006 study by web site bizjournals.com calculated Birmingham's ""combined personal income"" (the sum of all money earned by all residents of an area in a year) at $48.1 billion.Birmingham's sales tax, which also applies fully to groceries, stands at 10 percent and is the highest tax rate of the nation's 100 largest cities.Although Jefferson County's bankruptcy filing was the largest government bankruptcy in United States history, Birmingham remains solvent
Information for the state of Alabama
The state has invested in aerospace, education, health care, banking, and various heavy industries, including automobile manufacturing, mineral extraction, steel production and fabrication. By 2006, crop and animal production in Alabama was valued at $1.5 billion. In contrast to the primarily agricultural economy of the previous century, this was only about 1% of the state's gross domestic product. The number of private farms has declined at a steady rate since the 1960s, as land has been sold to developers, timber companies, and large farming conglomerates.
Occupations outside of agriculture were widespread by 2008. Employment in that year was 121,800 in management occupations; 71,750 in business and financial operations; 36,790 in computer-related and mathematical occupation; 44,200 in architecture and engineering; 12,410 in life, physical, and social sciences; 32,260 in community and social services; 12,770 in legal occupations; 116,250 in education, training, and library services; 27,840 in art, design and media occupations; 121,110 in healthcare; 44,750 in fire fighting, law enforcement, and security; 154,040 in food preparation and serving; 76,650 in building and grounds cleaning and maintenance; 53,230 in personal care and services; 244,510 in sales; 338,760 in office and administration support; 20,510 in farming, fishing, and forestry; 120,155 in construction and mining, gas, and oil extraction; 106,280 in installation, maintenance, and repair; 224,110 in production; and 167,160 in transportation and material moving.
I do not know how we could be in the position we are today without factoring.
Alabama Factoring Companies
Each company has its own unique business needs, so some companies only factor invoices for customers that are slow in paying, whilst other companies factor all of their invoices. -Alabama Factoring Companies
HOW TO GET MORE CASH
Alabama Factoring Companies Articles
Financing Temporary Staffing Agencies
In recent years temporary staffing agencies have become very profitable, because the current business environment prefers to outsource employees rather than hire them. This situation creates a very attractive and viable opportunity for temp staffing agencies. But, similar to other businesses, in order to operate a successful temp staffing agency, working capital is an absolute necessity. This requirement of working capital has become a problem for most agencies who often suffer from a cash flow crisis. Having adequate cash flow prevents the company from being run effectively, thus stopping the company from adding new clients. The result is that the business fails to grow. Fortunately, there is a solution to this problem, and the solution is the right type of financing.
Payroll and Bills Must Be Paid on Time!
The most important and probably the biggest expense of any temp staffing agency is employee payroll. Obviously, employees expect to be paid regularly and on time, and if this is not the case, they'll quickly move on and find work elsewhere. In addition, the agency needs funds to pay for other employee-related expenses, such as employment taxes. When a business fails to comply with tax regulations the costs involved can be extensive and can the even put the business itself in jeopardy.
Business Growth Is Impossible without Funds
Generally, Government and commercial clients pay their invoices somewhere between 30 and 60 days, and it's this timeframe that creates problems for temp staffing agencies. When an agency takes on a new client, before they start getting paid, the agency must be able to pay the employee's salary for up to two months.
This means that the only way to grow a temp staffing agency is to have a cash reserve to pay for running expenses. If you don't have a reserve of funds, then you can't take on new contracts; and if you work with larger contracts you need a larger reserve. And this is where it becomes a vicious cycle, because if you can't take on new contracts then business growth is impossible.
Payroll Funding: Helping Your Business Grow
Fortunately, there is a solution available for temp staffing agencies to resolve this very common financial problem, and it's known as Payroll Funding, or Payroll Financing. Payroll Funding is a solution that's been designed to help staffing agencies access much-needed working capital.
Payroll financing is actually a type of Invoice Factoring, allowing you to finance your slow-paying receivables. This type of funding provides your temp staffing agency with immediate funds. Now there'll be no more waiting for your Government and commercial clients to pay in 60 days - the payroll funding company will pay you within a day or two! Now you'll have the working capital your agency so desperately needs to meet payroll and other expenses; and now you can move forward and grow your business without constantly worrying about slow paying clients!
How Does Factoring Work?
Factoring is a very straightforward process. Basically, invoices are financed in two separate payments, with the first payment covering approximately 90% of the gross invoice value, and the second payment, which is the remaining 10% less factoring fees, is remitted to you once your client has paid. The first payment is paid into the temp staffing agency's bank account very soon after the invoice has been submitted for financing. In the meantime, your clients are not required to pay any sooner - they simply pay on their regular schedule.
Payroll Funding Is Available to Small Agencies
One huge advantage of factoring is that it's available to small agencies (even start-ups!) that don't have many assets. Because it's the invoices which are the assets the factoring company is financing, it's the credit quality of your customers that the factoring company is most interested in. Factors can only finance invoices if your customer (the payer) has good commercial credit, and that's why factoring has become a very viable and attractive option for both small and growing agencies whose greatest asset is their good clients.
Growing Your Agency with Factoring
Let's take a closer look at how your temp staffing agency can use invoice factoring to grow your company. We'll assume for the purpose of this article that you have a new client who requires six full-time employees for a few months. This new client is a large corporation and has a good reputation. The problem with this corporation, however, is that they pay their invoices in 50 days, and there's no way you can afford to carry the cost of the contract.
What's the solution? The solution is actually quite simple: you invoice the client weekly and factor the invoice! This funding strategy allows you to service the contract by providing your agency with weekly funds to pay employees. Providing you have clients with good credit and your agency provides good services, receivables factoring can be used very effectively to grow your business.
When factoring is used properly, it can help grow your temp staffing agency well beyond its current financial capabilities.
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