The startup provides payroll, funding, and tax solutions specifically designed for staffing agencies, utilizing automated calculations for live and electronic paychecks, invoice processing, and tax filings. By streamlining these processes, the company enables clients to minimize administrative burdens and enhance operational efficiency, allowing them to concentrate on their core business activities.
Funding
$17M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Staffing agencies face challenges in managing cash flow due to the time lag between invoicing clients and paying temporary employees, which can hinder their ability to scale and meet payroll obligations. Traditional financing options may be restrictive or ill-suited to the unique needs of the staffing industry.
Solution
Lone Oak provides payroll funding and back-office solutions tailored for staffing agencies, enabling them to bridge cash flow gaps and streamline operations. The company offers invoice factoring, also known as payroll funding, which provides immediate access to capital tied up in outstanding invoices. In addition to funding, Lone Oak delivers payroll processing, tax administration, and access to staffing software, offering a comprehensive suite of services to alleviate administrative burdens and support business growth. By outsourcing these functions, staffing firms can focus on core activities such as client acquisition and talent management.
Target Audience
Lone Oak serves staffing agencies of all sizes, from startups to enterprise-level firms, across various industries, including light industrial, travel nursing, and insurance.
Features
- Payroll funding (invoice factoring) with advances up to 97% of invoice value
- Full-service payroll processing, including live and electronic paychecks
- Tax processing, including withholdings, W-2s, 1099s, and filings with the SSA and IRS
- Integrated staffing software (TempWorks) for hiring, onboarding, payroll, and reporting
- Industry and state compliance notifications
- Paycheck garnishment processing
- Multiple payment options, including live checks, direct deposit, and paycards
- 24/7 phone and email support