Learn how small businesses can save money by managing freelancers, contractors, and vendors through Liquid.
Managing costs and cash flow is critical for any small business. If you rely on freelancers and independent contractors to support your business, managing and forecasting your company’s cash flow can get complicated. Liquid makes it simple for you to maximize your cash flow when engaging 1099 workers and vendors.
Save by Streamlining Operations
Before switching to Liquid, our users relied on an average of 7 different systems to manage their 1099 workers and vendors. Now they have reduced their SaaS spending by an average of 50%, resulting in savings every month.
Liquid automates and simplifies many tasks for managing freelancers and contractors. Eliminating manual tasks saves our users thousands of dollars a month in overhead costs. Jing Gao’s company, Fly by Jing, is now saving dozens of hours every month. Joe Vezzani, CEO of LunarCRUSH, says, “Each time we hire a vendor or contractor, Liquid saves me 2-3 hours.”
Maintain Control with Approval Workflows
One of the challenges companies faces when engaging freelancers and contractors are maintaining complete visibility and control of related expenses. Invoices from freelancers are often managed manually, making it easy for surprise expenses to show up.
With Liquid, you can set approval workflows and policies for contracts, work orders, and invoices. Plus, you can accurately forecast and budget with the help of Liquid’s Cash Forecast Report. Now you can control costs, maintain cash flow visibility, and close the books faster at month-end.
Avoid Duplicate Billing with Invoice Matching
Manually matching invoices not only takes time but can easily result in errors or missing issues like duplicate billing. With Liquid’s Work Order to Invoice Matching, invoices will be automatically matched and checked for you. Any discrepancies or issues are flagged for you, making it easy to investigate further or reject an invoice. CFOs, bookkeepers, COOs, and office managers have reported that Liquid’s Invoice-Work Order match system has saved them hundreds of hours manually checking invoices against paperwork across multiple departments.
Additionally, our users report that Liquid has helped protect them against unintended overbilling and fraud. The COO of a tech startup shared, “Liquid alerts me anytime a vendor sends me an invoice that doesn’t match the Work Order. I’ve easily saved $40K from this feature alone.”
Save through Payment Options
Payment options can help provide more flexibility for managing your cash flow. For example, paying by credit card offers your business a “free float” window, extending the time you have to pay your expenses. Paying via ACH transfers saves your business money compared to the costs involved in creating, sending, and reconciling checks.
With Liquid, you can choose how you pay, with payments via ACH, cards, and wires. Plus, paying through Liquid is not only simple and secure – it’s very cost-effective, with low transaction fees. And you can pay your freelancer or vendor wherever they are located, with Liquid’s secure 2-day payments to 175+ countries.
Control Payment Timing
Managing payments with Liquid is easy – you can either pay right away or schedule your payments based on the terms set with each vendor. Once you’ve scheduled the payment, Liquid will automatically process the approved payment for you. Now you no longer have to chase after missing, late, or incorrect payments – avoiding negative impacts on your relationships with freelancers and vendors and late fees.
Boost Your Cash Flow
Engaging freelancers and independent contractors help your company save money and more flexibility manage its resources. But without the right platform in place, engaging 1099 workers can cause lots of headaches as that workforce grows. Contracting, managing, and paying 1099 workers and vendors is easy and cost-effective with Liquid.
Ready to boost your cash flow by saving time and money? Try Liquid today.