Scale your freelance team with a system that helps you manage and automate your freelancer payroll.
As the number of freelancers working with your company grows, keeping track of invoices and payments can quickly become time-consuming and cumbersome when managed manually. Amongst other issues, companies may duplicate payments or not pay their freelancers on time. Learn how to simplify managing freelancer payroll.
Use a Freelancer Management System (FMS)
An FMS like Liquid is an all-in-one solution that makes it easy to contract, onboard, manage, and pay freelancers, independent contractors, and vendors. Using the built-in templates, you can quickly set up and execute a Master Services Agreement (MSA) / Independent Contractor Agreement. The MSA should include the payment terms, such as Net 30, associated with any projects. Depending on the nature of each project, you can determine whether to pay an hourly rate or a fixed fee. Each project should specify the associated fees in the project’s Statement of Work (SOW) or Work Order (WO).
With Liquid, you can onboard new freelancers or vendors in minutes. And all the critical documents you need for legal and compliance purposes will be securely stored and at your fingertips.
Automate your invoice and payment workflow
Save time on invoice reviews and payment approvals through automated workflows. Liquid’s invoice processing and approval workflow lets you set invoice approvers and approval policies. Setting up your workflow ensures that all invoices have the proper authorization and review and streamline work for your accountants. Plus, you can customize the workflow and approval processes for different spending thresholds.
Prevent payment errors
Paying Freelancers and Vendors?
Our customers report that using Liquid allows them to put off hiring an Operations Manager and/or Bookkeeper.
Matching invoices to work orders or purchase orders is essential to avoiding potential errors and issues such as overbilling, duplicate payments, and fraudulent invoices. So Liquid automatically matches and verifies the invoices against WOs for you, minimizing potential financial risks.
Increase freelancer payroll forecast accuracy
Companies often lack visibility into spending on freelancers. As a result, forecasting future freelancer payroll costs can be challenging. Liquid helps you manage and forecast your freelancer payroll. Now you gain complete visibility into project cost estimates so you can understand costs to date and expected future expenses by month. These built-in features help your company increase the accuracy of your financial projections.
Pay freelancers and contractors anywhere
Whether you are working with the US or international freelancers, Liquid makes payments simple. Liquid supports secure payments to 175+ countries in USD and select foreign currencies. And Liquid offers low transaction fees, with clients charged $3 per US invoice paid and $8 per international invoice paid.
Managing Freelancers and Vendors?
Our customers report saving 20 hours per month (on average) when they use Liquid’s complete contractor and vendor management system.
Simplify IRS form filing
Your company doesn’t need to withhold payroll taxes for freelancers and independent contractors. However, Form 1099-NEC will need to be filed each year for all domestic “1099 workers” paid $600 or more during the respective tax year. Liquid automates 1099 form creation for freelancers, contractors, and vendors working with your company.
Make freelancer payroll management easy
Liquid makes it simple to manage and pay your freelancers and independent contractors. Now you can grow your freelancer team without worrying about the administrative tasks. With Liquid, you have a complete vendor and contractor management system that helps you manage your freelance workforce.