most compliant way for businesses to contract and pay their contractors, freelancers, consultants, vendors Yes, freelancers, contractors, consultants, suppliers, and other vendors who want to receive payments Vendors never pay a plan fee or any transaction fees. So if you are getting paid $10 US, for example, and our fees are $8 per international Vendor payment, the Client will pay the $8 fee, and the Vendor will get $10.

Ready to simplify managing your independent contractors, freelancers, and vendors?  #legal #vendoradmin

Learn what an EIN is, how it differs from an SSN, and why you should care if your freelancers have EINs. A federal Employer Identification Number, nicknamed an EIN or FEIN, is a unique nine-digit number that the IRS issues and uses to identify your business. This EIN is the number your business uses when you file and pay business taxes — think of it as your company’s social security number. Social security numbers and EINs are the FTIN (federal tax identification number) or taxpayer identification number for individuals and business entities, respectively. Who needs an Employer Identification Number (EIN)? You must get an EIN if any of the following are true: Your business has employees other than you. Single-member LLCs are also required to obtain an EIN if it’s going to hire employees. Your business is a corporation (C corporation or an S corporation) or a partnership (both general and limited partnerships). Your business offers a Keogh pension plan. Your business withholds taxes on income, other than wages, paid to a non-resident alien. Your business is involved with the administration of any of the following: trusts (except certain grantor-owned revocable trusts, IRAs, and exempt organization businesses), income tax returns, estates, real estate mortgage investment conduits, non-profit organizations, farmers’ cooperatives, or plan administrators. A business structured as a sole proprietorship with no employees is the only kind of business that isn’t required to have an EIN. But even sole proprietors sometimes choose to get EINs to keep their social security numbers private (particularly when they work with many different clients). Check out our post on business structures to learn a little more. Why should I care if my freelancers use an EIN versus a SSN? When your freelancers use an EIN on their Form 1099, it reinforces their classification as an independent contractor versus someone you should be hiring as a W2 employee. Proper classification ensures you stay compliant. How do you get an Employer Identification Number (EIN)? It’s free and easy to get an EIN. Here are three quick ways to do it yourself: Apply Online. Apply by Mail or Fax. Apply by Phone. Liquid encourages independent contractors to use an EIN (versus SSN), reinforcing proper classification of freelancers to ensure you stay compliant. Ready to get started? Try Liquid today! #taxcompliance

Inviting your Vendor Here’s how to invite Vendors to Liquid. Start by logging into Liquid. If you have not invited any Vendors, the Add Vendor form will automatically pop up. If you have already invited a Vendor, you’ll add a new vendor by pressing the + Vendor button to open the Add Vendor form. Finally, you’ll press Send to invite the Vendor. You’ll then be prompted to invite another Vendor.

The best resources to keep your skills sharp. Surveys of freelancers, independent contractors, and consultants have found that over 40% do more training and education than when they were in a traditional full-time job. As a freelancer, what are the best resources for keeping your skills sharp? We’ve highlighted the top five favorites that independent consultants at FlexTeam, our sister company, rely on most frequently to keep expanding their skill sets. edX edX offers thousands of free courses from leading universities, including founders MIT and Harvard, across a diverse range of subjects – computer science, data science, business management, and more. edX also offers about 100 professional certificate programs, plus micro-programs, degree-based programs, and professional education programs. edX offers these additional programs on a per-program fee basis. Coursera Coursera offers a wide variety of free and paid courses for professional development, taught by universities and businesses. There are hundreds of free courses, plus a myriad of paid options, to develop new skills like business analytics, AI and machine learning, and blockchain. Coursera also offers professional certificates and degree programs. LinkedIn Learning Previously known as Lynda.com, LinkedIn Learning offers a plethora of online courses across learning paths – including digital marketing, business management, project management, communications, design, coding, and more. Through a monthly subscription, you have access to over 15,000 courses. LinkedIn Learning offers a one-month free trial so you can determine if this is the right training resource for your needs. You can also find classes specifically for helping you advance your freelancing and consulting business, including project management, marketing, accounting, and more. Skillshare Skillshare’s online learning community has over 25,000 courses for creative skills, such as animation, design, illustration, and writing. Skillshare is membership-based, with monthly memberships including unlimited classes. You can try Skillshare Premium for free to evaluate the courses and fit them with your professional development needs. Udemy Udemy offers over 100,000 online courses, in categories like business, development, marketing, and IT. Prices vary by course and include lifetime access to the purchased content. You can also become an instructor on Udemy and teach others the skills you have developed as an independent consultant. More Options for Professional Development Other recommended options to keep expanding and sharpening your professional skills include Alison (great for free and low-cost courses and certificates across a variety of disciplines), Udacity (great for technical skills), and Class Central (great for searching for the right course). As a freelancer and solo entrepreneur, you’ll also want to keep developing your business management skills to grow your freelance business. Business skills to develop include project management, financial management, digital media and marketing, negotiation, and communication. #professionaldevelopment

#SOW #vendoradmin

Ready to simplify managing your independent contractors, freelancers, and vendors?  #financialcontrols #vendoradmin

defined; for example, “After reviewing our brand guidelines, and two 1 hour brainstorming sessions, the Vendor For example, you may want to include if all invoices should be paid in USD, if the Vendor may bill the

#benchmanagement #vendoradmin

Liquid’s custom concierge services make the vendor management process even more effortless. Collect your Vendor tax forms and payment info. Active monitoring for your Vendors. Analyze and report compliance risks that your Vendors may pose. And everything else that comes with vendor/contractor management! Let us know if you ever want to terminate working with a Vendor.

How to Attract Proposals from the Right Vendors with a Well-Written Request for Proposal A Request for The document asks vendors to bid for your business. How will the work your potential vendors will be doing fit into your organizational goals? The answers to these questions will help you determine which vendor(s) are the right fit. #freelancersourcing #RFP #vendorsourcing

How to Assess Vendor Spend The best way to review and assess your vendor spend is to start by calculating Streamline Vendor Management Costs Once you’ve assessed your vendors, think about the administrative overhead to engage and manage each vendor. Take Vendor Management to the Next Level Now that you’ve fully assessed and optimized your vendor spending Liquid is an all-in-one vendor management system that makes managing 1099 workers and vendors easy and

In Liquid, you can request IRS Form W-8 from your international freelancers and foreign vendors in just If you’ve been using Liquid, then you know how easy it is to onboard new vendors. you to send 1099s, the W9 form is only for US vendors and freelancers. to your Vendors. Access these files anytime by clicking the card for that vendor on the Vendors page while logged in.

yours adapt to operate with more digital tools and automation, taking accounts payable online with a vendor For example, the total amount billed by a vendor may exceed the amount specified in the WO. of your upcoming vendor expenses. collect W-9 forms from your freelancers and vendors. , you’ll be happy to move to a digital vendor payment solution with automated workflows.

by Team Liquid Learn about IRS Form W-8, required when you make payments to foreign freelancers and vendors and vendors and W8s from international freelancers and vendors. Download Why do I need my international vendors / freelancers to complete a W-8? Paying Freelancers and Vendors? How can I request a W-8 Form from my international freelancers / vendors?

supplement your core team’s strengths with the specialized skills of your flexible and global bench — vendors So rather than waiting for one of your contractors or vendors to find the courage to vocalize why they But the truth is that vendors, contractors, and freelancers rely on referrals and repeat business, so Dedicated AP vendor management systems like Liquid were built to give contractors and vendors a complete Happy Vendors Mean Happy Businesses Being a vendor’s favorite client often means getting their best work

Managing Freelancers and Vendors? — and your Vendors are automatically reminded to send you Invoices. This minimizes the possibility of Vendors forgetting to send invoices for months — leaving you scrambling Each of these month columns has the associated monthly estimated costs for that Vendor and Work Order Paying Freelancers and Vendors?

IBANs in Liquid Liquid makes it easy to ensure your vendors get paid correctly with a dedicated vendor When your vendor enters their bank account information into Liquid, they’ll be prompted to enter their If a vendor needs to update or change their payment information, they can always access it at their convenience

out by every vendor. Something like: Now, ask yourself: What’s the minimum we need from each vendor that doesn’t hamper our Is there flexibility on the costs from these vendors? If so, call and negotiate the terms. It may seem unnecessary and crazy to spend your precious hours to think about these $100/month vendor A vendor project?

There are many different 1099 forms that report the various types of income individuals and vendors receive If you are a business that hires freelancers or vendors, you send Form 1099-MISC or Form 1099-NEC to Depending on your business, you might have to file 1099-MISC forms for other vendors, too. such as rent paid for your office space), medical and health care costs to healthcare providers, or vendors Ready to simplify sending IRS Form 1099s to your independent contractors, freelancers, and vendors?