Over one million Americans joined the freelancer workforce in the past year and their numbers are only expected to grow. Inuit and leading workforce researchers predict over 60 million people will be self-employed or freelancing by 2020. This increase is outpacing the rate of growth for the entire U.S. workforce!
As more Americans adapt to new ways of working, how are companies that hire them adapting too? Working with contractors and freelancers comes with a whole new set of administrative responsibilities that are different from working with traditional employees. From onboarding, managing, paying and tax reporting, staying on top of this task flow can easily turn into a messy, confusing ordeal that often leaves contractors waiting too long to get paid for their work.
That’s where Payable comes in.
As the freelance workforce grows, we’re here to support contractors and companies by eliminating the HR burden on both sides. Here are five key ways Payable is making hiring, managing, and paying contractors a breeze:
#1 Quick Onboarding
Making sure you collect and safely store W-9 and bank account information can become daunting, especially when you’re working with multiple contractors throughout the year. Payable takes care of securely collecting all the necessary information needed for sending quick payouts including bank account verification for fast ACH transfers.
#2 Easy, Transparent Work-Tracking
How many hours of work have been completed? How many articles have been written? How many projects finished? We’ve designed the Payable platform for both contractors and companies to have full visibility into what work has been accomplished and awaiting payment. For freelancers, easily upload photos or files and log work from your smartphone. For company administrators, whenever you’re ready, approve and release the payment in a tap.
#3 Simple Expense Management
Just like submitting hours (jobs, words, etc.), contractors can log expenses and mileage as a part of their work. Quickly snap photos of an odometer or receipts with a smartphone and upload it to the app -- we’ve made the logging of expenses as seamless as sharing a photo on social media.
#4 Fast Payouts
No more waiting for invoicing cycles or custom check-printing, after releasing a payment contractors get full transparency to track the flow of money into their bank account. Payouts are generally 3-7 business days via secure ACH transfer. With faster payouts, contractors can spend more time increasing their business and less time following up with companies and clients on the status of their payment.
#5 Automatic 1099 Form Generation
We’ve securely collected all the necessary information to auto-generate a 1099 form to send to qualifying contractors. Don’t waste any time or money scouring through invoices and bank statements to draft 1099s (or panic and add unnecessary work for your accountant), Payable will allow you to send accurate 1099s to all contractors with click of a button.
We’re on a mission to power the future of work by enabling companies and contractors to work smarter, move faster, and grow bigger together. Try out our platform at any time.
Got any questions or ideas? We’d love to hear from you. Email us at firstname.lastname@example.org