Managing a large base of freelancers can be a challenge for companies, especially when it comes to storing documents and paying invoices. Many businesses still rely on outdated processes such as spreadsheets to pay freelancers, which can lead lost documentation and forgotten payments.
A freelance management system (FMS) can help ease the burden of freelancer payments by organizing documents and invoices in one place. An FMS can also help by setting up alerts and notifications, so freelancers are paid on-time and in the correct amount.
shortlist.co offers a cloud-based FMS that makes freelancer payments easy. Using shortlist.co’s software, companies never have to wonder how to pay a freelancer or whether or not payment has been made; instead, the FMS keeps track of all necessary outgoing payments, alerting companies to upcoming payments.
Why pay your freelancers with a Freelance Management System (FMS)?
Businesses rely on freelance work to fill in skills gaps or help complete timely projects. Finding reliable talent, especially with niche skills, can be time-consuming and expensive, so companies that maintain strong relationships with their freelancers are likely to keep talented freelancers coming back to work for them. Freelancers that are in-demand expect timely payment, which means businesses must remain organized to retain top talent.
Benefits to using an FMS to pay freelancers
Maintain appropriate documentation
Each freelancer has a different rate (or sometimes multiple rates) for different projects, so companies must find a way to keep track of rates to ensure correct payment. Shortlist’s FMS collects all appropriate documentation, including any tax forms, and stores it in one place, so freelancer payment is seamless and secure.
On-time freelancer payments
One of the biggest complaints from freelancers is late payment. Businesses can resolve this issue by setting up alerts and notifications using Shortlist’s FMS. Companies then know exactly when to pay the freelancer, eliminating unnecessary emails back and forth.
Saves time and resources
Using an FMS to pay freelancers saves time since employees do not need to dig through emails or shared documents to find invoices or freelance payment rates. All of the information is stored in one central location, securely hosted in the cloud. Businesses save valuable resources by using one system instead of multiple platforms to pay freelance talent.
Is a Freelance Management System (FMS) right for your freelancer payments?
If your company has lost top talent because of late payment, then it’s time to consider consolidating freelancer payment with an FMS. Or, if your business is wasting valuable company time by digging through emails or spreadsheets to find payment information for freelancers, then consider moving to a digital solution today.