If you’ve been keeping abreast how quickly companies are having to adjust to digitizing work, you know the process is exhausting, exhaustively long. We’ve written on how Freework solves the biggest work epidemic in the last few years: the lengthening of the hiring process. Human resources managers possess the tool to efficiently locate, manage, and hire a freelancer in only a few clicks. Time is given back to managers and HR with Freework. American inventor Benjamin Franklin would appreciate Freework’s magic. He did say “a penny saved is a penny earned”.
The company’s numbers guy would be apt to agree. IDC, a market research firm, found that 20 to 30 percent of revenue is lost due to company inefficiencies. That’s no small amount—especially to small and medium-sized businesses who have smaller margins.
Internal inefficiency is often due to internal siloes. Different departments, managers, and offices are burdened with complicated business systems. The complications drag out processes and delay operations. The modern workplace demands a single, easy-to-use system that allows them to process all hiring, management, and payment needs of employees (part/full-time and freelancers). A transparent process will only enhance performance by ironing out inefficiencies, thus saving an incredible amount of revenue.
The finance department will care about how efficiently freelancers are hired, managed, and paid.
What are the current pain points of payroll?
Unaware of the invoice amount
The finance department may not be the favorite one to invite to discuss at the water cooler. After all the brainstorming about new marketing campaigns, potential features to release, creating more customer touch points, and other diverting topics, no one wants to hear the finance person ask, “How do you plan to pay for it?”. No one likes a Debbie Downer. Departments keep within their individual siloes. This makes it difficult for a CFO or a finance manager to keep tabs on freelancer invoice amounts. Usually freelancers create an invoice, send the invoice to the project manager, and perhaps CC the payroll person on the email. It’s not uncommon that emails get lost, or that an invoice has mistakes, or a manager goes on vacation. Either way, a finance manager may not see an invoice. With Freework, all parties can see the invoice amount with a few clicks.
Verifying the accuracy of the invoice and project budget
Like in our example above, a freelancer makes and sends an invoice to managers. Sometimes there are mistakes on paperwork. For financial officers, it’s important to compare contract agreements, project budgets, and the invoice amount. Freework delivers a simple system that simplifies the process: invoices can be quickly verified and swiftly corrected if there is a mistake. It’s also for finance managers to keep an eye on a company’s many projects to make sure budgets are adhered to. Debbie Downer or not, finance managers keep teams in the financial pink. By seeing all past and current invoices in one place, the numbers guy can quickly make calculations about a project’s budget. Then, he or she can assess how likely a project will meet or surpass their given budget.
Immediately approving invoice
Small and medium-sized businesses are well-acquainted with the cash flow crunch. A study done by Fundbox revealed the reality of smaller companies and invoice payment. The volume of unpaid small business invoices in the U.S. is estimated at 5 percent of the U.S. GDP. Yes, that’s total GDP. It’s a startling amount. More than 80 percent of small business invoices are over 30 days past due. Fundbox also found that the average small business in the U.S. has over $80K in unpaid invoices. The finance department needs to send out invoices as soon as they can—as simply as they can. If there is an issue where a company needs to pay freelancers later than agreed upon, companies can rest assured Freework gives them the peace of mind to send out payment immediately.
Freework digitally empowers finance officers and managers to perform their jobs accurately and efficiently. No more paperwork or staying up nights to find an old invoice from 12 months prior. A penny saved, a penny earned, and a good night's sleep is the Freework promise.