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May 11, 2021

Why Accountants and Bookkeepers Choose Liquid

Find out how accountants are saving time and money while improving their services.

Learn how Liquid helps accountants and bookkeepers to streamline and automate invoice approvals, accounting workflows, and payments.

Liquid News Freelancer Management Finance and Accounting Operations

Liquid helps accountants and bookkeepers work more efficiently, improve controls, enhance financial forecast accuracy, and simplify payments for freelancers, independent contractors, and vendors.

Fast and Easy Set-up

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Setting up accounts in Liquid is simple and quick — completing the steps is a matter of minutes. Once the account is created, companies can immediately begin engaging freelancers for on-demand and project-based work.

Managing clients couldn’t be easier for accountants and bookkeepers in the Liquid Accountant Partner Program. From the online client management console, you can access every client from one account. Plus, all the reports you need to track cash flow, accruals, and more are right at your fingertips.

Vendor Onboarding Documentation

Whenever a company onboards a new independent contractor or vendor, all essential information is collected upfront. This means that W-9 or W-8 forms and the associated data are ready and waiting for you when it’s time for filing tax forms, like the 1099-NEC.

Plus, all the details required for payment are already captured — no more chasing after vendors to gather their financial information before paying them.

Automated and Customized Workflows

Automated invoice review and approval workflows are essential for streamlining AP processes. Liquid automates the invoice approval process for you, preventing errors and saving you time — eliminating manual coding and routing.

Each invoice is automatically assigned to the respective hiring manager for review. Once the hiring manager has approved the invoice, it’s automatically routed for any further reviews and approvals based on the established rules. The approval rules can be completely customized for each company, providing the controls that you need. For example, different invoice amounts could have different approval requirements.

Accountants tell us that their favorite Liquid feature is Work Order to Invoice matching. Liquid’s algorithm automatically matches invoices to work orders for you, catching and alerting you to issues such as duplicate billing and overbilling. An accountant working with a 750-person consulting firm shared that she saves many hours every month using invoice matching. Now she can see at a glance if invoices include out-of-scope hours or additional line items. 

Audit-Ready Data and Documents

With Liquid, accountants and bookkeepers have an organized and ready-for-audit document management system. All executed documents, invoices, and transactions are securely stored, providing a readily accessible audit trail.

By using Liquid’s Work Order functionality, companies can ensure clear and agreed-upon terms with their vendors, with defined deliverables, rates, expectations, and cost estimates. 

Paying Freelancers and Vendors?

Our customers report that using Liquid allows them to put off hiring an Operations Manager and/or Bookkeeper.

    Financial Forecasting

    Companies using Liquid as their all-in-one contractor management system have complete visibility and transparency for current and upcoming expenditures on freelancers and contractors. Accountants have ready access to all the data that they need for accruals and projecting cash requirements.

    Our built-in features help increase the accuracy of your financial projections. For example, the Cash Forecast Report provides forward-looking month-to-month estimates of expected expenses for freelance projects. 

    Secure Global Payments

    Companies are increasingly engaging on-demand workers around the world — they need a contractor management solution that will support them globally. With Liquid, you can make payments using ACH, cards, and wires to 175+ countries within 2-3 days — in USD as well as in foreign currencies

    Paying freelancers, consultants, contractors, and vendors through Liquid is fast, secure, and affordable. Plus, you can approve and pay invoices within minutes

    Data Integration

    No double entries are required – the financial data in Liquid syncs with QuickBooks. Our QuickBooks Integration connects and matches your vendors and invoices to your QuickBooks vendors and Chart of Accounts. Payment and billing information automatically synchronizes between Liquid and QuickBooks.

    Support and Services

    Liquid users in our Accountant Partner Program have access to hands-on, expert help for their staff and clients. Plus, our weekly office hours and accounting-specific resources provide even more support.

    Our marketing and sales tools will help you attract new clients. We’ve helped our users save time and money — now your clients can too.

    Streamline and Automate with Liquid

    Liquid is the fastest and most compliant way for CFOs, accountants, bookkeepers, and finance professionals to contract and pay your freelancers, contractors, vendors, and suppliers in 175+ countries worldwide. Using Liquid, accountants can save time and money — automating accounts payable, simplifying monthly reconciliations, and streamlining tax filing. It’s time to try Liquid.

    Ready to switch to our complete vendor and contractor management solution? Try Liquid today

    Category: Freelancer Management Finance and Accounting Compliance Operations

    Updated: May 11, 2021

    Quick note: This is not to be taken as tax advice or legal advice or payroll advice. Since tax rules and laws change over time and can vary by location and industry, consult a CPA / tax advisor and/or attorney for specific guidance.

    Paying Freelancers and Vendors?

    Our customers report that using Liquid allows them to put off hiring an Operations Manager and/or Bookkeeper.

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