8 Reasons to Switch to Liquid
It’s time to digitize and automate how you pay your vendors and freelancers, by switching to Liquid.
The future of work is here, and technology is reshaping how everything gets done. And as someone running a business, odds are you’ve adopted a range of digital tools to simplify your workflow. So wouldn’t it make sense to digitize and automate how you pay your vendors and freelancers too?
Here are eight ways that making the switch to Liquid could benefit you and your business.
We power the liquid workforce.
1. Pay from anywhere, anytime
Take the office with you by streamlining your accounts payable with Liquid. By consolidating your payables in one solution, you can pay your vendors and freelancers with any internet-connected device at any time. Poolside with an umbrella drink, here you come!
2. Request W-9 and W-8 Forms (and easily send out 1099s)
When you use Liquid, you can seamlessly request W-9 forms from your vendors and freelancers (or W-8 forms for international freelancers and foreign vendors). Then come tax time, download a report to simplify sending 1099s.
3. Match invoices to work orders
Invoices should always be connected to work orders (WOs) or purchase orders (POs). Linking invoices and WOs verify the accuracy of invoices and enable timely payment. For example, the hours billed on an invoice by a freelancer may exceed the maximum amount specified in the WO. With Liquid’s automatic verification, this discrepancy between invoice and WO would be automatically reviewed and flagged — saving you time and money.
4. Better understand cash flow
Paper processes offer a murky view of your cash flow. Liquid’s robust reporting lets you keep track of your cash flow in real-time to help improve cash flow flexibility and set up payment processes. This insight can allow you to project future expenditures to schedule payments at optimal times, safeguarding working capital.
5. Boost security
As businesses shift to more distributed and remote work, Liquid allows for better team collaboration with specific user roles and permissions. No more sharing passwords with your team.
6. Automate approvals
With Liquid, you can establish different approver roles and approval workflows for your contracts, work orders, and invoices. Approval workflows streamline work and help protect companies from potential legal and compliance risks.
7. Gain greater visibility
With an intuitive dashboard, Liquid gives you better visibility over the contracting and payables process. Receive and store invoices and contracts, automate and streamline approval workflows, and track payment statuses.
8. Get time back
You know the feeling of too little time and too much to do — it comes with running a business. With the ease and efficiency of approving, processing, and making vendor and freelancer payments via Liquid, you can reinvest the time you save back into the parts of your business you love.
Making the switch
After years of traditional methods and tedious manual processing, moving to a digital vendor payment solution doesn’t have to be overwhelming. Switch to Liquid and request a demo to set up your new workflows today!
Ready to simplify 1099 worker and vendor management? Try Liquid today.
Note, we are not providing legal, tax or payroll advice. Please consult your legal, tax and payroll professionals. These are simply to serve as guidelines based on our own experiences.
Updated: August 4, 2020
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.