8 Benefits of a Freelance Management System
Using a Freelance Management System (FMS) like YunoJuno brings endless benefits to businesses around the world. Helping to streamline processes and reduce admin, it also keeps your organisation on the right side of HMRC and other employment regulations for areas such as IR35 and Sole Trader compliance.
We’ve pulled together some of the top benefits that using an FMS can bring to your business:
1. Ensuring Compliance
When working with freelancers, if you don’t meet compliance standards, the risk to your business from a financial and reputation point of view increases. Using the built-in workflows to monitor and track compliance means this crucial area of freelancer engagement is met, minimising the risk and potential costly penalties.
Investing in a freelance management system helps manage all types of compliance, including; IR35, SDC, right to work checks, freelancer classification checks, NDA’s, and IP alignment.
2. Increasing Productivity
The more freelancers you engage with, the more complex it becomes. From contracts, budgets and right-to-work checks, we make sure all of the normal processes are handled via our management system to reduce the need for more admin and excel spreadsheets.
Using a freelance management system centralises these functions to relieve any complexity, whilst reducing any opportunity for human error whilst increasing productivity. Features such as automation of onboarding and offboarding freelancers, contracts, timesheets and payment workflows will transform the way your business runs.
3. Budget Management and Cost Reduction
The YunoJuno freelance management system gives hiring managers the opportunity to see where they’re currently spending their budget, and ensures it aligns with business priorities. It helps ensure you don’t go over or under budget and can often help you build business cases for extending a freelancer's contract, based on their performance, team feedback and what they are bringing to the business.
You also have the ability to fully audit suppliers, collating data like spend, margins, terms, day rates, and work dates. This also helps you to carry effective supplier audits, and open up avenues to save money.
4. Consolidated Payments
The more freelancers you engage, the greater the complexity to areas such as payments, methods. Some freelancers might be taxed at source or gross, they may be paid in a different currency, some have also experienced payment terms of 90 days! Reviewing and paying individual freelancers is incredibly time consuming and can lead to costly issues. Our FMS helps manage this by handling all freelancer payments and building effective paths to comply with any tax obligations to HMRC.
YunoJuno provides you, the business, with a consolidated invoice with all of your freelancer payments and their associated recruiter payments. This helps reduce any mistakes or issues around payments, simplifies billing for your finance team and enables you and the freelancer to focus on the task in hand.
5. Greater Visibility
Building greater visibility with all freelancers you engage will transform your company's productivity. The ability to see key information like team feedback, day rates, work history and costs is incredibly powerful in building an efficient team. With all bookings going through one place, you have all the power and data at your fingertips.
The YunoJuno FMS will give you visibility of all the freelancers within your company’s network. Our database stores each freelancer, along with their key information such as; contact number, work history, feedback, rates and much more. This is all in line with GDPR too, removing the need for inefficient spreadsheets and multiple third party suppliers and systems.
This is particularly important if a specific employee leaves the business and is the only person with access to a freelancer's contact details. By onboarding all freelancers through your FMS, you’ll never lose access to great talent again.
6. Streamline Onboarding Processes
Having a robust onboarding process is essential for ensuring all freelancers have all they need to do the best job for you, whilst protecting your organisation and ensuring all information is shared and the right levels of access granted.
Using YunoJuno FMS means you can centralise the onboarding process, ensuring all freelancers consistently go through the correct on and offboarding workflows. It also gives full transparency on freelancers who are currently engaged and working with the company. This also means they will go through all the correct security and compliance steps required.
7. Improve Working Relationship With Freelancers
Having seamless processes around onboarding and payments, will only enhance your relationship with freelancers. You will have more opportunity to interact with them over projects than discussing issues around onboarding or payment issues in a centralised manner. By automating these processes you can all concentrate on getting the job done.
Having just one process will add to the culture that your business has built up over time. With the UK Government's implementation of IR35, YunoJuno’s FMS enables you to give your freelancers the freedom to choose how to be paid; Inside a IR35 contract or not, without forcing them to use a single payment method. This means you’ll have a happy freelance workforce who can focus on delivering great work.
8. Help Find You the Right Talent
Sourcing talent from multiple sources can be a complicated and messy process with many drawbacks, such as ownership periods.
The YunoJuno FMS brings together your direct contacts as well as your recruitment network all in one place. This creates a centralised talent pool from various sources, enabling you to make an informed decision on the right freelancer fitting your project’s needs. Freelance management systems like YunoJuno enable you track spend and ownership solving the long-established problem of unnecessary recruiter obligations.
As the #1 Freelance Management System in the UK, YunoJuno makes it easy for companies to source, manage and pay a freelance workforce. When working with YunoJuno, you not only get the UK’s best Freelance Management System you also get access to the leading marketplace of over 30,000 industry vetted creative and tech freelancers.
If you have any questions or would like to understand how the YunoJuno Freelance Management System can support your business, book a demo with us today.