8 Benefits of a Freelance Management System

The YunoJuno Freelance Management System (FMS) brings an array of benefits. Not only does it streamline processes and reduce admin, it keeps your organisation on the right side of HMRC and other employment regulations for areas such as IR35 and Sole Trader compliance.

We have pulled together eight benefits of what utilising the YunoJuno FMS can bring to your business:

1. Ensuring Compliance

When working with freelancers, if compliance is not met, the financial and reputational risk to your business increases. Using built-in workflows to monitor and track compliance ensures this crucial area of freelancer engagement is met and thus minimising the risk and potential costly penalties.

Utilising a freelance management system helps manage all types of compliance. This includes IR35, SDC, right to work checks, freelancer classification checks, NDA’s, and IP alignment.

2. Increasing Productivity

The more freelancers you engage, the complexity of managing those freelancers grows. This can include contracts, spend and budget reporting, identity and right-to-work checks, Non Disclosure Agreements (NDA), new supplier forms, timesheets, as well as onboarding and offboarding processes. Often, these processes are managed by manual spreadsheets prone to human error.

An FMS centralises these functions to alleviate the complexity, decrease the opportunities for human error and increase productivity. Features such as automation of onboarding  and offboarding freelancers, contract, timesheet and payment workflows as well as reporting to showcase spend and performance enable you to transform how your business is run.

3. Budget Management and Cost Reduction

The YunoJuno FMS gives hiring managers the opportunity to see where they are currently spending their budget, and ensure 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 do a full audit of suppliers, collating data which includes spend, margins, terms, day rates, work dates and perceived ownership of candidates. This enables 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, be it taxed at source or gross, the payment terms with some freelancers not being paid for 90 days, and, potentially, currency. With it becoming very time consuming reviewing and paying individual freelancers, which over time can lead to costly issues.

The YJ FMS helps manage this challenge by handling all freelancer payments and building effective paths to comply with any tax obligations to HMRC. YunoJuno provides you with a consolidated invoice with all of your freelancer payments and their associated recruiter payments. This not only helps reduce any mistakes or issues around payments, it 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 over all the freelancers you currently 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 over all the freelancers within your company’s network. A searchable database will store each freelancer, along with their key information such as contact number, work history, feedback, rates and much more, all in line with GDPR and removing the need for inefficient spreadsheets and multiple third party suppliers and systems.

This is especially 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 never lose access to great talent again.

6. Streamline Onboarding Processes

Having a robust and scalable onboarding process is essential in ensuring all freelancers have all they need to do the best job for you as well as protect your organisation in ensuring all information is distributed and appropriate levels of access granted.

By utilising the YunoJuno FMS, you can centralise the freelancer onboarding process, ensuring all freelancers consistently go through the correct on and offboarding workflows and have full sight on those 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 one single 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 when in an Inside IR35 contract and not forcing them to go via a single payment method. Meaning you will have a happy freelance workforce who can just deliver great work.

8. Help Find 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 enables you to bring together your direct contacts as well as your recruitment network all in one place. This creates a centralised talent pool from various sources, all in one view, enabling you to make an informed decision on the right freelancer and within your project’s parameters. 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 here.