Independent Contractor Invoice Example for Management that Simplifies Your Billing Process

Independent contractor invoice example for Management

I have been always looking for you know better software and how we can Empower clients and so I was in a conference and I found a software that will help reduce that so we can reduce that fee because we don't need to use QuickBooks anymore so their software actually keep tracks of the [Music] um like your book you know connected to your bank account and then the independent contractor and you have your own book already you know made automatically so we don't have to do a bookkeeping so we can reduce the fee okay and then also they have some other functions that will help you and then if you are business you know you pay pay in Bandon contractors they have a solution can help you manage you know so this way you save payot Tax Plus in compliance so with that said I want to hear uh invite Ryan to say something about their software to empower you okay Ryan go ahead and share screen and uh hey everyone thank you uh very much for taking the time to join us tonight also uh you know thank you Jin young for inviting me to um you know step in and present with everyone today um as he mentioned I work for companies called wingspan we work with um teams that manage large pools of um like contingent workers or 1099 contractors um and and help your team to to manage the relationship payments um and then like also attract and and retain top contractors so gonna share my uh my screen real quick have a few slides and then want to just jump into a quick demo of the platform itself J can you see my uh my screen should just be the big wingspan logo yeah fantastic so again as I mentioned wingspan um is designed to help you build clients on board and pay workers and and stay compliant so where we sit is um between um you and your your flexible Workforce right so you have your business with with the clients um above and then your W2 employees um possibly yourself possibly um you know employees that you have working for you um within the business and then you have all the vendors contractors everybody else that you're you're working with and we help you manage both the um AR and AP functions as well as like tax and compliance and um and and just ensuring compliance on on all fronts actually so what that system looks like in practice is like a single single dashboard we call it the wingspan flexible work Cloud um manages the entire life cycle of the relationship with any external contractors vendors so um as I mentioned before onboarding um um tin verification so we're directly connected with the irs's tin matching service um tax compliance contractor verification payments themselves um and then contractor benefits billing and um payable automation as well working with a lot of companies um to to help manage the entire life cycle reducing the onboarding um kind of like administrative burden um reducing like any risk um with like classification and also just simplifying the pay process sorry was that a question or I think I just missed nope okay um I think it might have just been a cough anyways so jumping into the Wingin platform um so want to walk through three different things want to walk through you know how do you connect with your contractors um and then and then how do you pay your contractors and then I'm going to jump into the contractor experience itself so you can see how they are able to interact with the platform and um jiny mentioned how uh we can help for the on the contractor level replace some um Financial tooling um and also just provide access to benefits that as a 1099 contractor is and not a W2 employee they're kind of on their own to figure out for themselves um income and expense tracking tools and like Financial tooling but then also Health um dental vision insurance things like that um providing access to more um competitive plant than what you would see just by going to healthcare.gov or um you know anything through the ACA so first things first is just onboarding contractors so you're able to manage your entire um contractor network from from the dashboard here and you can onboard a new contractor as simply as adding their email then they'll receive an invite from wingspan saying that hey this client is now paying through wingspan you know please go fill out your W9 um form bank account information everything all in one place it really simplifies the onboarding process and also empowers your um the the people that you're working with contractors or vendors um to to manage the onboarding entirely themselves takes a lot of that compliance risk off of your plate where there's a lot of back and forth of hey I'm just trying to get paid and you're like well I don't have your W9 yet I don't have all this information you know like I can't pay you because you might just disappear right so this puts everything in their seat um and you know they're the ones in uh in like that have the complete bonus um so when they received that um that invite from us they'll get get an invite in the in their email and they'll be able to go set up their own profile that's as simple as obviously this just a uh demo environment so putting in some info just to to walk through the process here um but what I really want to show you is what the contractor is able to see as far as what's setting there um account looks like well we're able to connect directly to their external bank account so like they um would receive um that invite from you and then they would connect directly to they can use the wingspan wallet and we'll get into the financial benefits in just a moment here um but can also just connect directly um to their you know Chase TD whatever bank account that they're typically using jumping back to like the main platform they in before second thing I want to show you is um is the payables how you pay contractors through wingspan there's three different ways to pay contractors or vendors through Wings spin the first one is just to go ahead and create a payable oneoff right you can create that directly within the system um select the uh contractor that you want to pay fill out the pay um the invoice information and uh generate a payable now what's important here is that when defining the relationship between a contractor versus a W2 employee having that um that paper trail demonstrating like this is what each you know each line item um you know is is being paid out for this is what each penny essentially is uh you know it's tied to specific work being done rather than the generic W2 relationship um which can like create some like compliance and classification issues right we want to be sure to support y'all to to ensure compliance so that when we are going through tax season there aren't any questions because we have the paper trail um so I've generated a few um invoices just to show you what that looks like you can really boil down the um you know the detail as as much as you'd like right so here I have specific claim IDs in this example I have like you know different projects that are being paid out at different rates this one is hourly this one is just a lump sum this one is based on units all this information could be generated directly in the invoice but also it doesn't have to be done manually if you're tracking the work that's being done in a you know a CMS or a CRM um or possibly just your Erp wherever you're tracking the work that's being done we can create a connection between wingspan and that system um to automatically generate invoices and um generate the payables alternatively we can just do a CSV upload if you want to do a drag and drop we're going to automatically generate the invoice so you'll come in you'll see this and you'll go through the final approval process generate the payable based on the time um the the payment schedule finally what I want to show you is those financial benefits that we were discussing before and so I know that this is a big piece for um Jong and just how this can be a benefit to your contractors to your vendors so that you know if they are other small businesses they might not have something as complex as or have the needs for something as complex as a um you know a QuickBooks instance right small businesses a lot of times um if they're if they're doing this type of services work really just need to track income and expenses and so what wingspan will provide to your contractors is a um essentially like a fully fledged business bank account right and so we have um you know virtual and physical debit card as well as income and expense tracking and then tax withholding tracking as well where you can make deposits or payments to the IRS on your you know quarterly or annual schedule directly out of the system all the documentation is going to be erated for you directly within wingspan jumping into the income and expense tracking so like first things first we need like the you know the 10,000 foot view which I'm calling the profit and loss um statement right so you can see everything at a uh you know at the bird's eye view we'll call it um where you can just see your p&l for the year then you can also track individual transactions that have been paid now I just uploaded some transactions um that are out of my MX business account um for um you know you can see like an electric bill um ski pass might not maybe that one shouldn't be in there um but the point being you're able to connect this directly to your bank account so that it's tracking um which uh which sorry so that you have an A automat automatically injested into your rings span dashboard so that you can go through and select um you know this is a business account uh business expense ski pass looks like I put that on the wrong card that's not a business expense this one's a business expense um this would be a business expense right so you can go through select all these items and that'll help you generate your profit and loss statement for the end of the year help you process taxes um you know much quicker you know not having to go through everything um you know manually last year I was doing it in you know physical receipts nobody wants to do that I mentioned also that we can have the tax withholdings um you can calculate your own rate or if you just have a rate that you spefic speically want to put in um you know we will'll allow you to kind of like override the the standard calculation um but the idea here being that this can be your like Financial dashboard you have the business banking account you have the income and expense tracking you have the physical and and virtual debit card and then you also have the tax withholdings and tax tracking on top of that so estimate the tax from here exactly yeah so see here we can update the tax profile um and so this is just what I I put in for you know again a demo account based on a few random um you know selections but as you when you first sign in here it's going to ask you like what's your filing status what's the estimated annual income what's the the state of residence um and it'll help generate a um okay so as the employer the employer because I know California now require employers to withheld the tax for independent contractors yeah yeah so that that would be something that you would actually factor in during your onboarding during setup for the contractors that are based in in California you'd be able to set that up as part of the invoice so that you withhold the taxes on the invoice tax here right and and you can also pay the is and the franchise tax Bard from here correct yes so we have a direct connection so that you can pay directly um directly out of wingspan um but the the taxes holding that the employer um withholding would be would be separate right like this is a tool for your contractors um to help them to so that you can you know help them manage their business and what we're seeing is that it's a massive um like retention and um like recruiting play where we're seeing especially in um you you should be able if you withheld the tax correct you should be able to send the money to IRS that's correct yes you have that you can help connect to their the transfer with a yeah so right here so I'd be able to send the tax payment directly to the IRS it'll walk you through the process it'll walk you through the forms it'll generate the form for you so that you have um you know your your receipt essentially um where you'll have the um the yeah every everything you need for for your end of year to to demonstrate hey like this has already been paid here's my current rate here's where here's where so thank you