Originally written by Nick Woodward on Small Business
Many small businesses rely on highly skilled freelance and flexible workers to help them grow and run efficiently. It is imperative that in order to retain and attract the best talent, businesses do not repeatedly make freelance payments late.
According to the Federation of Small Businesses, late payments are killing 50,000 businesses a year.
For a small business looking to scale up and grow, it is vital that they avoid late payments and do not join the list of businesses that are dying because of them.
Here are five ways that businesses can keep on top of their payments:
Standardise timesheets
Many small businesses that rely on contractors receive a vast array of timesheets, ranging from highly detailed Excel spreadsheets to handwritten letters and even faxes. The process of sorting all this information out is confusing and a waste of time.
Small businesses should ensure that all freelance or flexible staff submit their timesheets in a coordinated and standardised fashion to reduce time spent organising them.
Ditch paper timesheets
Paper timesheets may have worked in the past, but the truth is that they are more prone to human error, use up paper and take up physical space. Timesheet errors are made