PALO ALTO, Calif., May 18, 2021 /PRNewswire/ -- Companies of all sizes and verticals are relying heavily on freelance talent as more workers are joining the freelance movement. However, most companies are failing to properly onboard contractors, and therefore increasing their compliance risk. Stoke Talent is launching customizable and automated Workflows for Onboarding and Offboarding non-payroll workers - such as freelancers, contractors, consultants and agencies - to make this process easier and risk-free for companies.
Whenever a contractor is being onboarded to a company, they need to sign legal documents, provide payment information and tax documentation. The company should then run Know Your Customer and Anti-Money Laundering (KYC/AML) checks before payments, document any system or data access provided to the contractor, and track hardware equipment provided, such as laptops and company badges. Today, most of these activities are done by email and tracked through spreadsheets, making this problematic and creating potential significant risks to the company.
Stoke Talent's automated Onboarding and Offboarding Workflows automates all of the above processes. It enables legal, finance, and IT teams to set up policies that are enforced throughout the entire company. The legal team can define which legal documents are needed. The financial team can ensure tax documentation was submitted and that a KYC/AML check is done prior to a contractor starting work. The IT department can define the process of granting non-employees system access and providing hardware equipment. Then, when an offboarding process should be triggered, it ensures contractors will not have access to sensitive materials once a project is complete.
When a new contract is added to the Stoke Talent platform, the individual receives an emailed invitation prompting them to digitally sign all legal documents and provide payment information. Hiring managers can then notify IT managers to grant each contractor access and confirm whether any equipment needs to be provided. The platform also allows finance, legal and IT managers to view the status of all non-payroll workers to ensure legal compliance, tax compliance, and system access status.
"As the freelance revolution moves forward, companies need to be able to manage freelancers at scale," says Shahar Erez, CEO and Co-founder of Stoke Talent. "Onboarding and Offboarding Workflows are critical when it comes to scalability; it determines the "time-to-value" of the freelancers and may also put the company at risk if not done properly. Our automated workflows will not only increase productivity and reduce company risk, but they will also make finance and legal leaders more open to embrace the freelance economy. "
Stoke Talent is a freelance management system (FMS) that makes it easy for companies to work with independent contractors. It reduces the hassle of hiring, onboarding, tracking and managing invoices while ensuring full legal and tax compliance. To learn more about the company, visit www.stoketalent.com.