softwareWorkMarket
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WorkMarket is a comprehensive platform to efficiently and compliantly manage independent contractors. It simplifies tasks such as contractor verification, work assignment, and tax management, saving time and reducing risk. While initial customization of the system may be necessary, the benefits far outweigh the setup period.
WorkMarket Specifications
Project Planning and Scheduling
Budget Management
Resource Allocation
Document Management
What Is WorkMarket?
Overview
WorkMarket is a cloud-based independent contractor management system tailored to streamline the entire process for businesses heavily dependent on freelance or contract workers. It provides end-to-end solutions for onboarding, verifying, paying, organizing talent, managing work assignments, 1099 tax filing and integrating with existing systems. WorkMarket helps businesses ensure compliance with complex regulations surrounding independent contractor classification.
What Is WorkMarket Best For?
The software distinguishes itself with its robust suite of tools, providing companies with the ability to efficiently onboard, manage, and compensate independent contractors. Its features streamline worker verification, handle tax documentation, and ensure adherence to regulations. This emphasis on efficiency and regulatory adherence is particularly valuable, given the complexities surrounding contractor classification.
WorkMarket Pricing
WorkMarket Integrations
The software integrates with the following third-party applications, including:
- Salesforce
- NetSuite
- Mulesoft
How Does WorkMarket Work?
Once your WorkMarket setup is complete, follow these initial steps:
- Log in to the software using your credentials
- Start by tailoring WorkMarket's configuration to align with your organization's specific needs and workflow preferences
- Begin building a pool of talent by adding new independent contractor profiles, capturing pertinent details such as skills, experience, certifications, and availability
- Ensure compliance by uploading required contractor documents (e.g., background checks, tax forms) and initiate the verification process
- Design approval chains for contractor onboarding and project assignments for proper review and delegation
- Configure preferred payment methods and tax withholding rules in accordance with your financial processes
- The main dashboard offers an at-a-glance overview of contractor activity, project status, compliance insights, and key metrics
- Dedicate a section for managing all aspects of independent contractors, from onboarding to payment and document management
- Create, track, and manage individual work assignments, matching them to the most suitable contractors
Who Is WorkMarket For?
It's suitable for organizations from Small to Medium-sized Businesses (SMBs) and large enterprises. It caters to industries and sectors, including:
- Field services
- IT & technology
- Professional services
- Healthcare
- Creative and marketing services
- Logistics and supply chain
Is WorkMarket Right For You?
Are you tired of managing a large freelance workforce amidst chaos and risks, struggling to find the right talent and keeping track of ever-changing regulations? WorkMarket could be the solution you need. It addresses common challenges in independent contractor management, saving time and minimizing compliance worries while providing a secure and scalable platform for managing the entire contractor lifecycle and reducing risk.
For more information about WorkMarket, contact us at (661) 384-7070.
WorkMarket Features
Facilitate the seamless identification and acquisition of skilled talent. With WorkMarket, businesses can effortlessly search their pool of verified contractors, filtering them based on specific skills, experience, and availability. Automated matching suggests well-suited workers for job assignments, saving time in the selection process.
Centralize and simplify the process of assigning and tracking work. Create detailed work orders, define deliverables and deadlines, and monitor project progress with real-time updates. This feature promotes visibility and efficient completion of work by independent contractors.
Simplify compensation for your independent workers. WorkMarket offers multiple payment options, invoice generation, automated tax filing (1099-NEC), and the ability to handle contractor expenses, maintain organized financial records and reduce administrative workload.
Gain valuable insights into your independent contractor workforce. Generate tailored reports on contractor spend, project completion rates, compliance metrics, and more. These insights help you optimize your workforce strategy and make informed business decisions.
Optimize and expedite the process of bringing new contractors into your system. The WorkMarket software provides automated workflows for collecting essential contractor information, verifying qualifications, and managing necessary documentation. This enhances the onboarding process, saving time and ensuring adherence to regulations.
WorkMarket fosters seamless communication between businesses and contractors within the platform. Built-in messaging, discussion threads, and document-sharing capabilities facilitate clear and efficient collaboration throughout the project lifecycle.
Pros and Cons of WorkMarket
Pros
- Robust compliance and tax management
- Streamlined contractor onboarding and verification
- Efficient work order and project management
- Simplified payments and invoicing
Cons
- Occasional updates impacting workflow continuity
- Initial setup may require time investment (according to some reviews)
- Limited control over customizing certain features
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