The gig economy is transforming business for all parties involved. It’s one of the first times disruptive technology is truly benefiting everyone at the table.
Upwork, one of the leading digital platforms in the world, estimates that by 2027, there will be 86.5 million freelancers globally. The majority of the workers in the United States will be self-employed by then. That’s a whole bunch of people calling the shots!
Freelancing in 2022
It’s 2022. Time to start doing what you’ve always wanted to do!
If that’s freelancing, then hold your horses. Although 77% of full-time freelancers believe they have a better work-life balance since going solo, a freelance career can be very challenging. That’s why many people try and fail.
There are a few things you should know before you dive right in. It can be cutthroat, so here are some character traits that work best with your side hustle:
International EFT
EFTs can be confusing because they go by many names depending on the country and payment system, but it’s all the same process. In the United States, they are often referred to as an “electronic check,” “e-check,” or ACH. The United Kingdom refers to EFTs as “bank transfer” or “bank payment.” Several European countries employ the term “giro transfer” but it’s all the same idea. Money moving from one account to another through an electric process.
Cloud Based Accounts Payable
Cloud accounts payable software has quietly been taking the lead for AP automation platforms. Companies are upgrading their on-premise systems for a more practical solution. Critical financial data can be securely stored and accessed at any time. Other notable advantages are things like updates in real-time, instant collaboration, shortening the approval process, and other routine tasks.
Affiliate Program Management
Affiliate program management is the development, management, and measurement of your affiliate marketing strategies. Whether you run your program through affiliate networking or in-house, a program manager is necessary to oversee operations. It’s important to hire a professional in this instance. A lot of money can go into recruiting affiliates, so look for talent that has the know-how and experience developing, protecting, and optimizing affiliate programs.
What is a Requisition Order
The procurement system starts with a requisition order and moves through the purchasing department to become a purchase order. A requisition order requires enough data to create an efficient audit trail for the IRS. It also helps match up documents and send out the proper invoicing. Information on the order request should include: Vendor location and mailing address. Legal supplier name. Number of items. Description of product.
What is a Document Management Workflow?
Document workflow poses a challenge in every industry from healthcare to manufacturing and retail. A document management workflow is used in a variety of facets from the approval of travel expenses to annual reports and countless other business activities. The best document management systems are used to track, manage, and store important documents in real-time, while drastically reducing the use of paper.
Affiliate Marketing Management
The larger the affiliate network, the harder it will be to manage. It’s a digital marketing process whereby you build and grow a channel of brand advocates to drive traffic and sales to your brand. The idea is to work towards establishing a concrete affiliate program that helps create autonomy within the business. The best affiliates will give your marketers more time to focus on brand growth over meeting simple metrics.
Electronic Payments
E-Payments streamline online buying, just click a button and enter a password,
secure payments so no need to give out card details. Usually free and highly cost-effective (especially for international payments). Transactions can be made in seconds, anytime, from anywhere (you just need to be connected). You have a transaction history of all online purchases.
Bulk Payments
What is a PayFac? (Payment Facilitator)
A PayFac (a.k.a. Payment Facilitator) is a sub-merchant account used by a merchant service provider. The purpose is to provide payment processing for their own clients. It simplifies merchant account enrollment which allows smaller companies to quickly gain the upper hand. A PayFac will smooth the path to accepting payments a business just starting out.
NetSuite Bank Integration
In a new era of banking, NetSuite has launched banking as a service to increase operational efficiency and cost savings. It’s a unique open banking approach to help NetSuite customers streamline financial services and improve bank relationships. This new banking solution is called NetSuite Banking as a Service. The solution makes the platform one of the leading fintech providers in the current tech climate.
NetSuite Document Management
Automated Invoice Processing
Automated invoicing has a multitude of advantages. This includes up to 80% reduction in a company’s procure to pay cycle. Additional benefits include: Cuts down on error rates. Less manual entry means less room for mistakes. Speeds up the approval process and reduces processing times. Saves on labor costs. Staff can work on more business-critical tasks. Reduces duplicate invoices and payments.
Paypal Wire Transfer
Although setting up a PayPal account is free, you still need to provide enough personal and financial data to make it secure. This includes your contact and bank account information. You can also add a credit card or debit card depending on how you want to do business. The idea is that it’s a centralized location for all your finance channels.
NetSuite Import Transactions
Although there are required fields, Netsuite users can perform a data import in a variety of ways: Comma-separated value file (CSV file), Microsoft Excel file, Integrations using application program interfaces (APIs), Each of these import options will create different record types (with an internal ID), but the data remains the same. Here are a few tips and tricks to get the most mileage out of your user interface and Netsuite import transactions today:
Payment Aggregator
A payment aggregator (also called a merchant aggregator) is a service provider through which mobile payments and e-commerce merchants can process payment transactions. An aggregator will allow a merchant to accept card payments and bank transfers without having to set up a merchant account with a bank or credit card association. This is an easy and cheap way of accepting payments that can help a small business get off the ground quicker.
PO Flip
QuickBooks Add-Ons
Although QuickBooks is powerful, it doesn’t do everything. Intuit inc. knows this. That’s where add-ons come in. Before you go downloading every app out there, here are a few quick tips on integration: Not every app is free but those that cost money generally function better. Many QBO apps are Flash-based. These work either with QuickBooks desktop software or the online version. If you don’t see it, ask QBO support.
Check vs ACH costs
Purchase Requisition vs. Purchase Order
When it comes to weighing a purchase requisition vs purchase order, the main difference lies in their nature. Purchase requisitions are more interdepartmental forms that allow larger organizations to handle their accounting and finances better. The bigger the business, the more the need for a procurement process. You simply cannot track the flow without putting it on paper. A purchase order is a document you use to actually purchase those goods or services.
