Questions

I am running a consulting business that is starting to scale. I am outsourcing work to independent contractors and do not want to manage their payroll. Are there accountants/services that can help?

The answer is how would you like to get paid if you were a freelancer?
Accepting checks is one of the easiest ways to receive payment as a freelancer. That alone could make checks one of the best forms of payment for many. PayPal is a common form of payment for freelancers. The money appears instantly in your PayPal account, and you can then easily transfer funds to your bank account. Transfers to your bank can take time unless you pay additional fees, but you can also use a PayPal debit card for instant spending from your PayPal balance. For PayPal payments you receive, expect to give up a 2.9%transaction fee, based on the amount you receive, plus $0.30. While a small percentage seems like a trivial amount, it can mean losing thousands of dollars per year or more if you accept most of your payments through PayPal or other methods with similar fees. Freelancers can accept credit cards as a form of payment, and customers may prefer paying with plastic. These payments are often processed through PayPal or another online payment system. You can also purchase your own credit card processing equipment to accept payments from clients.
Payments move directly from one bank account to another without any apps or credit card processing companies involved. But once the money arrives, you do not need to worry about transferring it again like you would with PayPal. Because of this, clients that hire freelancers often prefer to use checks or online apps to pay their freelancers. However, a client with a robust payroll provider may be able to set up payments easily. In addition to helping you track income and expenses; your accounting software might facilitate your payment collection process. Programs like QuickBooks or FreshBooks can create invoices and make payment simple for your clients. If you are already using an accounting program, find out if it will also send invoices and handle payments. Like PayPal, Square Cash is an online option for freelancers to accept payments. But instead of moving money from your online account to your bank account, the money goes into your checking account. Fees may be slightly less than what PayPal charges at 2.6 to 2.9% of payments received, plus a per-transaction charge. To prevent delays in payments, make it as simple as possible for clients to pay you. For example, on invoices, include a “Pay Now” button, offer credit card payments, and include instructions for paying by check.
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Answered 5 months ago

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