Navigating the tricky waters of international payment
We live in a world that is dependent on IT – to the point where it’s even indispensable in education now. This is a good thing for your business though, as it means you’re able to draw on a truly international pool of talent to bring in expertise to your business. Dealing with international freelancers can be tricky when it comes to payment, however. This is why it pays to be prepared – these four key tips can help you ensure you’re able to employ and pay freelancers overseas without any issues, difficulty, or drama.
1. Work out the rules you must follow
There are many different rules for employing freelancers depending on where your business is located. It’s essential before you even get started that you ensure you’re familiar with your obligations as a business. You may have taxation requirements as well as your freelancer – it’s not always a case of simply agreeing a price then paying it and that’s that. Not only should you be mindful of this for compliance, but it could contribute to the prices you consider viable for a freelancer to charge you.
2. Determine the terms and conditions
With this in mind you’re able to actually lay out the terms and conditions of the agreement with your freelancer. Once you know what kind of additional charges you are facing as a business, it can ensure you’re able to keep fairer pricing in mind. You should not only think of your business however, but think of the charges your freelancer is going to encounter – they will have taxes and possible processing fees too. So the price they charge isn’t always necessarily the whole amount they end up with at the end of the transaction.
3. Embrace payroll tools
Managing a string of freelancers can be difficult, and the more you employ the more difficult it can become to keep track of what everyone is doing. It’s easy to get tangled up in a web of invoices and not be sure what is paid and what is not. This is why investing in a suite of tools specifically designed to allow you to manage freelancer payroll, onboarding, and project management can have hugely positive effects. Make life easier for yourself.
4. Confirm the payment is received
There are many different ways to pay someone abroad – but whichever method you choose it’s always best to ensure that you get confirmation of payment. This ensures there can be no come-back for your business later on down the line. Once your freelancer has confirmed payment has been cleared, you no longer have any obligation as your part of the agreement has been satisfied. So ensure that you get confirmation of payment receipt after you have handled the invoice and keep it for your records.
As you can see paying a freelancer from abroad does not have to be difficult, as long as you’re well prepared. Paying attention to these four simple steps can help open up the world’s expertise to your business.
