VMS for Independent Contractors and 1099s
Managing Independent Contractors
1099 workers, also known often as independent contractors (ICs) or consultants, can help a company balance peaks and valleys of workload, assist with specialize skill sets or cover for an employee absence. However, if independent contractor use is not carefully monitored by management, the result can be a costly tax re-classification, fine, penalty or other legal liability.
Work Nexus delivers an enterprise-wide overview of your IC usage, resulting in transparency and greater control across all stages of procurement. This allows you to ensure compliance and minimize exposure to employment misclassification or litigation. For example, the system supports defining of work roles, onboarding processes and safety policies, in addition to other processes your company requires for the management of your contingent workforce. Ensure your ICs are bona fide and then pay them by milestone achievement or the receipt and approval of deliverables.
What’s more, IC documentation can be loaded into the system to support audit requirements and the monitoring of expiry dates.