How To Handle Paying Multiple Remote Staff & Managing Finances?

[GetShitDone]

I'm managing multiple remote staff (VAs, salespeople, lead generators, etc) for my business.

My issue? My business's finances are all over the place.

Some people need to be paid on the 15th, others on the 27th, etc. I feel like I'll have to manually handle all of this... paying a new person their payment every other day.

What's even worse is I have to start hiring more remote staff as my business is growing.

Is there any software/method out there that helps you manage your expenses/revenue, automatically pay people on set dates, and just overall help you manage your entire business's finances specifically for remote staff?

Also, any tips from first-hand experience would be appreciated.

 

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[BigRomeDawg]

I think most if not all payroll processors can pay subcontractors or employees. That’s how we do it. If you can get them to use your payroll processors built in time tracking, or one that integrates nicely, then you can basically automate it.

Or else if you want to pay them like a bill, there are lots of A/R automation apps (super useful) that includes A/P (accounts payable) that make paying a shit ton of bills really easy. But I’m not sure if that’s kosher regarding payroll taxes etc..

 

[CareCPA]

Just tell them your payment schedule.
Most large business run accounts payable every 2 weeks, why should your contractors expect anything different?

 

[Kid]

If they are foreign, you can try Payoneer

 

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[aeden]

I'm managing multiple remote staff (VAs, salespeople, lead generators, etc) for my business.

My issue? My business's finances are all over the place.

Some people need to be paid on the 15th, others on the 27th, etc. I feel like I'll have to manually handle all of this... paying a new person their payment every other day.

What's even worse is I have to start hiring more remote staff as my business is growing.

Is there any software/method out there that helps you manage your expenses/revenue, automatically pay people on set dates, and just overall help you manage your entire business's finances specifically for remote staff?

Also, any tips from first-hand experience would be appreciated.

We've switched everyone to monthly payments. This includes employees and contractors. It simplifies everything. I also outsource the actual payment processing to a firm that handles our accounting.

 

[GetShitDone]

I think most if not all payroll processors can pay subcontractors or employees. That’s how we do it. If you can get them to use your payroll processors built in time tracking, or one that integrates nicely, then you can basically automate it.

Or else if you want to pay them like a bill, there are lots of A/R automation apps (super useful) that includes A/P (accounts payable) that make paying a shit ton of bills really easy. But I’m not sure if that’s kosher regarding payroll taxes etc..

Any processors/apps you suggest? I'm also in Vancouver, Canada if that helps regarding taxes, etc. Although, I don't think I need to pay any taxes if I'm paying a subcontractor overseas.

Just tell them your payment schedule.
Most large business run accounts payable every 2 weeks, why should your contractors expect anything different?

We've switched everyone to monthly payments. This includes employees and contractors. It simplifies everything. I also outsource the actual payment processing to a firm that handles our accounting.

Both of you have a good point. I think semi-monthly would work for my team. I can handle the payment processing myself if it's only 1-2x a month on set dates. Just need to find a good software/tool for it.

 

[aeden]

Both of you have a good point. I think semi-monthly would work for my team. I can handle the payment processing myself if it's only 1-2x a month on set dates. Just need to find a good software/tool for it.

It gets more cumbersome as you scale up, and there is literally no value to your business. Teach your team members to manage their own finances on a monthly basis: it's good for you and it's good for them.

 

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[GetShitDone]

It gets more cumbersome as you scale up, and there is literally no value to your business. Teach your team members to manage their own finances on a monthly basis: it's good for you and it's good for them.

To paint a picture of my remote team - I have 2 Philippines based VAs + 2 US-Based Commission Based Closers + 2 US-Based Marketers. And growing.

My clients pay once every 30 days (Subscription Based).

I guess I can just switch everything to monthly payments and pay my staff at the end of each month.

I had an agreement with my Marketer Freelancers that I would pay them X amount per monthly paying client - each time the client pays me.

I think that's the issue.

I should of told my Marketers that I'll pay them at the end of each month based on what they're owed for that month. I'll go back to them with that arrangement.

Not sure what you mean by teaching them to manage their own finances as I would be the one who needs to pay them each month. Unless you mean their personal finances or something.

 

[BigRomeDawg]

Any processors/apps you suggest? I'm also in Vancouver, Canada if that helps regarding taxes, etc. Although, I don't think I need to pay any taxes if I'm paying a subcontractor overseas.

Rock on. We should meet. I use Wagepoint.

 

[Rabby]

I'm managing multiple remote staff (VAs, salespeople, lead generators, etc) for my business.

My issue? My business's finances are all over the place.

Some people need to be paid on the 15th, others on the 27th, etc. I feel like I'll have to manually handle all of this... paying a new person their payment every other day.

What's even worse is I have to start hiring more remote staff as my business is growing.

Is there any software/method out there that helps you manage your expenses/revenue, automatically pay people on set dates, and just overall help you manage your entire business's finances specifically for remote staff?

Also, any tips from first-hand experience would be appreciated.

The idea of multiple pay schedules and manual handling is actually killing me. You do not have to do this. You're probably doing it wrong as a result of trying to do it this way. Here's what I would do:

1. Use a payroll company like quickbooks payroll, paychex, or whatever works for you. They can probably integrate with your accounting software (quickbooks, etc), but if they can't put your numbers in monthly. You should be able to log in to an online portal and enter hours for part timers and freelancers, and have payments automatically sent. Later you put controls in place and have someone do this for you.

2. Put a credit card into Upwork or another gig economy site. Set it to charge automatically when you owe people money. Keep an eye on the charges and put them into quickbooks (or your accounting software) monthly when reconcile all the other credit charges.

Don't pay people on all different days and all different schedules. That's business suicide. Have one way of doing things, as a general rule. I would just switch everything to monthly. Or biweekly. But pick one. And use a payroll processing service to take care of all the taxes, moving of money, sending of tax forms, etc. We use one of Intuit's two payroll services for two different businesses, and it works fine. Probably works in Canada too. I'm sure there are lots of available services for this in your area.

 

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[GetShitDone]

Rock on. We should meet. I use Wagepoint.

Just messaged you.

The idea of multiple pay schedules and manual handling is actually killing me. You do not have to do this. You're probably doing it wrong as a result of trying to do it this way. Here's what I would do:

1. Use a payroll company like quickbooks payroll, paychex, or whatever works for you. They can probably integrate with your accounting software (quickbooks, etc), but if they can't put your numbers in monthly. You should be able to log in to an online portal and enter hours for part timers and freelancers, and have payments automatically sent. Later you put controls in place and have someone do this for you.

2. Put a credit card into Upwork or another gig economy site. Set it to charge automatically when you owe people money. Keep an eye on the charges and put them into quickbooks (or your accounting software) monthly when reconcile all the other credit charges.

Don't pay people on all different days and all different schedules. That's business suicide. Have one way of doing things, as a general rule. I would just switch everything to monthly. Or biweekly. But pick one. And use a payroll processing service to take care of all the taxes, moving of money, sending of tax forms, etc. We use one of Intuit's two payroll services for two different businesses, and it works fine. Probably works in Canada too. I'm sure there are lots of available services for this in your area.

I completely agree with you. I'll be switching to monthly and likely do #1 in your suggested options.

To be honest, I've been so laser-focused on growth/hiring in my business that I don't even have an accounting software (Eg. QuickBooks) set up yet.

I'll be ditching PayPal to setup Stripe + QuickBooks + QuickBooks Payroll/WagePoint this weekend.