Focus on your core business and let us manage the administration of your qualified independent contractors…
Eliminate IC Administration Headaches with ICpay®
In today’s new talent landscape organizations must blend traditional and flexible workers to achieve their goals. The best person for a project is often an independent contractor or a small service provider rather than an existing employee or agency temp. Now you can safely and efficiently administer and pay your qualified Independent Contractors with the TalentWave ICpay Agent-of-Record (AOR) engagement solution.
There are many unique challenges to managing and administering independent contractors, including developing master agreements, authorizing contractors, and documenting tax compliance. By outsourcing to TalentWave, you’ll have a streamlined and cost-reducing independent contractor process that’s in compliance with all federal and state regulations. And you’ll be able to focus your team on your core business.
How does it work?
ICpay is a seamless extension of our Independent Contractor compliance service. As your Agent-of-Record TalentWave engages qualified ICs on your behalf. We act as the intermediary between your company and the individual workers, ensuring contractor compliance, handling invoices and payments, and issuing a 1099 at year-end.
The proven TalentWave ICpay engagement solution helps your organization safely and cost-effectively engage and manage your flexible workforce, increasing business efficiency while reducing your risk.
Your Entire IC Workforce as a Single Line-Item
For companies that utilize many independent contractors, the burden on back-office operations can be overwhelming. Each short-term contractor engagement represents a new “vendor”, “person”, or “obligation” for a different department to set up, onboard, review, or pay. Multiply those costs by dozens or even hundreds of workers, and the cost can grow exponentially.
As your Agent of Record, TalentWave administers all the back-office functions related to Independent Contractors, including payroll and government reporting requirements. Your company need only maintain a single vendor relationship with TalentWave, and all its IC spending is consolidated into a single line-item.
ICpay is Powered by iConnect®
iConnect®, TalentWave’s award-winning front-office technology platform, makes it all possible. The iConnect solution provides comprehensive self-service functionality and visibility to your staff and contractors while providing the necessary administrative tools for the TalentWave client services team.
Contractors appreciate the ease and convenience of using iConnect. They simply submit invoices through the system, then track them as they move through the approval and payment process. Payments are received faster since electronic payments from TalentWave are transmitted directly to contractors’ bank accounts. Year-end tax forms are automatically emailed, but the contractor may also download the documents from the site at any time.
As invoices are submitted, iConnect requests approvals from your project managers. Twice monthly, procurement managers are asked to review the consolidated bill, provide budget authorization, and assign the purchase order. The system is completely transparent – your staff has access to every IC invoice and all payment histories.
The ICverify module within iConnect ensures your company is in full compliance with federal and state reporting requirements. Your assignment of TalentWave as your Agent of Record is documented during the iConnect set-up, as are all required disclosures and disclaimers to the contractor. Year-end tax reports are automatically filed with the appropriate agencies.
- Onboarding documentation management
- Compliance with client policies for background checks, drug screens, NDAs, etc.
- Contract administration
- Online invoice submission, expense reporting, and approval
- SOW/PO/deliverables validation
- Consultant payment processing and distribution
- Consolidated invoicing
- State required reporting
- Tax reporting and year-end issuance of 1099s
- End-of-engagement management
On-going Supplier Management
- The engagement is monitored by TalentWave’s support staff
- Any federal/state notifications are issued
- Expiry dates of supporting documentation are tracked
- Changes in project scope, duration, etc. are noted
- Exhaustion of purchase order (date or budget) is tracked and reported
- Monitoring and enforcing client break-in-service/tenure policies
- Changes in regulatory environment are monitored
- Customized management reporting
There's Much More
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