FAQs about Global Contractor Management and Contractor Payroll Solution

What is a global contractor management system?

A global contractor management system is a software platform that enables companies to manage their relationships with contractors and suppliers across multiple locations and jurisdictions. The system typically includes tools for onboarding, compliance management, risk assessment, and performance monitoring.

Why do companies use global contractor management systems?

Companies use global contractor management systems to streamline their contractor management processes and ensure compliance with local laws and regulations. These systems can also help to reduce risk and improve performance by providing real-time data and analytics on contractor activities.

Why is a contractor payroll solution important?

Fast-growing companies hire contract employees in different parts of the world to meet their talent requirements. As a result, they need to make payments across several currencies. A contractor payroll solution not only allows you to consolidate payouts through 1 common currency, but it also generates the contractor invoices accordingly.

What are the key features of a global contractor management system?
Key features of a global contractor management system include onboarding tools, compliance management capabilities, performance monitoring, reporting, analytics and data visualization, and excellent and responsive customer support.

How is a Contractor Management Platform different from a Staffing Agency?

In the case of a staffing agency, the employment responsibility for your staff shifts to the Agency. This results in far more local compliances becoming applicable like Employee Provident Fund, Insurances etc. This increase in cost is not advisable for all companies, especially the ones that are still at an early stage. Contractor management platforms, like Asanify, are an easy solution to manage your Contract Staff, with the benefits of streamlined payouts.

How do companies choose a global contractor management system?

Companies typically choose a global contractor management system based on their specific needs and requirements. Factors that may influence the decision include the size and complexity of the organization, the number and locations of contractors, and the types of services being provided.

Does Asanify offer contracts for contractors?
Yes. Asanify can help you create contracts for your contractors that are compliant with local laws in the contractor’s country of residence. Moreover, the platform offers you the flexibility to create a contract template of your own choice that can be used by your contractors.

Do contractors need to sign any contract with Asanify?
No, they don’t have to. The contract signed by the contractor is between you and the contractor.

Can we make changes to the signed contract?
You will not be able the edit the signed contract. To make any changes, you will have to create a new contract with the contractor. The contractor will sign the new contract and the old contract will be archived.

In what currency does the contractor get paid?
With Asanify, your contractors can choose the currency of their choice to get paid. We offer streamlined payment options by allowing you to make consolidated payments in just one currency. After the payment invoice is received, Asanify converts the currency and pays the contractors.

How do contractors get paid?
After we receive the invoices, we process payments through banks and third-party providers. Contractors need to enter valid bank account details on the Asanify platform to ensure successful payments/transactions.

Who bears the transfer fees or currency exchange rate differences while paying contractors?
If the currency the company pays to Asanify differs from the currency the contractor chooses to get paid in, there is a cost of currency exchange rates levied. You can choose who bears this cost, it could be borne by the Employer (i.e. the Company) or the Contractor. Please note that there may be some bank charges even for the same currency transfers.

How do I terminate a contractor?
Asanify is not involved in the termination process of the contractor. When you hire a contractor through Asanify, the contract is between you and the contractor. If you’ve offboarded a contractor from your company, you can remove their profile on Asanify’s platform.

With a contractor management platform, do I also need to follow local compliances?

Asanify recommends the best practices to all its clients for managing their contract employees. You can get in touch by dropping an email to sales@asanify.com to discuss your specific requirements.

How can I contact Asanify?
Please fill out the form on the link given below and our experts will respond to you at the earliest.