Client Story
Edutech Lab reduces manual work by roughly 20%
During a period of high growth, Edutech Lab faced multiple challenges while expanding its contractor usage and scaling operations. WorkMarket helps the company more efficiently onboard and pay their workers, while reducing complexities during tax filing.
The Challenge
Edutech Lab, a global standardized English language proficiency assessment and learning content developer, was faced with dramatic growth and needed to triple its independent contractor base after it had already doubled from 2018 to 2019. This was going to be a difficult task to achieve, as they were primarily working with contractors through very manual processes. This lack of technical capabilities caused confusion and complexity in their payments process, increased their compliance risks particularly during year-end filing, and stymied their ability to grow outside of the United States.
The solution and results
Taking the guesswork out of the process
With transitioning to WorkMarket, Edutech Lab was able to move from a fractured, manual, error-prone process to an automated system that reduces administrative burden while improving contractor visibility, confidence, and satisfaction. During onboarding, workers’ U.S. bank accounts and tax IDs are collected and verified with the IRS. Bank accounts also go through verification checks to help ensure authenticity, and workers cannot receive payment until both the tax ID and a payment method are officially verified. With these automated checks in place, it was easy to just sit back and receive alerts on each worker’s status in the onboarding process.
"Contractors seem more comfortable providing their sensitive tax and bank information through WorkMarket rather than through links being sent to them electronically." - Gina Caruso, Branch Manager
A full payment solution for a global footprint
Edutech Lab was managing thousands of payments each month, and with that came manual errors and incorrect payments. One of the key advantages WorkMarket provided to help solve this was the ability to bulk upload payment files for batch sends. By utilizing WorkMarket’s API capabilities, Edutech Lab was able to generate a payment file, with all their required fields for payment, and upload that file for processing. Additionally, WorkMarket enabled Edutech Lab to tap into a wider pool of contractors to address their growing global client base by allowing them to provide workers with a wider variety of payment options. With these additional payment options, such as PayPal or Hyperwallet, they were no longer limited to solely working with contractors in the United States.
"The option of offering multiple different payment types has given us a big advantage in finding talent across the globe." - Gina Caruso, Branch Manager
Electronic processing supports rapid growth
Edutech Lab was in need of the ability to maintain compliance at scale. This meant removing the manual processes that were not only taking a significant amount of staff time, but also were being managed by people who were not tax or compliance experts. WorkMarket’s platform enabled Edutech Lab to automatically track each contractor’s payments and electronically prepare the proper tax forms based on the contractor’s location. There was no longer a need to manually furnish and file the 1099-NEC tax forms for each contractor. WorkMarket took care of the heavy lifting by automating the sending, filing, and furnishing for each applicable contractor.
"I'm not a tax expert, accountant, or anything like that. So, the switch to WorkMarket has allowed me and others more time to focus on things that impact our bottom line, instead of worrying about these manual processes that are outside of our area of expertise. - Gina Caruso Branch Manager
WorkMarket at Work
Why WorkMarket
When you use WorkMarket, you gain access to tools designed to support contractor payment and workflow coordination.
Increase contractor satisfaction
A seamless account setup and payment experience for workers.
Meet customer demand
Ability for you to quickly identify which of your workers are right for your jobs.
Focus more on what matters
Streamlined processes, cut down on inefficient manual tasks, allowing more time for you to focus on your business.
Improve compliance
Efficiently review and track your business requirements.
Gain visibility into your contractors
Real-time analytics on contractor spend and usage.
Reduce cost, drive profitability
Streamlined processes save time and money.
Two-minute overview
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Interactive demo
Click through our self-guided demo to see how you can facilitate contractor payments and workflows with ease.
