CFO co-pilot

At least seven employees within a medium sized organization are typically involved in dealing with the onboarding of one new IT contractor. The HR and legal department specialists are working on the agreement with the new contractor. The Compliance team is checking the person’s background and credentials.

The Accounting team is figuring out and negotiating the best way to pay for an international contractor and collecting the personal and tax info of the contractor. If the tasks involve transferring the IP rights from a contractor to the company, then an additional IP rights counsellor is required. And of course, there is a line manager, who establishes the working processes with the new contractor, agrees on how tasks are set, results transferred and accepted and working materials are exchanged.

Whenever the contractor has a question about the documents for his tax declaration or delay in receiving pay, someone within the organization needs to deal with the contractor’s requests.

When an organization hires a contractor using Arbonum - we take care of all compliance, IP rights transfer, remuneration, and many other matters. And while the line manager still needs to communicate with the contractor, they only discuss tasks, not a myriad of support related matters. Eliminating additional costs and headaches for most organizations is our everyday job.

We’ve noticed that banks and tax authorities in some countries are overly suspicious with companies paying private contractors. And when contractors are located in “exotic” or “difficult” locations, then it makes matters even worse and such transactions may be declined by the banks.

Every contractor registered in the Arbonum platform undergoes thorough compliance checks and verification procedures that we conduct in cooperation with professionals from SumSub Ltd. Arbonum works with tens of banks and payments institutions, we understand the banks’ concerns and thus are able to address those effectively. We make sure that by using our platform contractors receive their remuneration fast and with no delays, no matter in which country they reside and no matter which payment method the contractors choose.