Here are 6 easy steps for setting up and using Payable:
The first step to getting your workers paid is entering your corporate bank account under "Settings":
Payable will immediately attempt to verify your bank via “micro-deposits” (small deposits between $.01 - $.99). These deposits will show up in your account by the next business day - more how the next steps to verify here: How Do I Verify and Activate My Bank Account?
For a video of how to create custom Work Types, click here.
Work Types are the large tiles across the top of the Work page that make up your company's incentive structure, or ways to get paid. These are typically broad categories of work like Hours, Activities, Expenses, but any combination of ways you pay your workers can be accommodated.
During sign up, Payable suggests a few Work Types to you right away - Hours, Expenses, and Mileage. If you do not pay workers this way, no problem! Just create your own custom Work Types. These can be based on time, money, distance, or units.
Each Work Type has a default pay rate and Payable calculates what workers are owed based on the default rates assigned. Services can modify those default rates, and individual users can have their own rates as well. More on that below.
If there are a variety of rates for work performed under those broad Work Types, use Services to help modify Work Types!
Services further specify what's being performed within your broad Work Types. Not every Service needs to have a related Work Type, however. In those cases, the rates for each can be left blank. In the example below, Front-End Design gets a specific rate for Hours, since this is an hourly task. But typically workers wouldn’t be assigning a Front-End Design service to a Delivery, so no rate will be included for that.
Getting your contractors into Payable is simple. If you have a small number, just click "Add Worker," enter their name, email, and a friendly welcome message. We'll collect their payment, tax information, and a signed W-9 directly from them during their sign up experience (more on that here).
Pay Rates can also be managed on an individual level, and are always updatable on the contractor’s profile:
When your Team, Work Types, and Services have been added, your team is ready to begin entering work, and tracking their accruing and pending payments. If you're entering work directly into Payable, Work can be added by using the big "+" in the upper right corner or on each individual Work Type. Again, with a large quantity of workers and payments, use a CSV import or our API to help you scale!
The “Work” page is the source of truth for what shows up on an invoice, but if you just want to send total payment amounts, Flat-Rate payments can be made any any time from the Payments page.
Now you're ready to pay workers! Admins will have a dashboard showing all work accruing into "Unpaid Work." Each of these is an invoice, helping you visualize what you owe in addition to maintaining 1099 invoicing compliance. Contractors will have a similar view, but only of their own work and payment information.
You can either click or tap "Send All Payments" or pay off invoices individually as you see fit!
For further details about each Worker's payment, click into each entry. From there, Admin and Approvers can dig into each line item by clicking "View & Edit Details".
When Payments are initiated, they move to "Payments in Process" and when the deposit is complete (3 or 5 business days later, depending on your set up):
Payment histories can be retrieved under "Completed Payments". In this example, we’ve sorted by Aaron Stevenson, to just see his Completed Payments. Reports can be run for individuals, or in bulk for all Completed Payments by using the “Export to CSV” button:
Get your 1099 settings set and you won't have to think about them again until you're ready to file! Payable will automatically generate a 1099 form on January 1 each year. You can then edit and approve all forms before filing them with the IRS in just 1 click.
If you have payments made outside of the app or prior to adopting Payable, make sure you make a record for these payments before the end of the tax year. More on that here - How Do I Ensure Payments Made Outside of Payable Are Reported on 1099s?
$0.99 per payment