According to the U.S. Bureau of Labor Statistics, in 2021, over 47 million Americans voluntarily quit their jobs — an unseen mass exit from the workforce. Covid-19 triggered the Great Resignation as people across the globe valued health, wellbeing and entrepreneurship higher than corporate careers.
Gig economy and self-employment are on the rise worldwide and businesses of all sizes rely on service providers, independent contractors and contingent workforce more than ever before. However, managing numerous service providers, compliance, billing and cross-border payments is a challenge for most businesses.
To address the need to compliantly manage and pay thousands of one-off vendors, service providers and freelancers, TFY offers a portfolio of software solutions, including ATS (applicant tracking system), VMS (vendor management system), EOR (employer of record), FMS (freelancer management system) and full automation of billing, cross-border payments, payments in 20+ crypto currencies and document management.
Although the UK-based Transformify Ltd stepped in Asia in 2017 for the first time, its recent expansion propelled the launch of the new brand – TFY, standing for ‘’ Think For Yourself’’. TFY serves business leaders who think for their businesses and their teams and focus on the automation of routine vendor management tasks to drive business growth.
The Global Product Manager of TFY, Taras Pasecnics, said: “The end-to-end automation of billing, payments and document management allows our business customers to focus on innovation and value creation. They can scale their businesses faster and save 60% on vendor management costs on average. After all, who wants to spend their budget on manual reconciliation of thousands of payments, chasing service providers for invoices, sourcing the right independent contractors for the next project and educating them on issuing tax compliant invoices when a powerful vendor management software can do it all in a blink of an eye?”
TFY acts as CaaS (Company-as-a-service) to ensure full automation of the billing and payments process to service providers, independent contractors and freelancers. The company’s product portfolio is diversified to take care of on-boarding, compliance, self-billing and payments across the globe so that TFY’s business customers enjoy peace of mind and save up to 60% on costs on average.
About Transformify Ltd and TFY
TFY provides global payroll on-demand and vendor management software. Mid-sized businesses and enterprises use TFY to compliantly source, manage and pay vendors, service providers, freelancers, independent contractors and employees. Transformify Ltd is a member of the Digital Skills & Jobs Coalition of the EU Commission and received many awards. TFY supports a variety of payment methods including SEPA, SWIFT, Payoneer e-wallet and prepaid card, HSBC, Rapyd, Revolut, as well as payouts in 20+ cryptocurrencies.