Agent of Record (AoR)

Introduction to Agent of Record (AoR)

Companies often face challenges in managing their contractor and freelance workforce efficiently and compliantly. An Agent of Record (AoR) plays a pivotal role in this landscape, acting as an intermediary to streamline processes and mitigate risks. In this article, I will delve into the concept of an Agent of Record, its importance, and how YunoJuno leverages this role to offer unparalleled services to businesses worldwide.

What is an Agent of Record (AoR)?

An Agent of Record (AoR) is a designated entity that acts on behalf of a company to manage various aspects of its contractor and freelancer engagements. This role encompasses a range of responsibilities, including compliance management, payment processing, and administrative tasks. By appointing an AoR, businesses can ensure that they adhere to legal and regulatory requirements while focusing on their core operations.

The role and responsibilities of an AoR

Compliance management

One of the primary responsibilities of an AoR is to ensure compliance with local and international labour laws. This includes verifying the right-to-work status of contractors, classifying workers correctly, and managing tax obligations. YunoJuno's built-in global worker classification and tax compliance features, provide businesses with peace of mind.

Payment processing

Timely and accurate payment processing is crucial for maintaining a positive relationship with contractors. An AoR handles the disbursement of payments, ensuring that contractors are paid on time and in their preferred currency. YunoJuno offers fast payments to over 150 countries, ensuring that contractors receive their dues without delay.

Administrative tasks

Administrative tasks such as contract management, timesheet tracking, and communication can be cumbersome. An AoR simplifies these processes by providing a centralised platform for managing all contractor-related activities. YunoJuno's platform allows businesses to manage multiple bookings, check day rates, view timesheets, and communicate with contractors seamlessly.

Benefits of using an Agent of Record

Cost reduction

By outsourcing the management of contractors to an AoR, businesses can significantly reduce their administrative and compliance costs. YunoJuno's platform has been proven to reduce sourcing costs by up to 80%, making it a cost-effective solution for managing a global workforce.

Time efficiency

Hiring and onboarding contractors can be time-consuming. An AoR streamlines these processes, allowing businesses to hire in minutes. YunoJuno's automated contracts, workflows, and data storage features enable quick and efficient onboarding, saving valuable time.

Risk mitigation

Misclassification of workers and non-compliance with labour laws can result in hefty fines and legal issues. An AoR mitigates these risks by ensuring that all engagements are compliant with relevant regulations. YunoJuno's compliance technology includes instant global worker classification and indemnity against misclassification, providing businesses with robust protection.

Case studies: YunoJuno in action

Global tech company

A global tech company faced challenges in managing its freelance workforce across multiple countries. By partnering with YunoJuno, they were able to streamline their hiring process, reduce sourcing costs by 70%, and ensure full compliance with local labour laws. The company now enjoys a 98% successful booking rate and has significantly improved its contractor management efficiency.

Creative agency

A leading creative agency needed a reliable solution to manage its diverse pool of freelancers. YunoJuno's platform provided them with direct access to over 100,000 elite contractors, allowing them to source the best talent quickly. With automated contracts and fast payments, the agency was able to onboard and pay freelancers effortlessly, enhancing their project delivery timelines.

Conclusion

An Agent of Record (AoR) is an invaluable asset for businesses looking to manage their contractor and freelancer engagements efficiently and compliantly. By handling compliance, payment processing, and administrative tasks, an AoR allows companies to focus on their core operations. YunoJuno stands out as a premier provider, offering a comprehensive platform that simplifies contractor management, reduces costs, and mitigates risks. With a proven track record of success, YunoJuno is the ideal partner for businesses seeking to optimise their freelance workforce management.