We’re in a fantastic industry where there’s a hard deliverable that clients pay for–files. :)” Don’t Release Files until You’ve Received a Final Payment Though generally, a gentle email reminder is all it takes. Jonathan Longnecker of Kicktastic tells “We bill for time spent on projects every two weeks and have language in our contract that says if it’s not paid by the time the next billing cycle comes around we can stop working on it. Example: You bill now for 40 hours, at hour 20 you bill again for 40 more hours. Get paid before you work, never work before you have the money. But the only way I advise you to work hourly is by billing in advance. Hourly WorkersĪs a past consultant, I liked working hourly instead of project-based billing. The money is due right now, so use net 0 and get paid faster. Outstanding invoices turn into overdue invoices and you don’t become a higher priority by allowing your client to slide by without communication (email or phone). The longer an invoice sits on the desk of your client the less likely they are to pay you. Set your invoice terms to have a shorter due date I suggest net 0. Shorter Outstanding Invoices, The Money is Due Now Clear purpose and direction can help both you and your clients understand the expectations when it comes to invoicing. These recommendations can help you manage your invoices with purpose. Have Less Outstanding Invoices on Your Books I’m going to write this article from the perspective of a web/graphic designer or web developer. As a business owner and guardian of the cash flow, you don’t want these outstanding invoices to become unpaid invoices, so let’s figure out how we can prevent that from happening.Īn outstanding invoice is a cash flow issue waiting to happen, especially for freelancers. Outstanding invoices are unpaid but not quite late. In a previous article, I talked about how to deal with unpaid/overdue invoices, but outstanding invoices are not technically late…yet.
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