You know how to do the work, you’ve landed the clients, and now it’s time to make some money! So how do you actually go about getting paid for the work you do?
Cash flow management for freelancers is more than just finding clever ways to save money personally and professionally. It means getting paid for the services you provide but that, unfortunately, requires more than sending out an invoice and then sitting back waiting for your payment. You need a tool that helps you keep track of your invoices and always ensure you get paid just at the right time.
What is the myth? : My clients will pay their bills on time.
Most freelancers believe once the work is done, Clients will pay their bills on time. As easy as that sounds, most clients default in paying at the right time for services rendered by a freelancer.
What is the reality? : Clients may pay whenever they feel like it.
A great client will pay as soon as your invoice hits their email box, but many will not. You will have to keep track of all your own expenses as well as keeping track of client invoices and follow-up invoices.
Also Read: Freelancing Tips: Clients Interaction Fundamentals.
In this post, we will be sharing three (3) tips to ensuring you get paid at the right time;
1. Try to get paid upfront
Always try to get paid upfront. Not just for deposits, but for everything. That’s the best case scenario to ensuring you always get paid on time.
However, some Clients will insist you get started before getting paid. For those type of clients, ensure you have a contract to initiate the agreement and payment terms and also try to send your invoice upfront and set your payment deadline to few days after the delivery of the project.
2. Invoice Frequently
This is a valid trick to shortening the time it takes for you to get paid as a freelancer. The shorter the loop between sending out an invoice and getting paid, the better.
A great way to deal with this kind of financial paperwork is to use an all-in-one invoicing app, such as Invoice. Invoice is actually completely free to use and can help get your invoices noticed and paid quickly. You can also easily send reminders for those clients who accidentally forget to pay.
Also Read: Freelancing Tips – How to differentiate yourself as a freelancer.
3. Make it easy for your clients to pay you
Do everything within your power to make it very simple for clients to pay you. Set yourself up to accept online payments – in addition to opening up a broader reach of customers, you won’t have to wait for a check to arrive in the mail.
Invoice offers freelancers the opportunity to accept payments online from Clients. All you have to do is to ensure your bank details is connected to your invoice account.
Remember, if you want to get paid on-time make sure you communicate frequently with your Client, have set clear expectations and frequently send an invoice reminder. Here’s to getting paid 100 percent of the time!
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