Running your own business and freelancing for yourself is a popular choice these days. But, you need to make sure you receive the payments you’re owed. There is no one to do this for you, so you have to keep on top of it. Here are a few ideas you can use to make sure you receive the money you’re owed from clients.
Create Good Invoices
It’s important to always keep your invoices clear and presentable. There’s nothing worse and more unprofessional than a scruffy hand written invoice. This will ensure that you’re not going to get offered any projects again in the future.
Instead, you need to make sure you create good quality, professional invoices as much as you can. There are bound to be templates for invoices online or on your computer. So try to make use of them as much as you can. These are important for maintaining and displaying a professional image.
Always Bill When You Should
When you complete work for a client, and it comes to billing, they will have given you instructions. They will have given you a date by which you need to bill for the work you’ve done. And you’ve got to make sure you keep to that date. This is an agreement you’ve settled into with your clients, and you have to keep to that.
It’s important to remain professional and keep to what you arranged with your client. This will show that you can keep to agreements and always stay professional within a working relationship.
Arrange a Payment Date
Once you’ve got a system in place with your client, you need to determine a pay date. The date you bill them will often not be the date they pay you.
So, you need to try to contact them to arrange a set payment date. This should end up being the same sort of date each week or month. Try to arrange it for the end of the week so they can do it along with their other invoices.
Invoice Financing Loan
We all know how annoying the invoicing process can be. So what if there was a way to make the whole process less arduous? Well, that’s what an invoice financing loan is for. This is where you borrow a set amount of money from a lender based on what your clients owe you.
The lender will then generally collect the invoices from your clients themselves. This is a great way to deal with the cash flow problems often caused by late invoices. You can use an invoice financing loan to improve the billing process for your small business. This is an invaluable option for startup owners and one you should consider.
One of the big drawbacks of being self-employed is having to chase up money from clients. Of course, they will want to leave it as long as they can without paying you. But, this can lead to problems for you, and the business you’re trying to run. That’s why you need to make sure you use these ideas to get the money you’re owed from clients.
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