10 Tips For Freelancers To Get Paid On Time
Timely payments are extremely important for the success of your freelance business. Getting paid on time and ensuring that you are doing business with the right set of clients is absolutely essential. Keeping in regular touch with your clients and getting a pulse of their business helps you gauge their business situation well. It also helps you get a better understanding of client needs and provide better services.
Here are some tips that can help you with a stable cash flow and business growth:
One of the very important aspects of running a freelance business is to look and sound professional. Sending mails in a professional way and having conversations where you are showcasing your expertise is very important. Sending professional invoices with company logo and address, also helps you establish yourself as a serious freelance business owner.
Send Estimates On Time
Sending estimates to clients helps in maintaining a clear stand about the pricing of the service. Besides that, it is helpful in taking prior approvals on the costs, reducing any chances of disputes later on.
Insist On Getting Purchase Orders
A purchase order is a formal document from a client, that approves of the service, instructing to start the project. The document helps making a transaction more transparent reducing the chances of a dispute.
Online payments are useful in reducing the time and effort in the process of payment. Having a paypal account where you can receive all the payments, online is very helpful in hastening the payment process and reducing follow up costs.
You must send the invoices as soon as the project is complete. Schedule them if you do-not have to e-mail them manually. Scheduling invoices using an appropriate online invoicing software helps your focus on the task at hand and send your invoices on time.
Send Work Reports
Detailed work reports are very important for ensuring that the client understands the work you have done. Sending complete details, raises the level of satisfaction and improves the chances of timely payments.
Add Late Fee To Invoices
Adding a late fee to your invoices, helps keeping your client aware about the importance of paying up on time. Keep a small percentage for the client to know that there is a penalty for being late.
Adding an appropriate due date to invoices is very helpful too. It is very essential for the client to know when to pay up. Automatic payment reminders are helpful in getting paid on or before the due date of the invoice.
Keep a check on the outstanding amount of each and every client before sending out the invoices. This is very important in case of late paying clients. View outstanding reports to understand which clients are constantly paying late. Send out warning e-mails insisting on timely payments, going forward.
If you are billing for your time, tasks or projects, you must ensure that the bills that you send out are accurate. Using online tools like Invoicera (and other tools for freelancers) help you track hours and manage tasks easily. Ensure that you send out authentic and accurate information in your invoices. This would reduce the chances of a disagreement at the time of payments. Adding additional terms and conditions gives more transparency to the process.
As a freelancer you toil hard to get paid for your services. Choosing to work with clients who always pay up on time is always a wise decision. Ensuring that all the existing clients always pay up on time can be challenging. Following up regularly, communicating effectively and building a relationship with clients ensures regular flow of cash.