All freelancers and SMB owners normally feel skeptical about the billing and invoicing for their services. It can be somewhat intricate process for small scale enterprises to send out invoices than focus on the growth of their company. There is a huge possibility of not getting the payment in a timely manner, even if these invoices are sent to the clients’ inbox. It is a common tendency for a freelancer to think that the more he works, the more shall he get paid; however, if there’s no guarantee for the payment to be released in time, the growth definitely suffers.
A self-employed person shall very well understand what it feels like to wait for a delayed check, to appear in the mail after days and months of toiling hard for it. There are a set of points that must be kept well in mind so that your focus can simply rely on your work rather than the invoicing issues.
An Ounce of Prevention is Worth a Pound of Cure
It is better to talk out the terms and conditions well before a projects sets to sail. It isn’t an extremely complicated thing to do. All that is to be done, is to explain your payments terms well before starting your work on the job. In fact, as most reports state, In order to receive the payment within 30 days of the task, the payment terms should be set to 13 days or less as most clients pay the invoice two weeks later than when they receive it. Moreover, it can be considered wise if you submit your job and send the invoice as early as possible.
A Stitch in Time Saves Nine
Gone are the days when the traditional payments options like writing a check or direct payment were preferred. It is about time, that all the SMB owners and freelancers realize the importance of going electronic. With a number of online payment options, a series of steps are reduced between the payment process of invoice generation and getting paid. Through the means of electronic payment options, the speed at which the cash gets transferred is logically increased. Through a smart way, you can simplify the payment process for the clients and receive your cash faster.
The electronic payments options extend to a list of methods that include:
– Credit Card Payment
– Online invoice software like Invoicera
Snail Mail is probably one method for invoicing that has existed since Stone Age. However, its use in the current era seems extremely illogical. But if you have chosen to stay in the age of the ape-man then, it is perfectly understandable. Otherwise, it is definitely an old-fashioned means of invoicing that must be discontinued and exchanged by the modern payment options.
It is extremely crucial to increase the ease of the payment process, so the time saved can be utilized into finding new prospects for the growth of your business. For an invoice generation, all you should be able to do is hit a button, and send it to the client at a lightning speed. Once the invoices are delivered, the software facilitates you to store them in a database for the purpose of record keeping. Once the customers make the payments, a good record of the invoices makes it convenient for you to refer to them later on.
Setting up an online Invoicing software allows online payment for invoices through the means of credit card or online transfers. With this, all the monthly clients can set up automatic billing, which means that their cards can be recharged on the 1st of every month. Also, through this, they can pre-pay for the service of a year before-hand. With the help of an online invoicing software, you wouldn’t have to have an extremely detailed knowledge about accounting or bookkeeping, the software is easy to and understand and use. Hence, in order to develop a successful career in freelancing or grow your SMB, you need to set up an efficient online invoicing software. With the less time-consuming way to keep a track of your business cash flow and to maximize its earning potential, you are sure to achieve more!