While freelancing seems like a lucrative and flexible job, it has its share of setbacks and challenges. Meeting tight deadlines, weeding out clients, timely payment, work-life balance, accounting, and billing happen to be some of them, among a list of others. Paying payments on time is perhaps the most obnoxious habit that any freelancer has to deal with from time to time. Furthermore, the daunting task of billing and invoicing swells up to make things worse.
Here are some tips on how to streamline your freelancing work to create a better flow and get paid on time.
Billing Clients on a Regular Basis
Clarifying payment terms before onboarding a client or before signing a contract may well be the best way to assure that you get paid on time. This helps minimize the problems that may further arise. However, it is also important to set a frequent payment method to ensure a smooth flow of cash. Most freelancers choose to collect their cheques in quarters or at the end of every month. As a rule of thumb, one should choose to bill their clients more frequently—on a weekly basis or as soon as the project is completed. This enables people to pay their utility bills and other expenses on time.
Make sure to send your Invoices Immediately
Once you have completed the work, make sure to send your invoice right away. As everyone knows, invoicing is a commotion that often puts one on a roller coaster ride. While one may be excited to receive their payment, there can also be a ruckus with paperwork piling up a mountain due to delay. Sending invoices right after completion of work reduces the risk of missing out on bills. Developing a consistent and immediate billing process will help to make the process as efficient as possible.
Rewarding Clients who Pay on Time
In the same way that you can charge late fees to your clients for not paying on time, why not offer them a good discount to pay you promptly? This can help both parties smoothly carry out the operations. Subsequently, it will also attract the interest of your clients to work with you and pay you on time.
Accept more than one Payment Method
Give your clients a range of secure and comfortable payment options to choose from. In a constantly evolving digital world, numerous payment tools and platforms have emerged to give one a convenient and soothing experience. Instead of dealing with a baffling bank transfer, one can set up online payment methods for easy and quick transfer of payments.
Maintain your Professionalism
Would you like to work for someone with whom you share similar values or are friends? Sometimes you might have to work for your friends, ex-colleagues, or acquaintances. While there are a lot of amazing things you may have shared together, partaking in the professional space can be a whole new ball game for both parties, particularly in terms of payment. There is no assurance that you will get your payment on time. However, one needs to stay professional and, before signing up for the work, discuss the payment terms and set expectations. For clients who fail to make timely payments, you can send them reminders and follow-up emails with a polite tone. Besides, sending a gratitude note along with the invoice is a good way to show your client you appreciate them. While this may not seem important, it will ensure you retain your clients and receive payment on time.
Make use of Cloud-Based Invoicing Software
Freelancing, like any other business, involves a lot of accounting work-managing invoices, submitting taxes, and so forth. Amid the plenty of free invoicing software options available on the market, ZimTik is one such platform that is designed to make things a lot easier for freelancers—from creating tasks to tracking them and invoicing clients automatically once the work is completed.
The simple dashboard makes it convenient for even a non-techie person to understand. Work can be done in one’s own currency, but invoices can be made in any cross-border currency. ZimTik not only helps freelancers handle and prioritize their work or send timely invoices but also saves time by creating tasks faster than spreadsheets and money on mailing paper invoices. There is no doubt why ZimTik is one of the most beneficial tools for freelancers and consultants.
Angela is a senior editor at Dreniq News. She has written for many famous news agencies.