Here's how to set up a system that stops shady billing practices in 5 simple steps: 1⃣ Start by educating yourself about typical billing tricks and warning signs. Many business owners struggle because they think they don't know enough to catch overcharging or misrepresentation. 2⃣ Don't get stuck worrying about being ripped off. Stay informed about industry norms and do regular checks to make sure your payments are accurate. 3⃣ Make your payment system transparent. Successful owners boost confidence by being clear about payments, reducing stress about mistakes. 4⃣ Freelancers and contractors often worry they don't know enough to stop overcharging. Overcoming these doubts is key to success. 5⃣ Improve your payment process and keep communication clear with clients. This saves time and money, letting you focus on your work. Successful freelancers do this to make more money. Following these 5 steps helps you spot overcharging or misrepresentation and avoid financial harm. Start now to protect your business.
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Independent Strategist - supporting businesses like Klarna, EY, adidas, Google, P&G and more. Chief Freelance Officer at Leapers. Chief Manual Officer at Manual of Me. YJ Freelancer of the Year. Mental health advocate.
A reminder to anyone feeling awkward about chasing a late payment... 1/ You've delivered the work, and already provided them with a 30 day interest-free period to pay you. 2/ The "payment due" date on your invoice is the latest date they can pay you by, not the date they should start thinking about getting it sorted. 3/ Their lack of internal process and cash flow issues are not your problem. Even if their client hasn't paid them yet, you've done the work. They shouldn't have hired you if they didn't have the budget to pay you. 4/ It's not personal. You're a business, asking another business, to pay you for the work done. 5/ You're entitled to late payment surcharges and interest in law. You don't have to have included it in your terms or contract. 6/ If you're dealing with a larger company (50+ employees), speak to the Office of the Small Business Commissioner for advice, they can often take action or give you guidance on what action to take next. 7/ It's not going to damage your relationship with your client - they already damaged it, by not paying you on time. 8/ Even if it's not causing you cashflow issues, act promptly. Every invoice which doesn't get chased and challenged makes it that _little bit more okay_ for businesses to pay late. You can guarantee your client is chasing their late payers. I'm revising our ever popular guide to late payments, and would love to hear any stories from fellow freelancers, so we can include a diverse range of experiences. Hit me up if you'd like to share your story.
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What do these figures suggest? That 67% of the UK are waiting to start their own business, while only 10% are doing it!!! 🤯 As a team of experienced business owners, who’ve been freelancers, sole traders and company directors for decades, we can confirm with no doubt - there’s never a perfect time to start a business. One of the most common reasons that stops people from starting a business is financial. Making sure you get paid correctly and on time is a big responsibility, especially when you’ve got essential bills to pay. We know it’s a big problem for business owners but we also believe it shouldn’t cost the earth to fix it. That’s why our invoicing generator only costs £5 a month and you can cancel anytime. If you’re one of the 10% that’s already in business but looking to cut costs - We can help you! Grab your 30 day FREE trial at: https://buff.ly/40ybUFl #smallbusinesstips #smallbizinvoicing #freesoftwaretrial
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Getting clients to pay for your services in good time is a challenge for many entrepreneurs and businesses. And the challenge can harm any business if not dealt with proactively. One of the biggest responsibilities of business owners is managing cash flow. Without a thorough process to protect yourself, you could end up working hard for your customers/clients, piling up unpaid invoices, and sometimes getting ripped off. This is a nightmare scenario. But it’s more common than you might think. If you’re on the fence about accepting a client but need the income, here are a few things you can do to protect yourself: 1. Collect at least 50 percent of your project fee up front – before you begin the project. If you are able to collect 70% upfront then you are safe. 2. Schedule milestone payments throughout the duration of the project. 3. Consider working with them on a smaller (trial) project to make sure you can collect before moving on to bigger commitments. 4. If you’re able to do it, consider working only with established companies who have a good reputation for paying their freelancers and partners on time and in full. If you do run into a client who won’t pay – and you’ve already done the work – realize that you’re not alone. Businesses get burned at one time or another, but a little preparation up front can reduce your risk. See my 2021 guide to helping businesses get paid and recover unpaid invoices. #debtrecovery #invoicing #smallbusinessstrategy #businessadvice #startuptips #businesstips
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Non CA(SA) Accounting Professional | Skilled in Financial Data Analysis and Financial Excellence | Driving Strategic Growth | Upcoming Thought Leader and BPR Specialist within the Financial Industry
December Reminder for Small Business Owners and Freelancers As we gear up for a busy December, here's a quick reminder: Don't Overcommit: Quality over quantity, always. Taking on too much can harm your rep—politely decline if you're fully booked. Delegate Wisely: It's a strength, not weakness, to ask for help. Delegate when needed. Paper Trail Matters: Keep those receipts and invoices in check. Financial clarity is key! Learn to Say No: If you're maxed out, be upfront. Honesty beats disappointment. Guard Your Rep: Reputation is everything. Be transparent, manage expectations, and watch your business soar. 🎊
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As part of #NationalFinancialAwarenessDay we take a look into how late payments are affecting the freelance and small business market with tips for safeguarding your finances. Read more about late payments here: https://bit.ly/3M2RTA8
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Building the right team can play a big part in your business’s growth, but that’s not always easy. Using freelancers, who fill the skills and knowledge gaps that you don’t have yourself, can help you make the first steps in this direction. It’s also vital to have the right external experts in place, such as an accountant and financial adviser, who understand your business and help you achieve your goals. Find out more: https://lnkd.in/eKWkTSjv #investments #finance #financialplanning #financialadvice #financialmanagement #lifestyleplanning #financialplanner
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Building the right team can play a big part in your business’s growth, but that’s not always easy. Using freelancers, who fill the skills and knowledge gaps that you don’t have yourself, can help you make the first steps in this direction. It’s also vital to have the right external experts in place, such as an accountant and financial adviser, who understand your business and help you achieve your goals. Find out more: https://lnkd.in/eKWkTSjv #investments #finance #financialplanning #financialadvice #financialmanagement #lifestyleplanning #financialplanner
Surround yourself with stars: why building the right team is critical to growth
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🌟 Stay on Top of Your Invoicing! 🌟 We all know how important it is to manage our finances effectively, especially for business owners, freelancers, and entrepreneurs. One key aspect of this is staying on top of your invoicing. Here are a few tips to ensure you never miss a payment: 1. **Set Clear Payment Terms**: Make sure your clients know when and how to pay you. Clear terms lead to fewer misunderstandings. 2. **Use Invoicing Software**: Tools like QuickBooks can automate and streamline your invoicing process, making it easier to track and manage. 3. **Invoice Promptly**: Send out your invoices as soon as the work is completed. Prompt invoicing can lead to faster payments. 4. **Follow Up**: Don’t hesitate to send friendly reminders if a payment is overdue. Sometimes clients just need a little nudge. 5. **Keep Records**: Maintain detailed records of all invoices sent, payments received, and outstanding balances. This will help you stay organized and prepared for tax season. Remember, effective invoicing is crucial for cash flow and maintaining healthy business operations. Let's make invoicing a priority and keep our finances in check! 💼💰 #Invoicing #BusinessTips #FinanceManagement #StayOrganized #GetPaidOnTime #BooksNeedKeeping
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Building the right team can play a big part in your business’s growth, but that’s not always easy. Using freelancers, who fill the skills and knowledge gaps that you don’t have yourself, can help you make the first steps in this direction. It’s also vital to have the right external experts in place, such as an accountant and financial adviser, who understand your business and help you achieve your goals. Find out more: https://lnkd.in/eKWkTSjv #investments #finance #financialplanning #financialadvice #financialmanagement #lifestyleplanning #financialplanner
Surround yourself with stars: why building the right team is critical to growth
partnership.sjp.co.uk
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I've had two conversations in the past week about processor fees as a freelancer/business owner. Should you pass along that 2-3% cost for your clients who want to pay with a card or should you just absorb that cost yourself? You'll hear different people give different answers, but I always choose to absorb those costs. And here's why... I like to run my business in a way that I'm treating others how I'd like to be treated as a customer. That's why if I think something isn't fair or right, I won't operate that way. As a customer, I HATE when I get assessed an additional fee because I'm paying in a way that is most convenient to me. I've paid over $2k in these fees so far this year. But I've had to chase zero invoices (outside of some automatic reminders from my invoicing software). The convenience ensures that customers pay more easily and on time. So where does the money to cover those costs come from? Build that into the cost of running your business. There's an argument to be made for transparency pricing, but at the end of the day people don't want to see they're getting charged extra for a convenience. It's an expectation and a higher level of service. So I'd rather just set my pricing and my spending habits, with the idea in mind that I'm going to have to pay that fee. Because it's just the cost of doing business. As a business owner, I've assessed that this cost is a convenience my customers shouldn't have to think about and should be available to them. Do I love it then when someone skirts that and pays directly via a wire/ACH transfer or even a check? Sure! But I'm still going to offer the ability for customers to pay in a way that is most convenient for them. And I won't be charging them an extra fee to do it. I refuse to chase a couple bucks at the expense of making things more difficult or annoying for clients. It's the cost of doing business.
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