Before stepping into the freelance world, you have to understand that until you grow, you will be your own accountant. This means you are solely responsible for getting paid for the work you’ve done. And this takes place using invoicing.
In this episode, you will...
- Learn what is an invoice and why it's important to have one
- Gain an understanding of what your invoice should include
- Understand when an invoice has a legal value
- Get tips on how to get your clients to pay you on time
- Find out what late fees us and if you should apply them in your freelance business
- So pay attention when you draft your contract and if you want to include the clause of late fees because if you add it only on your invoice, you might never get that money.
- What I want you to remember is that your invoice has no legal value without a valid contract signed by both parties. That’s why making it a prime concern that you start working on a project ONLY after the freelancer agreement or contract is signed.
- An invoice is important because anything can happen: your client might cancel the project, you might decide to cancel the project. And this is a way to make sure you will be paid for the service you are offering.
- If you nurture a great relationship with your client, invoicing will be hassle-free. When you establish a more personal connection, your client will feel fully responsible for paying you on time.
- Do not delete your invoices once those are paid. Keep a print copy and a digital copy of all of them, you will need those for tax purposes.
- If you negotiate your payment terms and amount with your client over the phone, make sure you are dropping an email explaining all that was discussed. For legal purposes, it is always best to have everything in writing.
- You can use apps like Freshbooks to track your invoices and keep it all organized. Or you can do this manually.
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Until next time,