It’s hard to deny the advantages of working as an independent contractor. In addition to being your own boss, you get to set your own schedule and exercise control over how much work you take on. However, as any longtime contractor can confirm, being self-employed also has its fair share of disadvantages. For example, you’ll need to find a steady stream of clients in order to make ends meet – and attracting repeat business will require a considerable amount of time and effort on your part. Furthermore, you’ll often be required to take the initiative with regard to collecting payments. Unfortunately, this can prove difficult if you’re unfamiliar with the proper steps. To ensure that you’re paid for your work in a timely and stress-free manner, put the following tips to good use.
Promptly Send Out Invoices
The sooner you invoice a client, the sooner you can expect to receive payment for your work. Many fledgling contractors have a habit of waiting until clients request invoices to send them. These individuals believe that submitting invoices that haven’t been officially requested constitutes pushiness. Unfortunately, if you don’t take the lead and send out an invoice, there’s no guarantee that a client will request it. When it comes to requesting payments, it’s recommended that you nip things in the bud by submitting invoices within 24 hours of completing your jobs. To expedite the invoicing process, you can create your invoices online at Aynax.om.
Agree on Payment Dates in Advance
If you find the invoicing process to be too cumbersome, consider working out all fees and payment dates with your clients prior to starting each job. This will save you the trouble of writing up an invoice for every assignment you complete. Keep in mind, however, that not all clients will be open to this idea. Most businesses that regularly work with independent contractors require them to keep track of their fees, assignments and hours, so suggesting an alternate arrangement won’t go over well with everyone.
Have a Contact at the Company
When working as an independent contractor, it pays to have at least one contact at every company you work for. This ensures that you’ll have someone to reach out to whenever a payment isn’t processed on time. Since the vast majority of late payments are directly attributable to miscommunications and clerical oversights, dropping a line to your company contact can be an effective way to get the ball rolling again.
There are many perks associated with working as an independent contractor. If you’re a self-starter with a penchant for hard work, you’re sure to enjoy being your own boss. In light of how much effort contractors put into their work, it’s only natural that they’d want to receive timely compensation. Luckily, collecting payments doesn’t have to be an arduous chore. Any contractor who values fast, hassle-free compensation is urged to promptly invoice clients, agree on payment dates in advance and have at least one contact at every company he or she works with.
Published by Shiva Kushwaha