Monday, August 22, 2011

5 tips to get paid quick

"Money money money money. Monnnney!" - O'Jays, For the love of money

Getting paid for consulting work can sometimes be a challenge.

And it often seems like the largest clients are the slowest to pay.

Here are some tips to help you get paid quicker:

5: State your terms

If you don't put them on the invoice, they'll assume. And that might mean 60 days, 90 days, or longer!

4: Set a date

Even if you have your terms, put the specific due date for that particular invoice somewhere large and visible.

3: Have a penalty

Make sure you have a stated penalty for late payments (usually 1-2%/month). And if they're consistently late -- charge it!

2: Remind them

Sometimes invoices get misplaced or misfiled. Make sure you track when they're due and remind your clients about upcoming invoices and the penalties they'll face if not paid on time.

...and the number one tip:

1: Put it in the contract

Make sure your terms, penalties, and all your invoicing policies are listed in the contract your client signs at the beginning of a job.