In addition to the actual work you do, being a freelancer frequently requires taking on additional responsibilities such as an accountant, head of the human resource department, account manager, and so on.
You perform as if you were a one-man-band.
Your life as a freelance worker can, thankfully, be simplified in various ways. When it comes to billing, you want the process to go as quickly and accurately as possible so you can get back to producing money.
To keep you organized, you can make use of a simple excel accounting template or opt for an accounting software that can automate more complex tasks for you.
The Process of Invoicing Can Be Simplified as Outlined Here
- For online invoicing and payment tracking, make use of cloud accounting software –
By switching to an online platform for billing, you can shave hours off your billing process and notice an increase in the speed at which you are paid. Services like Invoicely, FreshBooks, and Wave offer functions such as the generation of estimates, the sending of invoices, the recording of expenses, the monitoring of work hours, and the generation of reports.
If you are an entrepreneur in the fitness sector, gym management software will allow you to automate not just invoicing but also customer service and even marketing. And by automating these tasks, you can focus on growing your business in other ways.
- Determine the most effective way to incorporate billing into your workflow.
If you often sit back and spend hours on billing, you might want to consider sending bills as soon as the work is completed. Photographers, for instance, do not need to devote an entire day to the task of paying clients because they can send invoices after delivering the finished photographs to the customer.
If you operate in an artistic area, you should avoid forcing yourself to send out invoices even when you are feeling ready to get to work. Because it requires less innovation, you should save invoicing for job stints that require less effort and have little consequence.
- Keep a Database of Text for Invoices That You Type Frequently
When you are creating invoices, you may type the same information over and over again. It is helpful to keep these snippets of text stored away in a convenient location so that you can easily put them into invoices. It will save you time because it will need less typing, and you won’t make an error in transcribing the payment terms by accident.
Introduction to the Details of the Invoice
Here is the invoice I’ve prepared for [your wedding pictures]; please find it attached. It needs to be turned in by [8/8/2019]. I am grateful to you for your patronage. If you do have any queries, just let me know.Wikipedia
This is an excellent ledger template for informing customers when an invoice is overdue and graciously thanking them for their continued patronage of your company. You are able to modify it to suit your needs and add other features.
- Conditions of Payment
Keep a copy of the payment terms in case you need to refer them back. This will save you from having to type them out every time. Determine the time limit in which you need your invoices paid & add any information regarding late fees in your communication with the customer. You will never misquote a deadline or miss details on the high charges if you save it as a template and use it in the future.
- Your Prices by the Hour
Are you a master of all trades? If you do more than one job, such as photography and picture editing, you should save your hourly rates in a safe place so that you do not accidentally give the wrong rate when you give estimates.
- A Helping Hand
Apps like TextExpander can store templates used in any invoice management system. Additionally, these apps have built-in flexibility, which allows you to customize the templates as you go along.
You could, for instance, use fill-in-the-blank aesthetic fields to type the project into an invoice. Then, you could use data and time math to automatically add a date that is thirty days from today – and however many days are left until payment is due.
Workflow Illustration Using Invoices
Although every freelancer & their company is unique, we have provided an example workflow that you are free to use and modify to meet your needs.
Begin Work
- Utilize the time-tracking feature found in FreshBooks to record hours worked.
- Complete the project such that the client is satisfied.
- Proceed to FreshBooks to create an invoice based on the time that has been tracked.
- Use the pre-made templates stored in TextExpander to expand the hourly rate and the project description.
- After you have pressed the send button, you will have the option of sending a personalized message. TextExpander provides a template that may be expanded to offer gratitude to the customer for their business and an explanation of the nature of the invoice.
- FreshBooks allows you to track when a client has viewed & paid an invoice.
- More Convenient Billing and Speedier Payments
- Getting paid shouldn’t be a difficult or stressful process. Make use of these suggestions to reduce the amount of time spent invoicing and to increase how quickly you are paid.
Conclusion
The use of cloud accounting software comes with several benefits, including automated late-payment reminders, which save you from the need to chase down payments, and invoice templates, which allow you to create invoices quickly and precisely. In addition, because everything is saved in the cloud, you do not need to be concerned about a malfunctioning hard drive.
