The freelancer-client relationship can be a tricky one, especially when you throw late payment fees or passive aggressive emails in the mix. They help you have a better relationship with your clients Setting up automatic payments for your business will help you decrease those late payments and ensures that money is flowing into your account each payment cycle, so you’ll have a more solid understanding of your cash flow situation. A 2017 study found that 79% of small business owners can’t pay themselves when their invoices aren’t paid on time. After all, as a business owner, you have your own invoices and bills to pay, not to mention yourself. Nothing is worse for a businesses’ cash flow than late payments - except maybe payments that don’t come at all. (Plus Bonsai’s simple freelance invoicing tool can help you create professional-looking invoices in minutes) 2. You’ll only have to alter your invoices if there are changes in your payment schedule or amount. The hours you spend each month writing invoices, chasing them up and sending receipts to clients can instead be spent doing the work you love. In the long run, however, automating your invoicing will save you a lot of time. You will need to figure out which of your clients can be invoiced regularly, set up your invoices so they can be paid easily (more on that later), and touch base with your clients to let them know about your new invoicing method. Setting up automatic payments for your freelancing business will take some time in the beginning.
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However, let’s take a look at the top three reasons why learning how to set up automatic payments for your business will make your life as a freelancer so much easier. You’re reading this article, so chances are you already have a reasonably good idea of the benefits of recurring payments. 3 reasons why you should set up automatic payments There are several things you can do to help make sure you get paid on time - like learning how to invoice professionally or knowing how to attract better clients in the first place - but one of the most important things you can do as a freelancer is to understand how to set up automatic payments for your business.
With statistics like those, there’s a high chance that you’ve also faced an unpaid invoice or two in your freelancing life. What’s more, here at Bonsai we recently found that 29% of freelancers’ invoices are paid late. It’s a more prevalent issue than you might think: a shocking 58% of freelancers have come across a situation where they haven’t been paid for their work. One of the biggest struggles that freelancers continue to face is the ever-frustrating late payment for a submitted invoice template.
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