Independent contractors using mobile invoicing have a leg up on the competition in several ways. Since you already have your smartphone with you on the job, it’s easy to send invoices to your clients right away and accept payment for services rendered at the time of completion. This saves you time getting back to your office computer and money spent on paper, envelopes, and stamps. Some options integrate with your accounting software for improved tracking and effortless record keeping. When deciding on the right independent contractor billing option for your small business, keep these factors in mind.
Choose Your App Wisely
Before choosing an independent contractor invoicing app, evaluate your professional needs and create an outline of features that would benefit your business. If you have regular clients who you bill every month, the mobile app you use should accommodate recurring payments; look for options that provide automated payment reminders and payment tracking. Select apps that let you customize your invoice templates and personalize input fields to add some professional polish to your client-facing communications. Many apps also work with your credit card billing service and accounting software, so consider options that sync up all these functions to maximize benefits.
Speed Up Payments
Credit card payments for independent contractors can make a world of difference to your bottom line. While not every client or customer uses credit cards, as of 2016, 89% of Canadians have at least one credit card, and using cash and cheques has dropped in popularity. Mobile credit card acceptance options allow you to collect payment on the spot or allow clients to pay later through the invoice you send. You can also use blockchain wallets for BitCoin and other digital currency for speedy payments, but as of 2017, most clients and customers seem content with the convenience of credit cards.
Automate Record Keeping
Spend more time working and less time with accounting tasks by choosing a mobile invoicing app that works with your accounting software. By combining these tools, you can automate most of your invoicing, payments, and data entry, ensuring accurate record keeping that lets you know where your business stands at a glance. Besides saving you time and aggravation, automating these tasks also helps your business meet its sustainability goals by decreasing your need for paper and envelopes, and it also reduces your postage expenses and the corresponding back-end environmental costs that come with physical delivery.
Ensure You Get Paid
Even with all the latest tech, you eventually encounter clients or customers who pay slowly or don’t pay at all. When this happens, it helps to have a procedure in place. Always set a due date when clients defer payment, and be sure to invoice them right away. Bigger clients also work on longer billing cycles, so when you accept work from them, you shouldn’t expect payment upon completion of work — but you should get a firm date for payment and a contact person at the company who can advise you should payment no occur by that date. Also, double-check client information to be sure you send mobile invoices to the right person, and offer multiple payment options for extra versatility.
Independent contractors face unique challenges in their chosen professions, including the responsibility of invoicing and payment collection. While you might make more money per hour than an agency worker in your field, you sacrifice part of that profit on mundane tasks such as invoicing. By incorporating a seamless method for billing and payments into your mobile routine, you can ease some of the entrepreneurial stress while adding more money to your bottom line.