Freelance Like A Pro With These Top Tips For Invoicing, Setting Rates & Getting Paid On Time

Whether you’re getting started with your freelance business or looking to add some organization to your side hustle, a payment structure is key to maintaining and elevating your business progress. Managing your own money can be stressful enough- then add in expense reports, tax withholding, and hiring a team adds a whole new layer of stress. Putting together your financial plan can be as hands-on (or as automated) as you like! Here are a few steps to get you started on the road to experienced financial planning.

Secure your rates

Whether you’re offering a one-off service or building a long-term consulting gig, understanding your industry can help inform what you aim to charge. A quick Google search can shed light on industry-standard salaries, job descriptions, and more to help build your rate sheet. 

When developing your rate, it can also help to break your services down into increments to understand the time, resources, and deliverables that go into each component. Projecting a scope of work not only helps you set a rate for your work, but helps your client understand just where their money is going.  

Get a system up and running

Now that you’ve set your rates, it’s time to get a system in check! Your rates are only as good as how you put them to use. First, you have to decide on a payment period. Typically, accounting departments can accommodate net-15, 30, or 60 days for payment. By agreeing on terms of payment with your client ahead of time, you’ll relieve the stress of chasing for payment later on.

Include an invoicing structure in your contract discussions so you and your clients understand exactly how the process will go. Align on communication, deliverables, and payment delivery before you get started on your freelance project. 

Pick an invoicing platform that works for you

You have quite a few options for keeping your money in check. Some platforms are more hands-on than others, so you’re free to decide just how much financial setup you want to dig into! Here are some of our favorite platforms for invoicing, billing, and navigating freelance payments. 

Legal Templates

This is perhaps the most hands-on format to handle your invoicing, involving a simple and straightforward template for drafting and downloading invoices. Simply input your information alongside your clients, along with a description of the project and the payment amount to be delivered. You can download the file as a PDF and email it directly to your client with instructions for the deposit. We also recommend using an online document portal like HelloSign for any docs that require additional signatures- you can send up to three free documents per month without a paid subscription.

Bill.com

A secure invoicing and payment portal, Bill.com provides an easy two-way communication structure to message invoices directly to your clients. Connect your bank accounts for streamlined direct deposit, and keep track of the status of invoices as they’re received, approved, and submitted. 

Need to pay your team? You can also easily make payments directly out of the portal. Bill.com allows you to directly export your invoice history, making your taxes a streamlined process when the time comes. 

Wingspan

This is a platform BUILT to help you freelance to the max! Wingspan launched with the goal to streamline its users invoicing, payment, and tax withholding experience. You can easily create and send invoices, as well as receive payments through their unique billing system. Their process involves a personalized Wingspan bank account to allow clients with different billing portals to adhere to their system. You can also plan your taxes and expenses directly in the portal, and allow Wingspan to withhold your taxes from your final payout to remove the stress of bookkeeping and budgeting just for tax season. 

With a few easy steps, you’ll be budgeting and invoicing like a pro. Drop us your comments and questions about building a freelance career or side hustle, getting your process off the ground, and getting paid for your work!