If you’re busting your butt to get clients’ results, there is no reason they shouldn’t pay you promptly. Ask clients to pay within 7 days of receiving your invoice. For example, if you’re starting to work in September, ask for payment at the end of August or the first couple of days of September. Not to mention that the longer you leave it to invoice, the longer it will be until you get paid.Ħ. Your clients may have specific payment cycles that delayed invoicing will interfere with. This way, the client approves of the expenses before the project starts and everyone is on the same page.ĥ. Once an agreement is made, document the agreement in your proposal and contract so it’s crystal clear. Discuss with the client beforehand which expenses - if any - they will cover. State which expenses the client is responsible for. We don’t recommend hourly fees, but you should still have a sense of how much time you are spending on each project.Ĥ. Not charging for billable hours could cost you a lot of money. Keep track of time spent on a project - specifically if there is more than one consultant on a project or if you are being paid per hour. You’d rather be too specific than too vague!ģ. By including specific terms of sale in your contract, you mitigate the risk of problems later on. Make sure your consulting fees, costs, and how they are calculated are crystal clear from day one. If you are a one-person show, you will either have to tackle this yourself (possible in the beginning, but not long term) or hire an assistant, or outsource the task.Ģ. Here are some consulting invoice best practices to make invoicing and tracking accounts receivable much easier.ġ. We’ll talk about some consulting invoice best practices next. What’s more important than your consulting invoice is how you send them. And at the end of the year, you simply send your accountant all the information or print it out for them. What’s nice about Quickbooks is that you can also instantly create invoices for your clients. Quickbooks: This is a full accounting system that lets you track your revenue and expenses.It also helps you manage the billing and invoicing of your clients. Freshbooks: This application allows you to track the time you spend on projects.It is also hosted in the cloud like Freshbooks and Quickbooks. Wave: Wave Accounting is currently free and provides all the bells and whistles you’d want in a standard accounting program.Your consulting invoice template doesn’t have to be any more complicated than this. Write the total amount due for your client to pay. There should be no surprises - everything here should be what your client is familiar with. List what you’re charging the client for. Include the invoice number, date sent, date due, and total amount due. Insert some basic details about your client: their name, email address, address (if they have one), phone number, etc. Insert some basic details about your company: your company name, country you’re located, address (if you have one), phone number, etc. Let’s break down each part of this consulting invoice template. Here’s a consulting invoice template you can use to send your invoices: You will also be notified when new complimentary consulting trainings and resources are available
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