Working as an independent contractor can be equal parts liberating and frustrating. Although there are many advantages to being your own boss, you’ll also need to attract a steady stream of clients to keep yourself financially afloat. This is further complicated by the fact that clients don’t always submit payments in a timely manner. However, this doesn’t mean that contractors should sit idly by and wait for late-paying clients to realize their mistake. The next time you find yourself faced with a late payment, put the following pointers to good use.
Submit an Invoice
A substantial number of late payments are directly attributable to miscommunications. For example, some clients expect contractors to submit invoices, while others don’t. This often creates confusion, as both parties expect the other to take the initiative about payment collection. The next time you have a late payment on your hands, don’t hesitate to submit an … Read more