How Bookkeepers Get Paid Fast and On-Time by Customers|4 Payment Methods Bookkeepers Can Use Today!
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- Опубликовано: 24 июл 2024
- How Bookkeepers Get Paid Fast and On-Time by Customers. Plus I share my 4 Payment Methods Bookkeepers Can Start Using Today. That's what we talk about in today's video! Scroll below to see the chapters and resources I share with you.
#bookkeeper #bookkeeping #bookkeepingtips
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TOPIC TIME STAMPS
0:00 Overview
0:13 How Will You Get Paid
2:51 Ways To Get Paid
3:05 #1 ACH Pull
5:42 #2A Invoice Credit card
6:31 #2A Pro and Con Invoice
7:04 Cost of Doing Business
7:48 2B Invoice ACH Direct Pay
8:25 2B Pro and Con Inv ACH
9:44 #3 Invoice Papercheck
10:24 #3 Pro and Con Inv Check
11:50 Cautionary Tale
13:12 Late Notice Reminder Sample
13:59 Bonus Retainer Billing
17:43 Recap
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What *Payment Method* is your favorite?
ACH with Retainer Billing seems like the best option.
Do you have an ACH form template or is that something we would need to grab from our business bank institution?..to give to the client
The client can get it from their bank. They would get the form that they can share with a vendor they authorize to pull a specific amount and the timing. Each bank has a little bit of a different form to capture information.
I'll look for an example to share in the future.
@@TheBookkeepingShop Thank you.
Thank you for always giving some very timely and simple suggestions. I have found the ACH method or the Retainer method to be the best choice for on-time payment processing.
Hi Regina, thank you so much for the support. If there's a topic you'd be interested in to see a video on, let me know ok.
I am contracted with my 1st client a private real estate investor 20 hrs a week , 2 days a week to meet with accountant. I would like to bill 16th and 1st of the month. What's your thoughts vs Monthly billing paid for the previous work of services?
Hi @calicowest, congratulations on your First Client, that's amazing!.
I will paste the 'draft' wording in a follow up comment below.
- You are the 'consultant/contractor' you set the payment terms [you can make it so that it is pay the invoice upon receipt: due immediately with a few days of grace period]
- Traditionally, we send a monthly invoice for services rendered the previous month because we are not on payroll getting paid every two weeks or on the 15th and the last day of the month. Also, most clients don't like to cut two checks for paying a bill/invoice for a contractor. Does this mean you'll be sending them two invoices?
- The only time I've built it into our contract to invoice a client twice a month and get paid twice a month is when we knew the invoice would be so high that it would help the client to get an invoice for $5,000 twice a month and have the opportunity to pay each at seperate times which helped with his cashflow.
question for you:
- how much will you be invoicing them hat you need to have them pay twice a month?
- is this to help you with your cashflow or your client?
You can set the expectation in your scope of service/agreement so they know they will get two invoices per month, and what your payment terms are (how soon to get paid). There may be pushback because you as the bookkeeper will also be helping the client to pay bills (your bills have now gone from one a moth to two a month).
@calicowest
here is a sample draft of wording to communicate billing: if sent via email
Subject: Improved Invoicing for Your Convenience
Dear [Client's Name],
I hope this message finds you well. I wanted to discuss our billing process that could make managing your finances even easier.
We invoice bi-monthly with invoices sent on the 15th and the last day of each month.
Here's why it's beneficial:
- Easier Budgeting: Smaller, more frequent invoices make it simpler to budget and track expenses.
- Improved Cashflow: You'll have a clearer view of expenses, helping with cash flow management.
- Convenience: Invoices will still be "due upon receipt," giving you flexibility in payment.
This change will enhance transparency and help you stay in control of your finances. If you have any questions or concerns, please feel free to reach out.
Thank you for choosing us as your bookkeeping partner. We look forward to your feedback.
Best regards,
@@TheBookkeepingShop thank you very much, much appreciated
@@TheBookkeepingShop Thank you. It new to me that bookkeeping is now outsourced, I left accounting back in 1997, and I have been doing other financial services business. I embarked on a long time friend sho is a contractors and he needed help with preparing for taxes. I jumped in and was able to help him with any prior years of accounting transactions.
I think I want to specialize in contractors and help with bookkeeping for those with inventory counts.