Making your finances automated makes your life easier. Why is this the case? Well, not long ago, writing checks was the reality we all lived in.
When your bills arrive, you write a check for each one of them. And every month like that. Then you need to send invoices for your services to each vendor or customer.
A really daunting process. The average invoice process takes approximately 28 days on average to complete.
This is not just time-consuming but also very dull. That’s why automation represents a dream come true for every business.
Everyone should set the automatic payments if they can because it makes life and finances much more manageable.
But if you are a freelancer, do the same rules apply to you when it comes to automatic payment for your business? Freelancers are different from classic entrepreneurs or small businesses. Freelancers have their own set of financial issues they are struggling with each month.
You are your own boss, it is true, but more than half of freelancers are struggling with late payments, unpaid invoices, delays in payments… which, in the end, leads to more significant problems.
It can get frustrating pretty quickly, so it is of the utmost importance to set automatic payments as soon as possible.
One of the most important benefits of setting the automatic payments for your business is ensuring a stable cash flow. If you have several clients you are frequently working with, set automatic payment to have money arriving along with your bills.
Sadly, approximately 79% of freelancers will not have enough money to cover their bills if the payments are late. So don’t leave anything to chance. Instead, organize your cash flow so you can keep your finances in order.
Another benefit of automatic payments is, of course, saving your time. You will have enough time to explore how your business relationship with clients works and identify when is the best time to send your invoice.
Group your clients and set automatic sending of invoices once you reach a milestone for your clients. It takes time to get to know your clients, but it will also save you a ton of time in the long run.
As your freelance career progresses - there will be less time for you to deal with some menial tasks.
Remember that your clients will adore you if you show professionalism. We talked about the importance of invoicing your clients professionally.
Automatic payment processing will help you appear professional and establish better relationships with your clients. In addition, you will protect yourselves from long and passive-aggressive email threads.
Automatic payments do not work for all freelancers. For example, if you are a web designer who works on one project and then gets paid upon completion, you need to consider a different payment approach.
If you are, for example, a consultant, digital marketing expert, a SEO expert or a content writer… it makes a lot more sense. If you are paid weekly or monthly, it is good to set recurring payments each month.
Let’s see some of the best practices when you are setting your automated payments. Once you set them, you will forget about them. Only the balance on your account will remind you of all that time you saved by switching from manual invoice processing to automated payments.
Everything works way smoother when your clients have clear directions about payment methods. Also, they want to get more flexibility in their payment options.
All clients are different. Some of them prefer doing everything via PayPal, some of them like banking better, some clients pay via credit cards… so you want to make their life easier, which will eventually make your life easier, too.
With Plutio, you can connect your bank account, PayPal, or Stripe so you can offer all these options to your clients.
It is also essential to have options for multiple currencies. Since the entire world became our workspace, currencies may vary.
So if you are a freelancer based in the USA and billing clients from Europe, it is logical for you to offer multi-currencies to check which works best for your client when it comes to conversions.
You will look more professional if your invoices are uniformed, eye-catching, and aesthetically pleasing. In addition, it will be easier for your client to connect all the details and color palettes you choose and design with your work. But don’t go over the top. You want to leave a lasting impression… and a good one.
With Plutio, it is easy to play with different custom fields until you get it right. For example, you can make a payment schedule for each month. In addition, Plutio offers you an option for push notifications - once your invoices are opened or paid - you will receive push notifications.
It means no more unpleasant surprises with lost or unpaid invoices for you. Plutio also offers options for taxation and discounts - when your clients are loyal and pay in time. They deserved it!
When you establish your cash flow and everything is in the correct order, you will have enough time to work on more critical tasks; such as finding more clients and finding their place in the seamless system you created.
Automatic payment for your business when you are a freelancer saves both time and your life. You don’t want to find yourself in a situation where you don’t have enough money to cover your basic life expenses.
Thanks to Plutio, you can customize your invoices, improve your customer relationships by offering flexible payment options and keep up to date with your sent invoices.
If you are a promising freelancer, we want to help you enjoy your journey without worrying about the daunting accounting part. We have the perfect solution for all your clients. Contact us and we will show you all the fantastic features.