Did you know that 40% of self-employed people average at least one overdue invoice of at least $2,500? If you’re self-employed, you may be familiar with this statistic. You may have experienced unpaid invoices and their disastrous effects on your business’ cash flow. You may also be wondering how your invoices can get you paid well and fast. I know as a Certified Public Accountant (CPA) and consultant, I have definitely felt the effects of it.
This has brought me to ask myself, like so many other entrepreneurs and consultants, the following question: “Is there some secret to invoices that actually get paid well and fast?” As it turns out, there’s a science behind it, and a pretty accurate one at that. As one of the most effective invoicing software companies on the market. Freshbooks has conducted a research on the types of invoices that actually generate positive payment. What they have found is as comforting as it is effective. Certain types of invoices written in a specific way tend to be paid in full, while others, well…tend to linger on businesses’ back burners indefinitely.
Based on Freshbooks’ study, the below infographic lists 7 tips you can use in your small business to write the kind of invoices that will get you paid faster and better:
Based on Freshbooks’ study, the below infographic lists 7 tips you can use in your small business to write the kind of invoices that will get you paid faster and better:
Additionally, the new Freshbooks Retainers option helps you manage and regulate your cash flow through recurring invoicing, time tracking, and reporting. The new Retainers option allows you to plan for and forecast a certain number of hours to clients’ retainers. Invoices are then automatically set up, which helps run the business on auto-pilot, so you can actually focus on doing what you love. Most importantly, you can avoid the trap of setting wrong expectations with clients, and wasting time with unending discussions and negotiations. Lastly, you will look more professional with the ability to create streamlined reports for yours and your clients’ use. Overall, any change in project deliverables and scope will be dealt with more easily with this tool.
What changes will you make to your bills going forward?
Please note this is a sponsored post for which I may be compensated.
Did you know that 85% of businesses fail because of poor cash flow? If you’re an entrepreneur, this figure may be making you shudder. After all, your business depends on a healthy and consistent cash flow. However, the sad reality is that many entrepreneurs are subjected to poor billing methods that hurt their cash flow. As a Certified Public Accounting (CPA), keeping track of billing is my least favorite business activity. This is where Freshbooks Retainers, the new option for Freshbooks customers on Premium or Plus plans, comes in.
If you’re not familiar with Freshbooks, it’s an invoice software that helps you add simplicity to your small business invoicing and billing. Not only does it allow you to create professional ooking invoices in seconds, it also lets you accepts various forms of payment, including credit cards and ACH. As a result, you can automate your business’ invoicing.
Basically, with the new Freshbooks Retainers option, you’ll be able to bill clients upfront. You’ll also have the ability to track your time and adjust it based on the actual work completed.
Ensuring your biling is done accurately and on-time
Consolidating your invoicing process without having to use multiple systems and apps
Focus on doing what you love and providing your clients with quality work
Most importantly, Freshbooks Retainers help you set clear guidelines and expectations with your clients. The amount, details and overtime billing are already set in the system, which will clarify the conditions for delivery. It’s also a great way to look professional and on top of your business.
The new Retainers option also gives you valuable insight into your business’ time tracking, trends, and future forecasts through efficient summary reports. This is a precious source of information that you can leverage to grow your business and achieve more profitability.
If you’re not familiar with Freshbooks, it’s an invoice software that helps you add simplicity to your small business invoicing and billing. Not only does it allow you to create professional ooking invoices in seconds, it also lets you accepts various forms of payment, including credit cards and ACH. As a result, you can automate your business’ invoicing.
Basically, with the new Freshbooks Retainers option, you’ll be able to bill clients upfront. You’ll also have the ability to track your time and adjust it based on the actual work completed.
Ensuring your biling is done accurately and on-time
Consolidating your invoicing process without having to use multiple systems and apps
Focus on doing what you love and providing your clients with quality work
Most importantly, Freshbooks Retainers help you set clear guidelines and expectations with your clients. The amount, details and overtime billing are already set in the system, which will clarify the conditions for delivery. It’s also a great way to look professional and on top of your business.
The new Retainers option also gives you valuable insight into your business’ time tracking, trends, and future forecasts through efficient summary reports. This is a precious source of information that you can leverage to grow your business and achieve more profitability.
Start by creating your Retainer by clicking on “New Retainer”Next, continue by setting your retainer terms and invoice schedule.Your new retainer is now set up.
What struggles are you facing with your small business’ cash flow?
Please note this is a sponsored post for which I may be compensated.
If you’ve ever thought about losing a few (or a lot of) pounds and getting healthy, then you may have dealt with what I call the Motivation factor (or lack thereof). I know I have…As a working mom, I’ve struggled with finding the time, energy and effort to shed those unwanted pounds, especially after having my babies. In between growing family obligations, a busy career, and unending to-do lists, it seemed I’d never be able to make the scale move an inch. I’d hit the gym one day, then slack off and eat carbs for the rest of the month…Did I mention paying gym membership fees that went to very little, if any, use?
You may be experiencing something similar. Without a reward system that truly motivates you, it can be challenging to stick to a consistent routine. Yet, what if you could actually get paid to get (and stay) healthy? What if dropping the excess weight could translate into picking up extra coins? What if your efforts at getting and staying healthy were actually rewarded with some sweet cash?
Enter Healthy Wage. As an innovative company whose challenges have been featured on the likes of CNN, ABC, and NBC, it helps you do just that. Healthy Wageoffers online weight loss challenges with …cash rewards at the end of these. Basically, you’re being paid to drop the pounds. According to this Journal of American Medical Association study, individuals with a financial incentive to lose weight are almost five times to reach their goals than those who don’t. Additionally, another 2013 Mayo Clinic study reveals that weight-loss program participants are more likely to pursue their weight-loss goals on a long-term basis if there is a financial incentive than if there isn’t. The point is, although health is a reward in and of itself, a gift card may work better.
Besides, in addition to the cash prizes, there are many other rewards to using Healthy Wage:
Weight loss is hard, making it fun helps!
Just open a women’s magazine and watch your pressure rise as you contemplate different dieting and weight loss options. Truth is, weight loss is hard! Yet, when you turn in into a friendly competition, add in some teamwork and encouragement with HealthyWage, it becomes an exciting challenge instead!
Enter Healthy Wage. As an innovative company whose challenges have been featured on the likes of CNN, ABC, and NBC, it helps you do just that. Healthy Wageoffers online weight loss challenges with …cash rewards at the end of these. Basically, you’re being paid to drop the pounds. According to this Journal of American Medical Association study, individuals with a financial incentive to lose weight are almost five times to reach their goals than those who don’t. Additionally, another 2013 Mayo Clinic study reveals that weight-loss program participants are more likely to pursue their weight-loss goals on a long-term basis if there is a financial incentive than if there isn’t. The point is, although health is a reward in and of itself, a gift card may work better.
Besides, in addition to the cash prizes, there are many other rewards to using Healthy Wage:
Weight loss is hard, making it fun helps!
Just open a women’s magazine and watch your pressure rise as you contemplate different dieting and weight loss options. Truth is, weight loss is hard! Yet, when you turn in into a friendly competition, add in some teamwork and encouragement with HealthyWage, it becomes an exciting challenge instead!
The more fun you have, the easier it gets to shed the pounds!
Do you notice how sometimes all it takes is the support of a few friends and loved ones to turn a daunting task into something much manageable? The same premise applies for Healthy Wage. The more fun you have participating in team challenges, the more support you get, and the easier it all gets!
www.healthywage.com
Good health is contagious!
The best part about this? The healthier you get with HealthyWage, the more you can actually impact those around you. From your loved ones and friends, to your co-workers and entire company, your success story can actually motivate others to create their own.
Have you ever felt like despite all the noise around diversity and inclusion, your own diversity at work feels like an obstacle? From the way you wear your hair, to the accent in your voice, or your sexuality, you may have felt like your “difference” made you an outcast. That maybe it was best to wear a mask, and conceal the “extra” diversity that could impair your ability to climb the corporate ladder, get the business loan, make the right contacts, or simply be respected as a valuable colleague.
Don’t get me wrong, most of us wear masks, especially in a professional and/or corporate setting. Just try and compare your boisterous voice at the family cookout last weekend, with your “prim and proper” intonation at the Board meeting. I’ll leave some of the other choice words out….And there’s no shame about it, either. Different contexts sometimes require different parts of our personality. The problem, especially for working women and minorities, occurs when the “mask” becomes a semi-permanent (or permanent) fixture of our careers and lives. When it becomes too hard to be who we truly are and remain authentic. When at times, we’ve even lost sight of who we are, what matters to us, what makes us us, happy, fulfilled, and all the way together…
I remember times at the beginning of my corporate career when I would feel so intimidated that the pitch of my voice would go up several octaves every time I had to speak up. I can also recall the times when sharing that I was born and raised in Senegal was followed by a loud silence in the room, after which I questioned if I should ever reveal this at work again.
There are times when corporate pressure and the fear to lose a paycheck can really make you get out of your true character. Many succumb to this pressure daily, compromising, changing who they are, from the pitch of their voices to the decisions they make on the job. No judgment here, the reality is more complex than we see on the surface, especially when your mortgage payment, kids’ tuition and car note hang in the balance. All of this can make it challenging to take off our corporate and/or professional masks, and really show up authentically in the workplace. This is especially true for working women and minorities, who may stand close to the edge of privilege.
Yet, there is a cost to not honoring your diversity in the workplace. It may be the silent cost of self-betrayal and the resulting lack of fulfillment that ensues. It may also be the lack of confidence from yourself and others. However, as terrifying as it may be, there are ways to honoring your diversity at work and enjoying a more fulfilling career:
Show up as you are
I was recently listening to a podcast during which an African-American executive woman revealed that wearing her hair in braids at work also gave permission to other women like her to do the same. I remember struggling with my decision to wear my hair natural when I first transitioned to my natural curls. Would “they” be taken aback by my appearance? Would this have a negative impact on my career? Years later, I realize going natural was not just the best decision for me, but it was the best decision for my career. Any place that I would not fit in because of the way I looked was not for me…
So show up as you are. Don’t be afraid to wear your true hair, origin, accent or anything else that makes you you. It’s the best way to figure out where you fit in, and what environments are the most mutually beneficially to you.
When in doubt, do not hide
One of the most damaging pieces of advice I was ever given, especially as a woman of color, is: “Keep your head down and work hard.” You may also have received the same piece of advice. Over the years, I realized that as working women, and especially as women of color, we’re encouraged to hide behind our performance. We’re tacitly prompted to deny our uniqueness behind longer hours, more masculine attitudes, and the appearance of perfection. Or we’re warned to be cautious and make ourselves invisible.
When in doubt, refrain from hiding who you are. Refrain from shrinking and becoming invisible. Put your head up and make your presence be felt. Don’t just work hard, speak up for yourself too. Allow yourself to take space.
Be the example of diversity you need
I mentioned earlier the example of the African-American executive who by wearing braids, implicitly gave other Black women in her company permission to do the same. I’ve learnt that honoring your diversity also means putting it to work at the service of a cause greater than yourself. You may be the only image of diversity that some people will see, or one of a few.
You may be the reason why your fellow Latina sister may feel empowered to speak up at the meeting. Your very presence in the room may inspire a young Black girl to start her own business or go for the career of her dreams. You may just be the example of diversity you need yourself. And that is honoring your own diversity…
Be willing to walk
Sometimes, honoring your diversity also means walking away from environments and places that stifle it. It’s understanding that you can better honor the truth of who you are somewhere else. It’s a painful, but liberating realization.
In all cases, take the lessons you’ve learned with you, let go of any bitterness and resentment and continue on your own journey.
Are you committed to taking off the mask and honoring your own diversity?
Welcome to the TCS News Roundup, where I round up the lifestyle, career and business news that inspired, excited, made me smile (or laugh out loud). Take a read…
In feel-good (and life-changing) news, Fortuneshares the generous act of billionaire Robert F. Smith who forgave the student loans’ debt for more than 400 Morehouse graduates
Business Insider reveals that while women earn 60% of bachelor’s degrees, they graduate owing $2,700 more student debt than their male counterparts
Interning this summer? The Daily Museoffers 5 steps to writing the perfect internship resume
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