Invoices

[Turion]

I've never had a weekly invoicing contract in 9 years. Always monthly and them sometimes waiting several weeks for payment. Agencies often have set payment dates and if you miss you are delayed until the next one.

TBH it sounds like you are doing low value stuff and living a hand to mouth existence. What happens if at the end of contract you are benched for a month or two. Not an uncommon occurence. In your situation you should go permie. At least you have some security.

[poser]

Hicks,

on my second contract now where i get paid 5 days after invoice is recieved, first contract had to wait, it was 30 days. it was also quite tough as cash was minimal, but your a business now, and once you get a few payments, youll be on your feet in no time.

(wow ive been reading on here for nearly a year)

[poser]

dam 232 is a low post count for a year!

[NotAllThere]

I am new to contracting so wanted to gain some views on the above.

I am up to date in presenting my invoices to my client (the EB) but they seem to be settling the invoice one week in arrears.

To be honest, I am not comfortable with this but, as it is early in our 'relationship, am not sure whether to raise it as an issue.

Would welcome any thoughts or feedback on others' scenarios.

TIA.

Forget the rubbish about how real businesses wait 30/60/90 days. Real businesses get paid as soon as possible. If you can get paid immediately after submitting invoices, do so. Though it is true that 30-90 days is not uncommon, and sometimes you may just have to accept that to get the contract. It seems payment terms vary according the niche of the agency. I've been contracting since 1995, and when going through an agency, the usual has been 7 days, the worst I've had is 21 days, the best was on receipt of faxed invoice and signed timesheet, with the originals following. That meant money in my account the day after I sent the fax!

Anyway - what matters is your contract. Are you being paid 7 days later than the contract specifies, or are you being paid 7 days after they've received your invoice? If the latter, don't worry - though do check what your contract says about payment. If the former, remind them politely that consistent late payment is a breach of a contract term. You can then also add a statutory admin fee and interest, which do consititute a legal debt. See here.

[TheFaQQer]

dam 232 is a low post count for a year!

Remember, LR posts don't count any more, so it could be much more than that - mine more than halved not long ago.

[johhnysalad]

Forget the rubbish about how real businesses wait 30/60/90 days. Real businesses get paid as soon as possible.

Of course they do, and anyone who would rather wait 30 days over 7 is a fool. Almost all agencies will start out asking for 30+ days - they are a business and many will have to factor the difference between paying you and the client paying them.

I run a credit check on the agency which shows me a recommended credit limit to offer. I work out from that how much credit will be with the agency on the terms they ask for, if it's higher than the limit, I use the credit report to negotiate it down.

If I bill £10k/month on 30 days, at any one time, I will have £20K "at risk" - £10K unbilled, and £10k unpaid. If the credit ref advises £10K limit, I'd offer 14 days terms.

[chef]

which credit agency do you use johnny?

[Sockpuppet]

which credit agency do you use johnny?

I use:
http://www.quickcreditreports.co.uk/

Salesscope report.

Gives you all the real info that you need for £3.