Invoice frequency and payment terms

[Hex]

You should have said the 'only people working though agencies' buit in the poll - I voted before I saw your post - sorry.

me too

[lje]

You should have said the 'only people working though agencies' buit in the poll - I voted before I saw your post - sorry.

[VectraMan]

The three agents I've worked through have all operated invoice weekly, submit the invoice by Tuesday lunchtime and you get the money on Friday. Though one of them would do two pay runs per week, if you missed the Tuesday deadline for some reason.

Which is nice. Invoicing monthly, and having 30 day payment terms is a lot of exposure. When I went direct I had that, and ended up losing a month's worth of money when the client went bust. Though I suppose it could have been 2 months.

[d000hg]

Sorry to say this... for me all of them applied. Some wanted timesheets weekly, some wanted timesheets bi-weekly, and some wanted timesheets monthly, with some varying results in payment. I think one agency had a payment schedule of 3 weeks after month end.

If you have multiple contracts tick all that apply

[pmeswani]

I was interested in this for a while, since all my contracts have been direct in the past... to those of you working through agencies

a)how often do you invoice?
b)how quickly are invoices expected to be paid?

Not sure how to get two questions in a poll, I a think a multiple selection but please don't abuse it!

ONLY FOR PEOPLE WORKING THROUGH AGENCIES!!

Sorry to say this... for me all of them applied. Some wanted timesheets weekly, some wanted timesheets bi-weekly, and some wanted timesheets monthly, with some varying results in payment. I think one agency had a payment schedule of 3 weeks after month end.

[MonzaMike]

All automated

Complete my timesheet at week end and I'll get paid the following Friday.

No Paperwork required

[NotAllThere]

I invoice monthly, at the end of the month worked. With one agency, payment is within 21 days, with the other it is within 14 days.

I've never really like invoicing weekly, although it's better in terms of exposure, cos I'm workshy when it comes to paperwork. With all other agencies I've worked through, I've had payment within days of the invoice being issued. Being paid later gives me the feeling (probably misplaced) that I've always go money coming in, so I've a bit of buffer to find the next contract. Mind you, I've not taken any money out of my company for a couple of months, so I'm already nicely buffered! (must get round to it sometime)

[NickFitz]

For me: some agencies expect weekly invoicing, some monthly.

One I contracted through recently (and previously, nearly ten years ago) has a reasonably fair arrangement whereby you invoice weekly for the first month, after which you are expected to switch to monthly (it's to help your cashflow at the start of a contract). In practice, it seems they don't notice, or at least don't mind, if you continue to invoice weekly.

The usual deal I've found on terms is that as long as the invoice and signed-off timesheet for the preceding week or month are received by some cut-off point - usually something like Tuesday lunchtime - then payment will be made on Wednesday, landing in the destination account on Friday (occasionally Monday if the banks have one of their inexplicable hiccups).

I'm surprised that so many people seem to be getting fobbed off with 30 day payment terms by agencies at the moment. I think I'd sooner turn down a contract than accept that. I'm not very happy with monthly invoicing in the first place, but giving them another month hanging on to my (company's) money after that is ludicrous.

[d000hg]

I was interested in this for a while, since all my contracts have been direct in the past... to those of you working through agencies

a)how often do you invoice?
b)how quickly are invoices expected to be paid?

Not sure how to get two questions in a poll, I a think a multiple selection but please don't abuse it!

ONLY FOR PEOPLE WORKING THROUGH AGENCIES!!