Deposits and wait time
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- bklyndroobeki
Quick question for QBNers who are Consultants.
Admittedly I'm a little strapped for cash after having some unexpected expenses crop up this month.
I'm creating an invoice for a client who has a 2 wk turn around time. Ideally I'd love to get the deposit by end of next week. This is a 12hr day project, intense work (although that shouldn't matter much)
Anyone know the BEST protocol of when that first deposit should be received (best practices)? 30 days, 14 days, 7 days?
My billing is usually 30-days from date of invoice.
- bklyndroobeki0
IN SHORT:
Regular billing is different* (30 days)
What about deposits?
- juanluisgarcia0
immediately to begin working
- haven't seen a cent yet.
50 hrs in.bklyndroobeki - failboatpockets
- haven't seen a cent yet.
- BusterBoy3
On larger projects, I always ask for a percentage upfront BEFORE I start ANY work. Usually 20-30% depending on the client and the scope of the job.
Alarm bells always ring for me when the client has difficulty forking out for a deposit as it almost always means there will be trouble finalising payment for the project.
- Hayoth0
Half down, the remainder paid on final approval before file is delivered.
For longer projects 14 - 21 days is optimal for invoicing. You are a small business. 30 days is too long.
When working on long projects, 4-6 months etc create a payment schedule, every week, every month, etc.