{"id":46,"date":"2023-11-29T12:15:09","date_gmt":"2023-11-29T12:15:09","guid":{"rendered":"https:\/\/productive.io\/bold\/?p=46"},"modified":"2024-01-12T12:33:01","modified_gmt":"2024-01-12T12:33:01","slug":"the-faster-you-invoice-the-faster-you-get-paid","status":"publish","type":"post","link":"https:\/\/productive.io\/bold\/blog\/the-faster-you-invoice-the-faster-you-get-paid","title":{"rendered":"The Faster You Invoice, the Faster You Get Paid"},"content":{"rendered":"<p   > <a href='https:\/\/productive.io\/bold\/category\/articles\/'>Articles<\/a><\/p> &#8211; <p   > {{minutes}} min read<\/p> <h1   > <strong>The Faster You Invoice, the Faster You Get Paid<\/strong><\/h1> <a href=\"https:\/\/productive.io\/bold\/author\/marija-kata-vlasic\/\"> <img  src=\"https:\/\/website-assets.productive.io\/uploads\/2022\/01\/Marija_Kata.png\"  alt=\"\" loading=lazy \/> <\/a> <a href=\"https:\/\/productive.io\/bold\/author\/marija-kata-vlasic\/\"> <p   > Marija Kata Vla\u0161i\u0107<\/p><\/a> <p   > November 29, 2023<\/p> <img  src=\"https:\/\/website-assets.productive.io\/uploads\/sites\/3\/2023\/11\/blog-The-Faster-You-Invoice-the-Faster-You-Get-Paid.png\"  alt=\"\" loading=lazy \/> <p   > As an agency, first you\u2019ll determine the scope and price of a project. Then you\u2019ll deliver the work. After that, you expect to get paid\u2026 <strong>but the money you earned doesn\u2019t come so fast, does it?<\/strong><\/p> <p   > Cash flow is the lifeblood of your agency. It fuels future growth, enables agencies to take on new projects and hire new talent, plus invest in the tools and technology you need to stay competitive.<br><br>It may come as a surprise, but many agencies have trouble maintaining a steady cashflow, simply because they aren\u2019t getting paid quickly enough. Somehow, agencies avoid being assertive when it comes to billing and repeatedly fall into the trap of not being able to forecast their future.<br><br>Why, though?<br><br>The main reasons:<\/p> <ul   > <li>You\u2019re focusing on maintaining good relationships with those clients<\/li><li>Your billing processes are tedious and involve multiple teammates<\/li><li>You\u2019re busy with delivering other work &#8211; and not sending out invoices goes unnoticed<\/li><\/ul> <p   > Big brands had a tendency of paying out 60 days upon the delivery of a project. At best, agencies would see their cash a month after their work was done. At worst &#8211; you\u2019d get paid up to 90 days after you completed a project.<br><br>Many agencies mention that cash flow and expenses are hard to predict at times, and this negatively impacts resource planning and hiring. Now, with the industry\u2019s expertise more in demand than ever,\u00a0<strong>it\u2019s time to get paid faster.<\/strong><br><br>To avoid dry periods, here are a few things to consider and some questions you can ask yourself already today:<\/p> <ul   > <li><strong>Keep your cashflow a priority.\u00a0<\/strong>How can you shift your agency\u2019s mindset to keep your cash flow a priority? Who do you need to talk to within your team to make sure you\u2019re doing what\u2019s best for your business?<\/li><li><strong>Avoid being out of sight and mind.\u00a0<\/strong>Can your team be more transparent about billing from the start of a project, break billing down into phases? Could you consider sending recaps of delivered work on a bi-monthly basis?<\/li><li><strong>Reevaluate and streamline your billing process.\u00a0<\/strong>Does your billing process need to be optimized, can it get more automated? Are you lacking the toolset to improve your billing efficiency? Some agencies take even up to 5 days per month to gather data from different sources, generate and send out invoices.<\/li><\/ul> <p   > By promptly following up with invoices and payment agreements, you\u2019re not only ensuring a steady stream of income &#8211; this also demonstrates your agency\u2019s commitment to clients.<\/p> <img  src=\"https:\/\/website-assets.productive.io\/uploads\/2022\/01\/Marija_Kata.png\"  alt=\"\" loading=lazy \/> <p   > Marija Kata Vla\u0161i\u0107<\/p><p   > Content Marketing Specialist<\/p> <h2   > Related articles<\/h2> <a href=\"https:\/\/productive.io\/bold\/blog\/2024-agency-owner-compensation-trends\"   > <img  src=\"https:\/\/website-assets.productive.io\/uploads\/sites\/3\/2024\/11\/FeaturedSmall-Report-768x310.png\"  alt=\"\" loading=lazy \/> <p   > Articles<\/p> <h2   > 2024 Agency Owner Compensation Trends\u00a0<\/h2> <\/a><a href=\"https:\/\/productive.io\/bold\/blog\/whats-new-and-next-with-agencies-in-the-uk\"   > <img  src=\"https:\/\/website-assets.productive.io\/uploads\/sites\/3\/2024\/05\/blog-Fran-768x508.png\"  alt=\"\" loading=lazy \/> <p   > Articles<\/p> <h2   > What\u2019s New (and Next) With Agencies in the UK?<\/h2> <\/a><a href=\"https:\/\/productive.io\/bold\/blog\/acquisitions-are-hot-right-now-a-potential-growth-strategy-for-your-agency\"   > <img  src=\"https:\/\/website-assets.productive.io\/uploads\/sites\/3\/2024\/02\/blog-Acquisitions_Are_Hot_Right_Now-768x508.png\"  alt=\"\" loading=lazy \/> <p   > Articles<\/p> <h2   > Acquisitions Are Hot Right Now: A Potential Growth Strategy For Your Agency<\/h2> <\/a>","protected":false},"excerpt":{"rendered":"Cashflow and revenue is sometimes hard to maintain, but what makes it even worse is not getting paid on time. It&#8217;s time to get paid faster.","protected":false},"author":10,"featured_media":121,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"es_utils_meta_schema":"","footnotes":""},"categories":[4],"tags":[],"class_list":["post-46","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The Faster You Invoice, the Faster You Get Paid - Bold<\/title>\n<meta name=\"description\" content=\"Cashflow and revenue is sometimes hard to maintain, but what makes it even worse is not getting paid on time. 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