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Written by Richard Weisgrau
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Saturday, 28 April 2007 |
 Originally published as Chapter 13, in the book titled The Real Business of Photography , Allworth Press, NY ISBN 158115-350-3
Efficient Recordkeeping
Keep an accounts receivable tracking log such as that in figure 30.
Enter every job on it when you are awarded the assignment. This way you
will not forget or fail to do it because you have other pressing work.
Check the list for overdue invoices at least once a week.
Send invoices as quickly as possible after the work has been delivered.
In many cases you have to wait until your final expense bills are
received before billing the client. Consider sending an invoice for
fees immediately and a second invoice for billable expenses. Send a
completed invoice with the finished work, if you are able to, but be
sure doing so complies with the client’s payment policy.
Always specify payment terms on your invoice. Be sure that they are
reasonable terms. No one pays bills on receipt. Thirty days from the
date of the invoice will accommodate the vast majority of companies’
payment cycles. If payment terms are not met begin the collection
process.
Accounts Receivable Log
| Client |
Job Reference # |
Invoice Date |
Follow-Up Date |
Payment Received |
| Acme News |
Rally photos |
June 15 |
July 20 |
July 1 |
| Advance Adv. |
P.O. # 65473 |
June 21 |
July 5 |
In collection |
| Green Corp. |
AR photos |
June 30 |
Aug 5 |
Aug 1 |
| Hat Magazine |
Hat show |
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Above you see paid, unpaid, and to-be-invoiced items. If the payment is
not received by the follow-up date, you indicate that it is “in
collection” so you know that you are working on it. Once the item in
collection is paid you change its status in the log.
If you use a computerized accounting program, this work can be done by
setting up an invoice to be issued upon receiving an assignment. Enter
the billing information on the invoice when created. You complete the
details of the invoice when the work is completed. Either way, you have
an invoice that is in the system. It will be part of your accounts
receivable (AR) until it is paid. Calling up an AR list will provide
you with the status of all invoices. Those with full details are ready
to be issued. Invoices with no details are not. If an item is in the AR
list it is not paid. At the end of the month you can print out all
unpaid invoices complete with details and send them out. This way the
system will be tracking the paid and unpaid invoices. The AR list
should be by order of date that the payment is due. This way you will
be able to quickly distinguish the invoices on which payment is overdue.
Go to Part 5
(c) 2004 Richard Weisgrau [contact] [bio]
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Last Updated ( Saturday, 05 May 2007 )
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