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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.

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

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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