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I send invoices at the end of the month and payment is due in 7 days. Never had anyone not pay on time. If I did work would stop until paid in full. I’m not a bank…

Don
 
dhutton01 said:
I send invoices at the end of the month and payment is due in 7 days. Never had anyone not pay on time. If I did work would stop until paid in full. I’m not a bank…

Don
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Same here.
I keep an Excel spreadsheet for the Overall Costs of the Job on my desktop computer. It has columns for Labor, Parts, Materials and a Description of the work done, plus a column for Payments Received and Invoices sent. When the job is complete I have the total hours spent, materials used, etc.

On my laptop in the garage, I keep a spreadsheet for Time and Materials that is updated regularly throughout the day.

If I get a materials deposit, I keep a separate sheet, where each material order is entered with the date and supplier. This gives me an accurate running balance and it's easy to access. All receipts are kept in a folder in the file cabinet.

At the end of the month, I create an invoice from data retrieved from the Spreadsheets. I bill monthly with the stipulation that the owner can take his car home any time he wants, as long as he is paid up.
 
The only deposit I take is for materials. After all these years I have a rough idea on what materials are going to cost and keep track on a spreadsheet.

I used to love getting labor payments in one lump sum, but the last few projects I have taken them in payments when milestones are hit on a project. It's easier for me to add to the total when the scope changes that way.
 
I take a $2500 down payment to cover materials and then the balance due at completion- never had a problem doing it that way - sometimes I have to get creative with my deposits though- split them up so I don’t “alert” the government;)
 
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