One of the bright spots emerging from the COVID-19 pandemic in the United States and abroad is the changing workplace culture that is prevalent among many young professionals. For example, with telecommuting now synonymous with corporate culture, people are starting to realize that commuting to her office five times a week isn’t the key to productivity.
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Similarly, millennials and those considered part of Generation Z will have more fulfilling careers outside traditional corporate spheres, as many college graduates are more likely to start their own businesses. I realized that it can be done.
The past two years have also seen a boom in the gig economy, as many people prefer freelancing with multiple clients rather than being confined to a specific job.
As more individuals run their own businesses, invoicing becomes more important, especially given the tax incentives associated with owning and opening a small or sole proprietorship.
What is an invoice?
Simply put, an invoice is a document provided by a seller to a buyer to collect payment for goods or services provided.
Billing for one-time transactions is generally settled immediately after services are rendered, while payment cycles for recurring transactions can occur in 30-, 60-, or 90-day periods. What happens if my payment is late?
In most cases, there is an agreement between the seller and the buyer regarding the time frame within which payments must be processed.
If the Buyer delays payment for goods or services beyond the previous agreement, the Seller is entitled to charge late fees. The seller can also charge late payment interest if both parties agree before the transaction.