Some thoughts/suggestions on how to handle your accounts receivables...

1) We all use computers or you wouldn't be reading this right now. Purchase a small business accounting software package. (You do NOT need one big enough to run AIG!) Some quality programs would include Quickbooks Pro $199.99, Peachtree First Accounting $69.99, and MS Office Accounting Professional $199.99...

Generally speaking the more you spend the more powerful the program. Check out the specs before buying, as you don't want to pay for alot of features you'll never use.

This is certainly a business expense so you can write it off and the ability to organize all your customer activity is a necessity, IMO...

2) When booking the gig, find out what the payment policy is. I then record each facilities payment policy on their customer datasheet so when an invoice seems to be taking a long time, I just pull up their account and can see exactly what they're standard is. Many of us have upwards of 200+ clients-to keep all that straight in your head isn't needed...

3) Feel free to tell them what YOUR payment policy is. Mine is "I expect to be paid in either cash or check, on or before the day of the performance." But understand, this company isn't going to chuck their payroll systems out the window just because we want them to. The point of telling the AD this is to have her realize what YOUR standard is and that you're a professional and willing to be flexible.

4) Invoices: At the time of booking, ask if they want invoices. A standard invoice should have all your basic contact info, the details of the date, time, length, etc of the services you provide. You may be asked to submit a Tax ID # or a social security number. usually this would be in a W9 (See below.)

If you're doing multiple shows on the same day at a place, itemize your invoice so they can properly charge the correct departments.

Ask if the invoices can be sent electronically. It saves time & postage. Follow through in a few weeks to make sure they actually got them, they're in correct format for them and everything is cool.

5) Find out the name of the person who actually handles the invoice/check generation after the AD hands in her check request. Usually a AP person, business or office manager is the one you're looking for. Just ask the AD "Whom would I follow up with if I have a concern with an unpaid bill?" usually does the trick...

I then usually contact this person directly with a friendly hello and a brief review of how I understand the payroll process. They find this very professional and it puts the two of you on a slightly more professional basis. It also doesn't hurt to stop by the business office on a visit and say hello. You become a face instead of a bill...

6) When booking a new client, find out if you need to submit a W-9. (Request for taxpayer ID number and certification) You can print these off the internet and have them in the mail very quickly, or of course stop by and drop it off in person (another chance to meet the business office lady!)
If they require this, and you don't submit one-YOU WILL NOT BE PAID...

Also on this point, if you play for a corporate facility, you should show up on a "Master Vendor List." If you pick up any other facilities of this same company, they should already have all your payroll/tax info. Ask the AD to check with the accounts payable lady...it may save lots of work and it also gives you credibility.

7) If a facilities policy is 30 days from the performance, don't call anyone until you're at 40-45 days out. Shit happens-Don't be the guy who calls and says "MY check was supposed to be here today, where is it????"

8) Find out from your AD when are your invoices submitted. If they send them in early in the month or beforehand-you'll likely get your check before those who have to wait until the actual date of performance.

A general rule of thumb is this: Your clients booked in the last third of the month will more often have your check waiting for you than any client you play at early in the month.

9) When things do run long...work with your contacts to resolve it. Usually, its out of their hands and they're waiting on a fedex bag of checks from Corporate Office. They WANT to pay you, but can't.

10) The other benefit from having your business end of things wired tightly is that quickly the AD realizes you're organized and on top of stuff. Should there ever be a dispute down the road, I've seen several AD's simply defer to my rendition of events because they know I'm organized...

Hope this helps...any specific problems or questions, send them over-I'll be happy to help...

Cheers-

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Bill in Dayton

[This message has been edited by Bill in Dayton (edited 04-08-2009).]

Bill, that's fantastic advice. I need to improve my system. I will definitely be implementing some of your tips.

Beakybird

Yoy may not find it funny, but I had to do a double take at the title...

I thought it read "Gettin LAID in a timely fashion at retirement communites..."