As a medical writer, your content has the power to inform, educate and change lives. But working for your ideal medical writing clients and running a successful freelance business extends beyond crafting impactful content. Mastering the art of effective invoicing will ensure you’re fairly compensated for your time and skills.
Here are 10 essential tips to streamline invoicing and build positive client relationships.
1. Use invoicing and quoting templates
Ditch the reinventing-the-wheel routine and embrace using quote and invoice templates for both deposit invoices (upfront percentage) and balance/full payment invoices. Templates will save you time and ensure professional consistency. Check out my 3 freelance medical writing quote templates here.
2. Adapt your quoting strategy
Some clients prefer formal, documented quotes while others are fine with email quotes. Create a time-bound quote template resembling your invoice, including a client signing option. Use it alongside your contract for agencies or larger businesses. Smaller clients might be comfortable with a quoted breakdown within your contract.
3. Charge deposits
Consider a deposit rule for larger projects or unreliable clients. Deposits gauge your client’s commitment and protect you from potential non-payment. In my experience, deposits are a valuable test for client seriousness and payment habits.
4. Explore invoicing software
Consider accounting software options like Xero (around $50 USD/month). Xero generates invoices, manages finances and automates many tasks. Alternatively, some medical writers prefer the hands-on approach of managing finances in Excel (like yours truly) – and, there’s nothing wrong with that! Choose whatever option aligns with your preferences and workload.
5. Be aware of your invoicing essentials
Remember that you need to check the legal requirements with a registered accountant in your country to ensure you are following the right rules. In general, though, an invoice needs:
- Your logo and business details
- Client’s business details and key contact name
- Unique invoice number
- Clear description of completed work
- Rate per item/service provided
- Total fee
- Tax charged
- Due date
6. Decide if you will issue receipts
While optional, payment receipt templates offer additional documentation and professionalism. However, many accounting software programs like Xero automatically generate these, simplifying your life. Keep in mind that issuing receipts manually can be time-consuming.
7. Customise your templates
While templates save you time, it’s important to use your templates as a starting point and then customise each invoice for the specific project and client. Be flexible in your invoicing approach. As well, offer various payment methods for client convenience. Some clients prefer to pay through PayPal or credit card while others will only pay via bank transfer. Flexibility is key here.
8. Send invoices promptly
Once you have the go-ahead for a project, send the deposit invoice straight away. As soon as you’ve sent in your final draft, send your balance invoice. Don’t be afraid of following up on late payments but keep your communication polite and professional.
9. Keep in touch with your clients
As you’re working through your project, keep clients informed about milestones and expected payment dates. Be clear about your cancellation and revision policies. Open communication fosters trust and prevents misunderstandings. Don’t make all your communication about payment, but don’t be afraid to discuss it when necessary, either. Talking about your fees openly and honestly shows you are confident and in control of your business.
10. Value yourself
Don’t undervalue what you are worth! Research the medical writing industry rates in your country, and set your fees accordingly. Stand firm on your value and negotiate confidently. Remember, your expertise deserves fair compensation.
Effective invoicing will empower you to manage your finances with ease and build trustworthy client relationships.
