What are the best invoicing practices for Blockchain consultants?

1 Choose a payment method

One of the first decisions you need to make as a Blockchain consultant is how you want to get paid. You can choose between fiat currency, cryptocurrency, or a combination of both. Each option has its pros and cons, depending on your preferences, location, and tax obligations. For example, fiat currency is more stable and widely accepted, but it may involve higher fees, delays, and currency conversions. Cryptocurrency is more flexible and transparent, but it may involve volatility, security risks, and regulatory uncertainty. You should weigh the benefits and drawbacks of each option and discuss them with your clients before starting a project.

2 Create a contract

A contract is a crucial document that defines the scope, deliverables, timeline, and payment terms of your Blockchain consulting project. A contract helps you avoid disputes, misunderstandings, and delays with your clients. It also protects your rights and interests in case of any issues or conflicts. You should create a clear and detailed contract that covers all the aspects of your project, such as the objectives, milestones, deadlines, fees, expenses, revisions, ownership, confidentiality, and dispute resolution. You should also use a digital signature tool to sign and verify your contract online.

3 Use an invoicing software

An invoicing software is a tool that helps you create, send, and manage your invoices online. An invoicing software can save you time, money, and hassle by automating and streamlining your invoicing process. You can use an invoicing software to generate professional and customized invoices, track and record your payments, send reminders and receipts, and generate reports and insights. You should choose an invoicing software that supports your preferred payment method, currency, and language. You should also look for features such as templates, integrations, security, and customer support.

4 Set a payment schedule

A payment schedule is a plan that specifies when and how much you will get paid for your Blockchain consulting project. A payment schedule helps you maintain a steady cash flow, manage your budget, and motivate your clients to pay on time. You should set a payment schedule that suits your project size, complexity, and duration. You can choose between different payment models, such as hourly, fixed, retainer, or milestone-based. You should also define the payment frequency, such as weekly, monthly, or upon completion. You should communicate your payment schedule to your clients and include it in your contract and invoice.

5 Follow up on your invoices

Following up on your invoices is an important practice that ensures you get paid for your Blockchain consulting services. Following up on your invoices means sending reminders, acknowledgments, and thank-you notes to your clients before and after the due date of your invoice. Following up on your invoices can help you prevent late or missed payments, build trust and rapport with your clients, and resolve any issues or queries. You should follow up on your invoices politely and professionally, using email, phone, or chat. You should also use an invoicing software that can automate and track your follow-up messages.