How to Get Paid for Video Projects
Every woman, man and young kid starting out in the filmmaking industry knows that managing a production is not as easy as people might think. There’s no doubt, videography can be insanely fun at times, but with every profession, no matter how much you want to get away from all that mundane office work and management duties, they are essential parts of the filmmaking process.
Sending out invoices and collecting payments may not be the most exhilarating thing, but at the end of the day, it’s processes like these that going to keep your business alive, especially in corporate video. If people are not going to pay you for the projects that you complete, your company will be on the losing end. Thus, it is imperative that you have a great financial team – or at least the knowledge to handle these processes yourself. Because if making great films and video is something you intend to do for a living, you’re going to want to make sure that you will profit from your time investment in projects. It is important that you create a financial system that will make it efficient for your video editing company to collect the payments from your clients. A centralised financial system with automation is the key to a stable and problem free finance account.
For invoicing, Lunamik’s top picks are Xero and Harvest, two acclaimed account management software programs. Depending on your size, you may not have a use for these just yet. And you simply may choose to go the much cheaper route of manual excel inputs and custom invoicing.
Regardless of what software you use, having a sure-fire system down-pat will make it a lot easier for you to file for taxes because everything that you need – such as documents, client numbers, budgets and expenses will just be in the one place. Simple.
When providing an invoice for your video projects, it is important to have a breakdown of the individual costs as you encounter the expenses for the project. Then at the end, you can send an invoice for the total cost of production. Some important information that should be included on your invoice are outlined below:
- Name/Company Name
- Company address
- Invoice number
- Date of invoice
- Client name/Company
- Project number
- Breakdown of charges
- Total with tax
- Payment options
Invoicing and Payment Options for Video Projects
There are various payment options you can open for your company to make it easier for your clients to pay for the project. Aside from the other two programs mentioned earlier, there are even more affordable online resources that offer invoicing services which will help organise all your finances. QuickBooks is one of the well-known invoicing services offered. Other sites which are similar to QuickBooks include FreshBooks, Paymo, and PayPal.
Penalties and Over Dues
Since you are running a business, it is important to implement strict rules especially when it comes to payments. Even before your business opens, you should already have a draft or an idea for your payment protocols. This includes the time allotted for payment to be made and the consequences when the client does not pay on time. A good technique is that you should hold the final output of your video project until the full payment has been made. Otherwise, they will not receive the end product of their video investment. You can also set penalties and late fees for payments that are not made on time.
In the end, it is important that you be stern in following the rules that you set. It is through this way that you will be professional not only with the work that you do but with the financial aspect of your business as well.