Working as an Independent Professional can be extremely busy, but it doesn’t have to be busy without due rewards.
Many contractors will be multi-tasking and working against a deadline and as a result, it is easy to lose track of the benefits and advantages that you should take advantage of throughout your contracting journey.
With the Independent Professional market performing so strongly, we have compiled a list of five common oversights that Independent Professionals often encounter.
Whether it is getting paid on-time, utilising tax efficiencies, or planning for the future, we strongly recommend exploring the below topics in more detail.
Submitting Timesheets Where Required:
Different end term clients will have different requirements when submitting an invoice for payment, some will be self-billing which means you have to upload your time worked directly to your client’s platform. Others will require an invoice to be submitted showing the number of hours or days worked.
Many clients will also require a signed timesheet to be submitted alongside the invoice for payment to be processed.
If you are Icon Accounting client, your dedicated account manager will send reminders throughout the month to ensure that this has been actioned before the cut-off date for submission to guarantee that there is no delay to your payment.
The key takeaway is that some clients will only process payroll on specific dates and therefore a missed timesheet can result in a payment being delayed for up-to 30 days, which is something that no one wants to experience.
If you are currently contracting and would like to find out more about Icon Accounting, you can contact a member of our team by completing our contact form or by calling 01-8077106.
If you are an Icon Accounting client and would like to know more, please reach out to your dedicated account manager for more information, or alternatively, download the Icon Accounting App and check out the Knowledge Base for more information on tax efficiencies and business expenses!
