More often than not, however, the person hasn’t spent their tax money – but all their money is in a single bank account and they don’t know what money is theirs and what money is the ATO’s. This creates huge tax problems that can, in some cases, last for years. The worst-case scenario is the person hasn’t limited their spending and has spent some or ALL of their tax money. This can present a few different problems, depending on the person. We see this all too often with people who have just signed up for Hnry: they haven’t been separating out their tax money as they get paid. Do: Set aside money for taxes – every time you get paid So be diligent when it comes to chasing your unpaid invoices. It’s just a nudge, but the thing is – it works.Ĭustomers who use that feature get their freelancer invoices paid, on average, 8 days faster than customers who don’t. For our customers who activate that feature, our app will automatically follow up on any unpaid invoices with a professional and polite message, at 2pm the day after the due date. To demonstrate, let me introduce the Hnry app and its automatic invoice-chasing feature. Staggering Invoice Fact #2: On average, Hnry customers’ invoices get paid 10 days after their due date. Staggering Invoice Fact #1: 60% of Hnry customers’ invoices get paid after the due date has already passed. The data we have around this is staggering. The unfortunate truth is some businesses just can’t be bothered paying invoices until well after the due date. Unpaid invoices are one of great challenges of being a freelancer. Including the above information – and only the above information – in a clear and easy-to-read format is a great way to look professional and endear yourself to every finance person you come in contact with.
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