I’m trying to get into hoa and commercial work.I been researching on here trying to learn’ how net 10 30 and 60 works and how I should write it up. I use the joist app can anyone give me any advice on how I write this up and how I get paid…thanks guy
typically if your terms are net 30, then you give them some incentive to pay quicker, so you’d put 2% - 10, Net 30. So here you’d be giving them a 2% disc to pay early.
In reality, HOA or the management company won’t contract the work if they don’t already have the money. So they’ve got your money before you do the job. Just make your terms, net 10. Some may be a few days or a week late just depends on process they have to go through.
Just discuss it up front.
You type “net 30”
No need for the whole add 2% after 10 days late blaw blaw
Net 30, if more time is needed please let me know. That’s all you need
That wasn’t directed towards you @Racer
We posted at the same time… I’m referring to late payments not early
Yes…like @Racer said they already have your money. Most places proceeds that months payments on certain dates.
Example one company I do work for processing the previous months invoices on the first Monday of the next month. Sometimes I don’t get paid for 32-34 days and sometimes I’ll get paid in 5 days.
Discuss it upfront if your curious, otherwise just put payment terms “Net 30”
Thank you guys for the info as always a great help
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My invoices all day payment due upon completion. My contract says payment due at time of service.
Don’t give anyone a chance to “forget”. Commercial payments are going to happen on net terms anyway no matter what you put in the contract and invoice.
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This is good gouge. Keep in mind with commercial accounts it can be weeks before you get paid, you need to make sure you don’t get strung out with accounts receivable to the point you can’t operate. I see that here all the time, with guys not being able to take the next job until they get paid for the last one. Granted with the PW side of things that might not be two big an issue but on some of my bigger HOA stain jobs I’m putting down 3-4K on stain. Look to see if they have a 10% hold back too. I have one right now that is hanging fire for almost 2k because they refinanced the project.
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