Speaking of money, I wanted to do a bit of a shorter post that's still very much relevant to one of the big perks of pursuing acting and modeling professionally: getting paid.
I wrote at length back in October's post about how actors and models get compensated for their services, but I want to focus on the importance of understanding invoicing -- specifically as it relates to common payment terms like Net-30 arrangements.
This post will be mainly beneficial for freelancers without agency representation.
Some castings state that payment will be made to actors/models using a Net-30 arrangement. If you've seen this term before but aren't quite sure what it means or if you've never heard of it at all, let's break it down.
The main part you want to pay attention to is the number after the word "Net." That number reflects how many days it will take you to get paid. That number isn't always 30, btw. It can be Net-15, Net-45, Net-60...you get it.
BUT here is the most important distinction to make when this term appears in any paperwork you sign once you get booked for that acting or modeling gig: the number represents how many days you'll be paid based on the date you put on your invoice.
This isn't always absolute, however. In some instances (namely in the business world and especially when it comes to goods and services), it means how many days from the date you completed the service but in 99% of the cases where I've encountered this payment term as an actor/model, it was explained to me by more than one client to be the situation I described above.
To keep things simple, let's stick with Net-30 for all examples moving forward. Let's say the acting or modeling gig you booked took place for 1 day on the 16th of the month. You send your invoice out on the 21st of that month (maybe you got busy or forgot to get the invoice out sooner).
That 30 day countdown to your payment will start based on the 21st date you put on your invoice NOT the 16th of the month when the gig happened -- although you do have to put the date that the gig took place on the invoice as well. That gap of a few days makes a huge difference, especially if you're hoping for those funds to hit your account by a certain time.
The Net-30 arrangement is a widely used one and you'll have little luck trying to convince a client's payroll department to expedite your payment because you were a few days late getting the invoice in. It's just another part of doing business that freelance actors and models should get savvy about sooner than later.
I highly encourage making sure to send your invoice within 24-48 hours of completing your gig in order to avoid any potential delays in getting your money. While we would all love a Net-5 or Net-15, that quick of a turnaround isn't always possible.
If you're stuck with a Net-30 or longer (yikes), stay ahead of the curve and have your invoice template ready with the date listed so that you'll be able to send it out the moment you get home from the job.
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