- April 30, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Exploring Payment Options for Teachers, Freelancers, and Kojin Jigyo Individuals
As someone who is accustomed to receiving cash payments for lessons or work, I am curious about the process of receiving payments via bank transfer. I understand the importance of proper reporting and compliance with financial regulations, which is why I want to ensure that I handle bank transfers correctly.
Bank transfers can offer a convenient and secure way to receive payment, but they may also come with certain complexities that I need to be aware of. For example, there may be additional fees associated with bank transfers, or there could be specific reporting requirements that I need to follow.
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From an accounting and reporting perspective, having bank transfers actually makes things somewhat easier / more legitimate. A business which is all cash is easily suspected of hiding and underreporting sales.
I do that and don’t see any complications. But I receive few large payments from overseas, whereas you probably get lots of small sums for each lesson or month.
Your clients may not like it if their transfer isn’t free. You would also have to ensure that you do indeed receive all the payments. I.e. you may potentially have to follow up with students/clients.