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In this video tutorial, Morgan Law from Fine Point Biz discusses establishing effective payment terms to financially protect your business. The focus is on the importance of getting paid on time for self-employed freelancers and small business owners. Morgan outlines common payment terms, explaining their purpose and how to utilize them effectively. Payment terms serve as agreements that set expectations regarding payment timing and conditions, including penalties for late payments. Clear payment terms are essential for managing finances successfully. Viewers are encouraged to like the video and subscribe to the QuickBooks YouTube channel for more insights, with additional reading resources linked in the description.