Many small businesses suffer due to delayed payments, and no clients are not solely responsible for it. So, what is it that leads to these issues? Well, some common invoicing mistakes include sending it to the wrong client, not setting clear payment terms, and not addding the purchase order (PO) number.
If this sounds familiar, you would surely want to create error-free invoices with minimal fuss and the right online invoice payment processing software. This post will help you navigate the right path when creating an invoice and getting faster payments.
What All Things Need to Be Added To The Invoice?
While free invoice templates will make invoicing a breeze, knowing what to add and how to add will make all the difference. Given below are some common elements to include in any invoice. While all maybe not be applicable to you, look for the ones that are relevant.
Business logo- It will make you look professional. Make sure that it is visible.
Company name– Add this in a font larger than the one used in the invoice.
Contact information– Clients will know how to contact you in case of urgent and not so urgent discussions.
Client’s billing address– Make sure to include both their name and billing details. In some companies, the client may not be the right person to send the invoice. So, you must cross-check and then send the invoice.
Date of issue or invoice date- To keep track of payments and send reminders if needed with your online invoicing software.
Payment terms will help clients know when exactly they need to make your payments. Make sure you mention them each time you send your invoice.
A due date– This will make it crystal clear when you expect your payments.
Invoice number– To help you keep a check on invoices and stay ready for the tax season. It is suggested to create sequential invoices with your online invoice payment processing software to keep things in order.
Service description– Keep them crisp and clear so that clients know what they are paying for.
Rates- Mention if you are working by the hour, have project rates, or any other pre-decided rates.
Tax amount- May or may not be applicable, but double-check that before adding the final amount.
Discounts – Take a note of the discounts you are providing for specific clients and services
The amount due- Make sure to mention it in bold so that the client knows what to pay.
Other notes- It goes without saying but thank them for your business and add your business or your bank details. If you require some deposit for the invoice, make sure to mention it here.
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A Better Alternative to Free Invoice Templates
While invoice templates are great, they can help you to an extent. Even with the best templates, you will need to add line items, adjust cells, and save them as a PDF before sending it to your clients.
Also, if the invoice has errors, you will need to fix them and then again change it to PDF before sending it to your client. So, it is upto you if you to wish to save time or waste it.
A few wasted minutes might not seem much. But, before you realize you might have wasted hours on the same. You could have spent that time relaxing with family or pursuing a hobby.
A sure shot solution? You can use this time to concentrate on other things by using the right online invoicing solutions.
How Can The Right Online Invoicing Software Help You?
Well, the right invoicing tools can help you in the following manner:
- Avoid those little invoicing errors. For example, you get the invoice number right and calculate the total amount. It will also help you create customized invoices in minutes.
- It will help you manage late payments by sending out automated payment reminders at regular intervals.
- Get paid faster by offering multiple payment gateways and also requesting an upfront deposit.
- Save tons of time by eliminating duplicate existing invoices. This feature is ideal if you have to make similar invoices.
- Invoice in your client’s currency with the multi-currency billing modules.
- Track time and add per hour charges to your invoice
- Send recurring invoices as per the designated schedule to subscription-based clients so that you don’t waste time creating fresh invoices each month with your online invoice payment processing software.
The right combination of free invoice templates and online invoicing software can help you create error-free and customized invoices. So, what are you waiting for? Schedule a demo with your shortlisted providers to expedite your payments and scale your business!