By On Jul 16, 2019 Invoice Templates
Invoices assist a company in getting paid in full and getting paid on time. It can be difficult to get paid without a proper invoice. Companies commonly demand receipt of a detailed invoice before disbursing payments. Payment terms can help a company collect receivables quickly. For example, a company may say that payment is due upon receipt, within 30 days of receipt or 60 days receipt. Including a late fee policy on an invoice -- for example, that late payments are subject to a $20 fee -- can also help ensure prompt payment. Invoices provide evidence that products and services are delivered and establish a company right to payment. In the event that a customer does not pay, a company can use contracts and invoices to legally demonstrate to a court of law that it is owed payment. Likewise, the company can keep copies of invoices and amounts paid to contractors and vendors to establish that it completed its contractual obligation for payment. Even if you do everything right, there is always a possibility your business could be audited by the IRS. During an audit, the IRS wants to ensure that you have properly reported all income you received during the year. If you have an organized system of sequentially numbered invoices, the IRS has more confidence that you have reported income fully and correctly. If invoices are erratic or nonexistent, the burden of proof is on you to show that you are not hiding any income.
Akaunting is a completely free web tool that lets you invoice, track expenses, and handle all of your freelance or small business accounting needs right in the browser. It works well on PC, Android, and iOS devices. Notable features include unlimited clients and invoices, billable expenses, inventory tracking for sales, dynamic reports, direct payment for invoices, per-client discounts, full accounting with deposits and transfers with bank accounts, and multilingual panels for admins and clients. What is unique about Akaunting is that it is open-source and you can download the software and host it on your own web server. You would still access it using a web browser, but all the data remains with you. For privacy-minded folks who want remote invoice access, Akaunting is a smart choice. Wave is the best-known invoice app on this list, especially for small business owners, but we have ranked it as fifth because it can be a bit slow at times and the interface can be a bit rough to navigate at first. However, Wave is completely free and comes in three parts, the Invoicing software (i.e. creating and sending invoices for payment), the Accounting software (i.e. tracking income and expenses), and Receipt Scanning (i.e. scanning receipts with a mobile device for expense tracking). Notable invoicing features include auto-reminders for overdue clients, professional invoice templates, custom branding for your invoices, invoice sending and management on mobile devices, see when clients view an invoice, automatic cloud backups, and more. You will only have to pay if you want to use Wave online payment processing or payroll management services. If you dont care about either of those, yes, Wave is entirely free to use.For any type of business to succeed, you have to get paid. Whether you do one freelance gig a month or run a full-time writing business, you need to calculate the time you have worked and bill your clients. That means you need to know how to write an invoice. But where do you start? How do you create a professional-looking bill? How and when do you send it to your client? If you plan to invoice clients regularly, its smart to invest in an invoice generator…so we will talk more about those in a bit. For now, lets review the basic elements of an invoice. We will also share an invoice example so you know exactly what to include. There is no need to be intimidated by invoicing. You have done the work for your client — that is the hardest part! Plus, your invoice does not have to be fancy. It just has to be professional-looking and do the job. The first item on your freelance invoice should be your business name or your full name, in professional and easy-to-read font. If you have a logo for your business, include that as part of the header. But dont worry, you dont need a logo, you can also just write your name in text. Whether you use a logo or text, the font size of your name or business should be a little bigger than the rest of the text on the invoice, and bolded for emphasis.
There are other reasons complete invoices are important. The better your billing practices are, the fewer questions your customers will have about their bills. As mentioned above, incomplete information can prevent customers from reaching you. They might genuinely want to pay their bills on time but be unable to do so. If your invoices are not complete, they may not be able to get their questions answered. That can result in delayed payments or no payments for you. However, even if they are able to reach you, it takes more time to correct billing errors. If your invoices were correct to begin with, you can spend your time more productively. Lets suppose you send out invoices that are not numbered or have invoice number errors. Whether you file them electronically or by paper, these situations can create tracking nightmares. You could end up with invoices from one customer being added onto the monthly statement of another. Or, when you try to credit one invoice it shows up on the statement of a completely different customer. These types of errors dont have to happen. Creating complete invoices ensures that the right customers get billed for the right products or services.
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