By Doris RufOn Aug 30, 2019 Invoice Templates
Vendors provide sales invoices to customers after the consumer pays for a good or service received. It is a written or electronic documentation of the transaction from the merchant to the consumer. It is important for companies to have evidence of all sales, to protect themselves as well as for record keeping purposes. The most basic purpose for a sales invoice is to keep a record of the sale. It provides a way to track the date a good was sold, how much money was paid and any outstanding debt. The invoice is an invaluable tool for accounting. It can also track which employees make sales and the items they sell. The government does not have a set system or template for the type of invoice a business should have. However, for tax purposes, it is imperative to record and maintain all sales invoices. The Internal Revenue Service suggests small business owners keep a running summary of all business transactions, of which invoices are a crucial part. This aids a company in filing taxes, ensuring the proper amount is paid and avoiding an audit.
Invoice Ninja is an excellent web tool for freelancers and small business owners who have more complex needs beyond simple hand-crafted invoices. As a free user, you can manage up to 100 clients and unlimited invoices, plus advanced features like time tracking, auto-billing, branded invoices, direct payment integration with over 40 gateways, and the ability to accept deposits and partial payments. However, invoices have a Created by Invoice Ninja watermark. Upgrading to the $8/mo plan increases your max clients to unlimited, grants access to 10 professional invoice templates, a custom Invoice Ninja URL where clients can view and pay invoices, the ability to create custom invoice and auto-reminder emails, and much more. Invoicely is similar to Invoice Ninja and serves the same kinds of users, freelancers and small business owners who deal with complex accounting needs beyond simple invoices. One of the more advanced features is the ability to manage multiple businesses with multiple team members and clients for each business, which comes in handy for serial entrepreneurs. You can also receive payments online directly to your invoice, which Invoicely uses to auto-update an invoices paid status. Free users get unlimited clients and invoices but none of the notable advanced features, and generated invoices are branded with the Invoicely logo. For $9.99/mo, you get features like time tracking, taxes, mileage, customized branding, and online payment methods other than PayPal.
When a project closes, you want to send a final invoice to outline the work that you completed, alongside any interim invoices that have already been sent. Here, you want to clarify to your clients what exactly they are paying you for. Do this by detailing whether those interim invoices have been paid, and list the final amount that is outstanding, if applicable. A good invoicing etiquette is to send a final invoice to wrap up your business between you and a client—even if the job has been paid in full. Using invoice templates for your business makes sure your invoices are consistent and you are not missing important information. These templates can be in simple document or spreadsheet format or can also be generated using financial or accounting tools. Its up-to you which way you prefer. But, if you are still using paper invoices you might be creating a monster. Paper invoices are a headache to manage and are easy to lose track of. Want to reduce the headaches that invoicing gives you? Eliminate paper from the equation altogether and streamline your invoicing!
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