By Doris RufOn Aug 13, 2019 Invoice Templates
Add a date that shows when you submitted the invoice to the client. The date prepared line is important because you will need to refer to it if a client takes a long time to pay you. We will go into that shortly, under payment terms. Specify when, exactly, the payment is due. The due date is entirely up to you, but most freelancers — and invoicing systems — use a 30-day, 45-day or 60-day timeline. You can also make the invoice Due upon receipt, so the recipient is required to pay the invoice promptly. This should not be the first time your client has heard about the due date. When you agreed to do the work — and hopefully signed a contract, or at least agreed to terms via email — you should have set expectations with the client for payment terms. If the client does not pay on time, you can refer back to this due date, as well as the prepared date if necessary. It is typically helpful to the client if you specify your payment options — whether you prefer to be paid with cash, a check, a credit card or a service like PayPal. (If PayPal is your preferred payment method, it is smart to add your PayPal email address to the invoice, so they send the payment to the right place.) Some companies offer direct deposit if you work for them on a regular basis, but more than likely you will have to send an invoice to request payment every time you complete a project.
Some businesses set up recurring billing for customers who have repetitive products or services. This is a way to speed up your work processes and eliminate manual labor. In that instance, complete invoices are important because those that are incomplete may get regenerated. Therefore, any wrong or missing information could repeat each billing cycle. Of course when you have a business to run there is lots of other responsibilities. However, creating complete invoices is important and will save you time in the long run.
Sales invoices help to protect small business owners from fraudulent or petty civil lawsuits. The invoice shows that a particular good or service was provided at a certain time. An invoice with a customers signature proves especially valuable, since they illustrate an agreement between a vendor and customer. Without an invoice, there is no record that the sale occurred, which also opens a business up to conflicts regarding pricing. A company that keeps close track of all sales invoices can utilize the information to target its customer base. For example, businesses can input data such as dates of sales, products sold and the amount for which they sold. Computer programs or marketing firms can then compile the information to see peak buying times, popular products and earning trends. This proves valuable when developing business marketing strategies.
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