By Gerda MenzelOn Aug 30, 2019 Invoice Templates
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.
Managing your invoices with accounting software lets you focus on growing your business. Not to mention it helps make tracking your invoices a whole lot easier. Have you ever sent out an invoice and then wonder, what happens now? More importantly, how do you know if a payment is on its way? Consider switching your invoicing to the cloud to reap the many benefits such as improved tracking and added convenience of having all your invoices in one place. Choose accounting software that lets you customize your invoicing options according to your brand. No design background? Just have not got the time? No problem. Dealing with invoices might be among your least favourite tasks while running a business, but it does not have to be! Use accounting software to help handle and manage your invoices and streamline your invoicing process—so you can get paid that much faster.
When you agree with the client on the terms of your work and sign a contract, you should list out how often you plan to invoice and when you should get paid. For instance, for recurring work, you might agree to bill on the first of each month, or biweekly so you get paid every other Friday. For one-off assignments, the most common practice is to invoice after the work is complete. However, if you are unsure, you might simply ask your client, Is our work complete? Shall I send an invoice your way? For big freelance jobs, such as assignments where you and your client have agreed upon a fee of $1,000 or more, you might invoice several times throughout the project. For example, you might invoice for half the fee at the beginning, then half when the project is complete. Or you and your client might agree to milestones that warrant payment, such as finishing an outline for a long project, or completing a draft of the work. When to invoice is really up to you — just make sure you and your client agree on this before you start the work.
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