Whatever type of work or services you offer to your clients or customers and whatever your business model is, getting paid on time is crucial to keep your cash flow steady and you are earning profits. One way to ensure that you will be paid on time and with the full amount due by your customers is to have an invoice system. Having this system has great benefit for accounting purposes as this will make your clients’ accounts become more organized and lets you get paid faster. Sending and receiving invoices is an important part of a service-based business. If you want to successfully create, send and respond to invoices, first, you need to know what they are, how they work, and know what details to write down. This article will guide you on how to make a work invoice.
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What is an Invoice?
An invoice is a document that is created and sent by a seller or provider of a product or service to their customer. It outlines the cost of the product or service and initiates the customer’s responsibility to pay for them. It also serves as a record of a transaction between a seller and a customer that is crucial for ensuring the financial books and accounts of the seller are complete.
Details to Include in a Work Invoice
The list below are the relevant details that you should include in your work invoice:
- An invoice number. The invoice number should be present in every invoice you issue and should be unique from other invoices.
- Your business’s name and contact information.
- Your customer’s billing information.
- A description of the services you’ve rendered. Ensure that these tasks are the ones you’ve agreed to do. Itemize your work by project or by the hour. If any software or licensing fees may have been incurred while doing the service, include it as long as it is necessary.
- Amount of each service rendered.
- Tipline if it’s customary to tip in your industry.
- The total amount due that the customer is obligated to pay.
- Sales tax line, if applicable.
- Due date of when the client will receive the work or service you’ve provided (if this is done for several days or weeks).
- Due date of the payment (so you get paid on time).
What are the other purposes of an invoice?
Invoices have a lot of purposes in businesses. Below is a list of their purposes:
- They are used by a company’s accounting office to create records of sales and accounts receivable.
- They are used to request payment from customers
- They help track outgoing inventory
- They help create data that will aid accountants to estimate future profits
- They provide income information that can be used for tax filing
- They preserve an easily accessed record of sales and transactions
What is the difference between an invoice and a bill?
Invoices and bills have some similarities but their differences are mainly based on their purposes. Invoices are sent by a business that provided the client a product or service the customers purchased. It states what was produced, who purchased it, and the terms for payment. While a bill is a document from the business that requests immediate payment from the client and calls on them to take a certain action (such as paying the amount due). Unlike an invoice, bills do not include an itemized list of products or services.
Most invoices usually include lists of services, quantities, and prices, but sometimes, they can’t tell the whole picture of the whole transaction. Sometimes, it might not be obvious right away that the seller applied discounts on some of the items. If you have some additional information that you’ve input in the invoice, you can add footnotes to clarify it. Conclude your invoice by adding a thank you note that shows your gratitude to your customer for choosing your business. To help you get started making the invoice, download our free sample templates above to use as your guide!
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