A billing invoice template provides you with premade invoices in which you just need to enter the details of the sale. This tool is usually used by small businesses freelancers, and self-employed professionals to request payment and track transactions.
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What to include in a billing invoice?
A billing invoice is a legally binding document used by a business to request payment from its customers. This document should include the following details;
The billing invoice should contain all details about your company so that your clients know who they are paying. This includes your company’s name, logo, address, contact number, email, and website address.
Client information is also essential to track payments and follow up on late payments. Include their name, address, contact number, and email.
You have to assign a unique number to each invoice so that you can track all your invoices and payments easily.
Specify the date that indicates when the invoice was issued. This is the most important element of your invoice as it makes sure that you receive payment on time.
In the description section, include the following details;
- The products or professional services provided
- The quantity
- Unit price
- The total amount of money due
Another essential piece of information is payment terms because it specifies the terms and conditions of the payment. It may include;
- When the payment is due
- The accepted payment methods
- Any late payment fees
Include the tax rate and amount charged in the invoice. By having this information, clients understand the total amount that they need to pay.
The invoice should indicate the total amount due including taxes and any discounts.
The benefits of using a billing invoice template:
Using a billing invoice template provides you following benefits;
Save time and effort
It can be time-consuming and can take away valuable time to create an invoice from scratch every time. If you use a template, you just need to fill in the necessary information. It saves you time and effort.
Using the billing invoice template makes sure that all of your invoices have the same layout and the same format. It can help you to keep track of your financial transactions and stay organized by maintaining consistency in your invoicing process.
There are higher chances of errors if you create an invoice manually. You can reduce the risk of errors with an Excel invoice template. Furthermore, it makes sure that all necessary information is included.
Since the invoice sends a message to your clients that you are organized so ensure that it is well-designed. It can improve the professionalism of your business.
Motivates prompt payment
The business can encourage prompt payment from your clients by using a professional-looking invoice template. Specifying the payment terms and the due date on a clear and concise professional invoice template can reduce ambiguity and encourage your clients to pay on time.
Simplified financial record-keeping
With the invoice template, it would be easier to keep track of your financial transactions and maintain accurate records. This can assist you in preparing financial statements and filing taxes more easily.
How to select the right billing invoice template?
Consider the following pointers to select the right invoice template for your business;
- First, you should consider your industry as information on the invoices varies from industry to industry.
- It is essential to select a template that reflects your business name and brand because your invoice is the representation of your business’ logo and customer name. It would be recommended to choose the template that allows you to customize the template by adding your own, colors, and other branding elements.
- Select a user-friendly template that is simple, clear, and easy to fill out. Both for you and your clients, it should be used and downloaded easily.
- Consider your invoicing requirements such as whether you need to print and send invoices daily. Hence, ensure that the selected template can accommodate your invoicing needs.
- You should also be able to customize templates easily and edit your invoices for specific elements, documents, or line items.
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How do you create the billing invoice?
Here are the steps to create a professional billing invoice;
Select a template
You can use software such as Microsoft Word or Excel to create free invoice templates for your documents. They have specifically designed invoicing templates.
Customize the selected template
Customize the invoice template by including your business’ logo, name, address, and contact details. To match your branding, logo, and requirements, customize the fields and layout of your blank invoice template. Additionally, you can make it more visually appealing by selecting different font styles and colors.
Add invoice items
Here, you need to enter the following details about each product or service provided;
- Unit price
- Total amount
- Any applicable taxes
- Payment terms
Review the template
Review the invoice template after adding all the necessary information. Doing so is essential to make sure that all the payment details are accurate and consistent.
Save the template
Save your invoice template in a place where it is easily accessible. Share the template with your team members or accountant so that everyone can access it to the same standardized invoicing process.
A billing invoice is a document that states the amount owed as part of the business transaction.
A sales invoice is a document used for the sales of goods while a billing invoice is used to bill for services to be provided.
A billing invoice identifies both the trading parties and is generally issued by a seller to a buyer.