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Trading products and services need to be documented, and customers need to be informed about the needed payments for the services or products they purchased. Both can be accomplished using an invoice. It is a document handed to customers detailing the prices for the product or services they availed. A business owner will require a supply of blank invoices for their daily operations. These can be made without effort with the help of our ready-made templates. Check out our Blank Invoice Templates in Microsoft Excel and see our selection of editable, printable, and downloadable templates on your computer. Save time and effort with our templates today.
It is not mandatory to issue an invoice. However, doing business without invoice opens your company to a lot of trouble, and errors in invoices can significantly impact your business. According to Chron, a website talking about small businesses, errors in invoices affects the company's accounting; it could lead to erroneous profit recording. Invoices detail the product or services ordered by a customer. It also details the needed payment for the products and services mentioned above.
Consider invoices and receipts as standard tools for conducting business transactions. They are simple documents that you can easily design. You can learn by reading the tips below.
Though invoices share standard features, their layouts might vary. Feel free to choose an already existing layout or design your own layout. Remember to include the standard features of an invoice. The layout will serve as your general plan of the invoice's general appearance.
Accountability is essential for any business. This goes for invoices as well. To ensure that the invoice you make is official, add the company logo and its branding elements.
Enable the customers to contact the company back by including the company address and contact details. The majority of people have access to social media, try to include the company's social media page.
An invoice requires space to include the products or services and their corresponding prices. This is the primary feature of an invoice. Do not forget to dedicate a space for this purpose. Divide the space between the product, the price, and the quantity. Do not forget to add a "total" portion.
Being flexible is convenient, and being convenient attracts customers. Make the invoice more convenient by adding a small list of payment methods available.
Issuing invoices are not mandatory. However, not issuing invoices, especially on high-cost purchases, can expose your company to possible fraud. Cases of unpaid items are not uncommon, and they can be traced to businesses that don't issue invoices.
Purchase orders are handed to customers requesting for prices of products and services. Invoices are handed to customers once they have decided to purchase a product or request a service.
Mistakes in an invoice can lead to loss of profits and erroneous recording of profits. It could also lead to unintended overpricing. Errors in invoices can significantly affect a business if they are not noticed.
An invoice per se is not a legal document. But in cases where disputes need proof, it could be used as evidence.
You can contact the client and request payment within a specific time. If payment is not completed within the set time, you can demand late fees. If it appears that the customer has no plan of paying for a product that they now possess, you can proceed with legal action.