If you’re looking for free invoice templates, PandaDoc can help. While it’s possible to do this in Google Docs or Google Sheets, specialized software typically goes a step further by helping you capture customer account information and by issuing payment reminders to customers with an outstanding balance. ![]() ![]() On top of that, many invoicing software options generate online invoices and downloadable PDFs so that it’s easy for customers to view the documentation and download a copy for themselves. This is especially true when designing a custom invoice. While it’s possible to build your own invoices in Microsoft Word and Excel (or in the G-Suite), it’s typically faster to use invoicing software to create professional invoices.įor small businesses, freelancers, and organizations with a limited finance department, using specialized software as an invoice generator is faster and easier to handle. Invoicing has come a long way in the last few years. Invoices also help businesses keep track of what they’ve paid for and what they still owe, making them essential from a bookkeeping perspective. The purpose of an invoice is to consolidate all of this essential information into a single, summarized document so that customers can easily review the work or goods received and remit payment. Acceptable payment methods (credit card, PayPal, etc.).Terms of payment, including due date and late fees.A subtotal (before sales tax) and a final amount owed by the customer.Line items detailing the goods and services received.Invoice number and account number for easy reference.Issuer’s contact information, including the business name, address. ![]() Typically, a simple invoice will include the following: The invoice provides customers with the information necessary to pay the issuer and includes a list of goods and services received from the issuing organization. Payment options and details (e.g.What is an invoice and what is it used for?Ī business invoice is a request for payment from a business to its customer. There are a few more things you can add to an invoice to make them more helpful to customers: The amount of GST added (for tax invoices) The seller's name (this could be your business or personal name) The words 'invoice' or 'tax invoice' should be somewhere clear on the pageĪ brief description of the goods or services you've sold The more information you put on your invoices, the better. Invoices need very specific information to make sure they're a valid legal document. Invoices can help you understand your tax obligations and manage your GST credits.īy storing and organising your invoices – both the ones you send to customers and any that you get from suppliers – you'll get a clearer idea of how much GST you need to pay and if you qualify for any GST credits. Including your time on invoices also helps to set expectations with your customers so that they know how time factors into the cost and what to expect in the future. By including how long it takes to source, build or provide your products and services on your invoices, you can keep a track of what you spend your time doing – and then set your prices to reflect that. Invoices can help you track your time and set your prices. They can also flag financial challenges and help you prepare for them, like when sales drop or when customers aren't paying on time. Invoices can show you patterns in your sales so you can see when people are buying certain products, and what products are selling best. They also help manage your cash flow, track your time and understand your tax. Invoices are more than just a way for your customers to pay you.
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