Elements you Need on Every Invoice
In a virtual business, electronic means are used to buy and sell goods and services, as opposed to face to face transactions in which physical documents are used. Getting paid for the services offered or goods sold is the primary objective of the business. To ensure you get paid easily and promptly, your invoice should have these basic elements:
Success in invoicing greatly depends on the due date. The due date clearly states when the service provider expects payment. If you aren’t clear on when you expect payment or what your deadline is there is no guarantee you will be paid in a timely fashion. A penalty for late payment should be included with the due date so that a sense of urgency to comply with the deadline is created.
The client should know exactly what company sent the bill. The branding information should include things like the business name, your logo and your location if necessary. Some businesses receive several invoices a month and including your branding information eliminates unnecessary confusion as to where the bill came from. Up to date contact information should also be available for clients if they have any questions.
Accepted Methods of Payment
State flat out what forms of pay you are willing to take. Credit cards, checks, cash, or Paypal. Whatever method is preferred, it should be easy to figure out how to pay.
List of Charges
Any charges expected for the services/ goods should be clearly listed. Give a clear description along with each charge so that the clients know what exactly they are paying for.
Regardless of whether it’s goods or services, a tracking number should be added for ease of filing and searching within your files and the clients’ files.
A sound virtual business is kept on track by a healthy cash flow, and that healthy cash flow begins with preparing an accurate and timely invoice. Businesses that improve their invoicing processes speed up payments and are then able to focus their attention on building the business instead of worrying about when and how payments will be made.
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