Business Invoice Templates

Effective invoicing will facilitate revenue collection, proper accounting, and even advertising. Find out how business invoice templates simplify the billing process and overall business operations.

In this article, we will go over:

• What is an Invoice Template?
• Why Business Invoice Templates are Important
• Types of Business Invoice Templates
• What Should Business Invoice Templates Include?
• How to Create Business Invoice Templates
• When to Send an Invoice
• Other Invoicing Tips
• A Better Alternative to Using Invoice Templates

What Is an Invoice Template?

Simply put, an invoice documents a sale. It says what goods or services the customer bought, the price, and when and how the customer pays.

Thanks to invoice templates, businesses can create a standard format for their billing needs. These ready-made billing tools come in a range of designs and are customizable to suit any business.

Why Business Invoice Templates Are Important

Business invoice templates promote the business as well as collections.

1. Streamlined Billing Process: Templates eliminate the need and time spent to “reinvent the wheel.” One format suffices for all customers of the business.
2. Accurate Invoicing: Invoicing errors cause six out of every ten instances of late payments. Templates reduce spelling and math mistakes that might happen with handwritten invoices.
3. Marketing and Brand-Awareness: Promote and reinforce brand awareness with company logos, using particular fonts, colors, and styles. Personalized invoices add to the perception that the business offers high-quality wares and services.

Types of Business Invoice Templates

Pro-Forma Invoices

Think of these templates as quotes or estimates. Buyers agree to the quoted price before delivery of the goods or services.

Standard Invoices

Send this for individual orders or tasks or short-term periods.

Time Sheet Invoices

Professionals such as lawyers, accountants, and architects often must itemize the time spent on a project or case. A timesheet invoice template provides space to identify a task (such as a phone call, research, or drawing plans), the time spent on it, and the charge for it.

Recurring Invoices 

Use these types of business invoices for subscriptions, goods, or services rendered monthly or otherwise repeatedly to customers. A recurring invoice may also remind the customer to pay for a past good or service.

Interim Invoices

Projects that take several months or over a year to complete call for interim invoice templates. The business receives payment as it completes segments of the job. Construction companies often invoice in regular increments.

Final Invoices

Templates for final invoices seek payment at the end of the job. Interim invoices may proceed with the final ones, which means the final invoice will state the unpaid balance.

Past-Due Invoices 

These business invoice templates seek payment when customers have not paid on time. With a past-due invoice often comes a late charge.

What Should Business Invoice Templates Include?

Business invoice templates generally contain the following elements:

• Identification of Invoice: Use the term “INVOICE” in the title and a unique invoice number.
• Dates: The issue date of the invoice tells the client when the clock starts running for payment. For due dates, ditch stilted terms such as “net 30” in favor of “due in 30 days.”
• Seller Name and Contact Information: This includes the name of the seller, a company logo, address, phone number, email address, and URL to the company website, if available.
• Buyer Name and Contact Information:  Identify the buyer as the company, not its purchasing agent or a company manager, as the buyer. Include the buyer's address, phone number, and email address.
• Goods and Services: Specify products sold by manufacturer name or model number. State the quantity of each product sold or materials used in a project. Briefly describe the service performed and the amount of time spent on it. Itemize the price or rate and include the quantity of each line item.

How to Create Business Template Invoices

There are several ways to create a business invoice template. However, the most time-efficient and reliable way is to download a ready-to-use template and customize it accordingly. 

So, to create a professional business invoice template, complete the following steps:

Step 1 - Choose a Pre-Made Template

Head to Invoicer.ai and choose from a variety of formats, including Word, Excel, Google Docs, Google Sheets, and more.

Step 2 - Download and Customize

Select a template and customize it to suit your business, such as adding a company logo, etc.

Step 3 - Double-Check for Errors and Miscalculations

Review and proofread to ensure your template is error-free and includes all of the necessary information. 

Step 4 - Save

Download and save it for future invoices.

When to Send an Invoice

Billing immediately upon completion can bring a 1.5-fold jump in the prospects of payment by customers. Placing the invoice in the package allows customers to verify the correct quantity and kind of product.

The type of invoice can also determine the ideal time to send an invoice. For an interim invoice, bill upon reaching a benchmark. Final invoices go out upon crossing the goal line. Contracts can call for monthly or periodic invoicing.

Consider emailing invoices before 10 a.m. or after 5 p.m. to get attention from businesses. Email programs generally put the most recent ones at the top of the list. These statistics illustrate many employees (including accounts payable employees) begin and end their days checking emails:

• Roughly one in every six Americans checks their email first thing in the morning. For millennials, that rate stands at 33 percent.
• An estimated 55 percent of workers go to the inbox before going to the office.

Other Invoicing Tips

Getting paid starts well before the invoice. Credit applications can reveal references from other sellers who can comment on the customer's payment history.

Have a contract for the customer to sign before the first sale or performing work. Being organized tells the customers at the outset the terms and conditions to guide the business relationship. Include terms and conditions, such as the return or refund policies.

Let customers pay electronically as well as through the mail. Ideally, promote online entry of checking account or credit card information, or mobile payments. Nearly 45 percent of e-commerce purchases came from mobile payments.

A Better Alternative to Business Invoice Templates

Invoice templates offer many advantages. However, there is an even better alternative that will take your invoice process to the next level. 

Our easy-to-use and affordable invoice generator is the perfect invoicing tool for your business because it will allow you to:

• Craft stunning, professional invoices fast.
• Organize and manage invoices, payments, and clients.
• Make automatic calculations.
• Accept online payments and multiple payment methods.
• Give you the ability to send payment reminders and more.

Are you still unsure what to make of the invoice template vs. invoice generator debate? Give them both a try!

Head to Invoicer.ai and sign up for the 100% FREE 14-day trial to access our intuitive invoicing generator and our library of invoice templates.

‍

Follow along with our in-depth walkthrough below and see how easy invoicing can really be!