No matter what the nature of your business is, you should know that estimates and invoices are crucial for accounting organization, looking professional, and ensuring your cash flow stays optimal. Although estimates and invoices share many similarities, they serve very different purposes. In this article, we will answer the following questions:
Read on to learn everything there is to know about estimates and invoices and the benefits of billing automation with Invoicer.ai.
An estimate or quote is a document a seller gives to a buyer that indicates the cost of goods and services the seller will provide. A professional business estimate is not a binding agreement, allowing the buyer to opt-out and request changes at any time.
An invoice is a legal document that records the transaction between a seller and a buyer. It is a detailed breakdown of the provided products or services rendered, including quantities, costs, and specific payment terms.
An estimate is a quote for goods and services, so it does not seek payment and is not an amount owed. The sole purpose of a business estimate is to inform customers of costs for the proposed goods and services they have requested. By receiving an estimate, your customer has the freedom to choose if they want to proceed with the sale or discuss any changes.
An invoice is a formal billing statement for a completed sale. It is the legal document used to request payment from a client for the goods or services they received from a buyer. A professional invoice is a detailed record that shows what was purchased, how much is owing, how the amount owed should be paid, and specific terms and conditions of the transaction.
Invoicer.ai offers the perfect estimate solution for any business. Our intuitive and robust Estimator Generator automates and simplifies the process and makes creating and managing estimates a breeze. The platform saves you time by enabling quick entry of client accounts and required estimate information. The client can accept the detailed cost estimate online, reducing the need for follow-up calls or emails and streamlining the process of estimate acceptance.
To create a stunning and professional estimate using the Invoicer Estimate Generator, complete the following steps:
Once you create and send the estimate using our Estimate Generator and your client approves it, you can complete the order request. After the service is complete or the client receives the requested goods, you must create and send an invoice immediately if you want to get paid. With the Invoicer.ai Invoice Generator, you can convert the original estimate into an invoice in seconds by following these simple steps:
Voila! When you send the invoice, the status on the estimate changes to Invoiced to keep your records organized. It is also possible to automate the process so that when a business estimate is approved, it automatically creates an invoice and sends it to the client. Because the process is online, you can offer your client online payments and automatic payment reminders, so you get paid faster.
The mobile dashboard enables viewing all estimates and their status, whether they are unsent, sent, approved, invoiced, or archived. It also includes various sorting options to view estimates by issue date, status, client name, email, balance, or payment.
One of the best ways to automate the time-consuming task of estimate and invoice creation is by using the Invoicer.ai Estimate Generator and Invoice Generator. Our intuitive, affordable, and powerful estimate and invoice solution is perfect for entrepreneurs who want to save time and money, stay organized, and keep clients happy.
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