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Consultant Invoice Template (Excel)

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Consultant Invoice Template (Excel)

For consultants, invoicing is a critical stage in the business process that ensures that income is received and managed efficiently. Invoices work both ways, creating a clear and correct certificate for the amount owed to you by the client, and gives the client a clear report that summarizes the services they are paying for. Thus, having a working invoice template is necessary. When creating a consultant invoice template Excel is usually preferred by most consultants.

Sending invoices and asking your clients to pay may not be the highlight of every business day for you as a freelancer or consultant; however, it is crucial to the survival of your business. One cannot undermine the place of a professional invoicing system in a business. It helps track the billing and account receivable, which is very important in filing freelancer and consultant taxes.

Now, because of the peculiarity of jobs, consultants may need a unique invoice that makes the process easy for them and their clients. If you are still thinking about how to draft one for your business, a consultant invoice template Excel would be of help if your services involve several things you need to itemize. In this article, we would explain the tips of choosing and adapting a consulting invoice for your requirements.

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1. Tips for customizing a great consultant invoice

Download or draft a consultant invoice template Excel that is customizable. Decide the invoicing system, whether manual; or electronic, depending on your budget and plans. If you have chosen a manual invoicing system, there's room to add your requirements, and if automated, electronic software gives room for customization.

They let you create and manage invoices on your mobile and create room for automation.

1.1. Customer information & billing details

Once you’ve selected your invoicing system, it is time to customize the consultant invoice template Excel. Start with your business details like name, email address, contact, mailing address, and website. Next is your client information plus billing details. Depending on your work details, create room for hourly payment or fixed-rate payment to avoid repetition whenever you need to send an invoice.

1.2. Payment terms & policies

Consultants payment terms determine how and when their invoices are paid. State your payment schedule and discuss it with your clients, so they don't see an invoice from now where. It is best you set short payment due date as some choose 15 or 30 days net.

1.3. Design

Your invoice speaks volumes to your clients; therefore, you must pay attention to it. If you have much information or services to list, make it clear on your consultant invoice template Excel to avoid confusion and delay in payment. Avoid a lack of professionalism and influenced clients with your invoice. Add a logo, use your brand colors, the due date of invoice, and your preferred invoice number.

2. Strategies for dealing with unpaid invoices

Some steps to follow if you want to make sure you get paid:

2.1. Deal Politely

There no rigid rule in business once you understand your client. Start giving a considering the point of customizing your consultant invoice template Excel.  If invoices are not paid on time, check if the document was delivered, check the address, and see if the fault was yours and don't lose your cool so soon. Since clients have no obligation to pay invoices until they receive invoices, you may delay your payment if you don’t send your invoice to your client on time.

2.2. Send invoice upon project completion

It is not uncommon for consultants and freelancers to finish their work and forget to send an invoice to a client.  

2.3. Give discounts and penalty

One percent discount is not uncommon to encourage your client to pay early. Besides, state your penalty for a late penalty because it is not every client that gets motivated with incentives.

2.4. Don’t be rigid

Andy Clarke suggests that people avoid stiff business approaches and carefully craft an mail to explain the situation. After all, he says, the business remains business while people work with people.

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3. Why use Excel?

Spreadsheets are versatile enough to be used by all audiences. For most beginners, consultant invoice templates in Excel make it easy to perform calculations and prepare invoices. The flexibility makes them preferred for a variety of uses. For example, you can use the consultant invoice template Excel for:

  • Capturing project details for the clients in the first tab of the workbook.
  • The second tab can be used to track the payment status of invoices.
  • The other sheets of the workbook can be used to create the actual invoices that are sent to the clients.
  • A single workbook can be used to monitor the billing status of businesses, coming in handy for reviewing the performance of your business.

4. Editing the invoices

The beauty of a consultant invoice template Excel is that you can customize the look and feel of the invoices to reflect the image of the business. It is possible to outsource design work if you don't want to design the consultant invoice template from scratch. The resultant consultant invoice templates can be customized for individual clients afterward.

Consultant invoice templates in excel use invoice numbers that move chronologically. The figures take precedence over alpha-numeric tags that would otherwise be confusing for bookkeeping. If the books get tangled at any point, you could end up double-billing the client for services offered once. The chances are that the client also uses a bookkeeping system that will notice this issue, making your consultancy seem disorganized. Unique invoice numbers will mitigate this possibility of double-billing.

5. Deviations from the original job done

It is possible that there are changes to the initial task, especially after an invoice has been sent. A consultant invoice template Excel should allow for such a possibility. While some consultants would want to add to the invoice already submitted (thus editing the invoice), a new invoice number is recommended.

A new unique invoice number allows these changes to be captured clearly. This way, you can continue to use the original consultant invoice template to invoice in stages or as agreed before the project.

6. Receiving payments

Using Excel for consultant invoicing makes use of a chronological arrangement of unique invoice numbers. Therefore, when receiving payments, you can track which payments have been received partially and in full. Without such a method, it is possible to miss out on partial payments or even bill a client for a service that has been paid. Checking these anomalies can be time-consuming and may negate the current template (if it doesn't use a chronological arrangement for unique invoice/payment numbers, instead of using "job names").

7. Creating an invoice template

This method is how you create a consultant invoice template in Excel:

  • After loading Microsoft Excel, click "file" then "new" to open a "new workbook" dialog box. Scroll down the "Microsoft office online" and click "invoices" to locate a variety of templates you can use.
  • Select a specific invoice template and click on "download" to display it in your excel file.
  • Fill out the fields that require a custom entry, like company name, address and logo, payment terms and official payee name to receive check payments.
  • Click "file" then "save." Thus you will have a new custom invoice template in a specific folder in your computer.

You will then use this template, customizing it for different clients depending on the products and services offered during the consultancy contract.

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