Consultants need to send a consulting invoice whenever they complete a job or achieve a milestone so that clients can pay them for their service. A consulting invoice example includes detailed information about the service provided, the time spent on the job, and the break down of fees.
Invoices primarily are meant to trigger payment after a service is rendered; besides this, the document is also useful in ensuring that consultants receive the full payment of their work. It is also a valuable document for record-keeping and tracking of the financial transactions of an independent consultant.
Aside from your regular consulting work, one of the intimidating tasks you'd have to manage before getting paid is drafting your invoices. Sending an invoice to clients is essential to get paid because the document is the official way of requesting payments from a client. The bill states the amount and the due date, as well as the term and conditions surrounding the payment. More often than not, consultants with busy project schedules often have an editable consulting invoice example or template to avid the stress of drafting the document for every job.
Consulting invoices may be sent to the client on completion of a milestone or at the end of the project. It depends on the agreement between parties (consultants and clients.) In cases where a job has to be completed before sending an invoice, consultants should ensure the consulting invoice example is edited, reviewed, and sent as soon as possible to clients. This way, clients may be reminded to pay on time since job completion is still fresh in memory.
Invoices may range from very simple to complex, depending on the nature of the project they are meant to cover. A professional consulting invoice example must have a combination of the following information.
Both client and consultant form the parties involved in the business relationship. Hence, name, contact address, email, website, and phone number of consultants, and the client must be included in the document.
Invoices often carry a number for easy reference and tracking. There are multiple ways of assigning invoice number to a consulting invoice. A chronological order system can be employed but is wide to break the number into different parts using letters and figures to avoid a one-off series of numbers like #45455656662.
Secondly, the document should include relevant dates like project completion and payment due date.
Include the service you’ve performed in line with the objective of your client when editing or drafting your consulting invoice example.
State your deliverables and break down your charges as you state the fees for each sub-task if applicable. Add the costs and boldened the sum for easy recognition.
State the payment terms and conditions clearly in the document. If you are going to be charing for late payment, add such information to this section and state the fees per hour, week, or month as applicable. Also, you may encourage a quick response by adding a discount clause on your consulting invoice example for clients who service your invoice on time.
A consulting invoice is essential because it is useful for tracking financial transactions and also requesting payment from clients. Also, it can create a positive impression to clients if properly used since it is the last contact of a business with a client. Therefore, the document should be detailed and precise about service and the financial obligation of a client.