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Independent contractors and freelancers are hired to render different services- painting, writing, plumbing, photography, roofing, among others. The independent workforce industry is one of the fastest-growing niches, and there seems to be a surge in demand for independent contractors and kinds of skilled personnel. The Freelance workforce, otherwise known as the Gig economy, generated about $1Trillion in revenue in the US in 2019. That was a staggering number, with over 57 million American freelancers representing 35% of the US workforce. So, if you are in the business of providing specialized services for a client, you are probably in a promising industry.
But along with your skills in rendering your services excellently, you should develop solutions to handle the day-to-day paperwork of your business. One of the administrative tasks you should pay attention to is invoicing. A professional contractor invoice template will not only help request payment from your client, but it will also help you keep a proper record of your work and cash-inflow.
Developing a sound contractor billing format is essential to your business. It gives you the avenue to provide a detailed summary of the work you complete for a client without wasting so much time. You can get a template ready within a few minutes if you choose to develop one online. Electronic invoices are fast displacing hand-written documents, and their features make them effective for business invoicing. If you want to create an electronic contractor invoice template, see the next section of this article.
Contractors need not spend useful time for projects on developing invoices. There are a myriad of invoicing solutions that take that stress of you, giving you more time to focus on your core business functionalities. One of the fastest ways to create your contractor invoice template is to download a sample online and edit for your use. Besides, if you desire a custom template, Bonsai can help you create a solid one. Just provide all the relevant details on the solution page and create your unique independent contractor invoice template within minutes. You can download the template or fill and send directly to your client automatically.
See the steps to create one below:
Independent contractors need documents that guarantee payments. Otherwise, they would only be providing free services. Failure to get paid often leads to the collapse of businesses. Preparing and sending a free independent contractor invoice template is one way of ensuring that you get paid for services rendered or work done. Without an accurately prepared and filled contractor invoice example, payments tend to get a little messy and delay.
Late or delayed payments often threaten the health of your business. Late payments are quite rampant with four-out-of-ten businesses claiming that they do it a lot.Many businesses are not able to hire new or more employees because clients pay them late. In fact, a third of all businesses feel that their survival is threatened whenever clients send late payments. The situation is more serious for businesses that lack:
Businesses that only receive payments after sending independent contractor invoice templates are more susceptible to late payments compared to those that don’t. Such businesses cannot continue taking a nonchalant approach to this issue and expect to remain competitive. In fact,“better late than never” is a serious threat to any well-meaning business. All businesses, especially those run by independent contractors, must insist on timely payments by all clients.
Late payments are the result of many factors. For instance, they occur simply because the client is just stubbornly refusing to remit payments on the expected date. Late payments also occur when the person required to sign the check for the contractor invoice example sent is probably on vacation or sick. In some situations,delayed payments may accrue when the previous arrangement or system is changed because of any number of reasons.
Independent contractors provide benefits that their clients can never get elsewhere.
These benefits only arise when the contractors receive payments on time.
One way for independent contractors or freelancers to receive money on time, as stated earlier, is by preparing and sending independent contractor invoices on time. Clients only pay when they receive invoices. Use contractor invoice software to speed up the process. Only a select group of clients will send money before receiving any kind of invoice. Therefore, it is good practice to send invoices even before clients call you to ask for them.
The following solid reasons show why you should hire a contractor/freelancer for the business.
Hiring an independent consultant saves you money. Your business doesn't have to hire some independent contractor 365 days a year. It only needs the services of the freelancer for a few days, weeks or months. Consequently,your business doesn't have too many overheads to worry about. Hiring an employee to work for you means paying salaries and other benefits such as medical, insurance, travel and holiday among others.
Freelancers can work from home, thus saving you money spent on equipment and office space.
As a freelancer, your cash flow improves greatly when you send free independent contractor invoice template and receive payments on time. A steady flow of cash is great news for your business. It enables you to pay your expenses on time. Hard times always beckon to any person running an independent contractor business. Lack of steady cash flow is bad news for contractors as it makes them incapable of weathering the impending financial storms.
Good cash flow is great news as it enables business expansion and growth. You cannot expand or open new branches if clients always send their payments late. In some cases, clients don’t send payments at all, unless you force them to.Cash-strapped businesses and contractors can never grow or expand their businesses. They can’t hire new employees. They can’t invest in new,state-of-the-art equipment that improves production.
Excellent cash flow is a requirement for any business that endeavors to acquire business loans. Positive cash flow makes it more likely for you to get new loans.Positive cash flow is one of the proofs banks look for to ascertain the ability of your business to repay its loans. Apart from this, positive cash flow gives businesses a competitive advantage. It allows businesses to buy whatever they need to be more competitive.
An independent contractor provides the level of staffing flexibility that your business can't find elsewhere. You can hire and let the outworker go at anytime. The contractor is great for a business whose workload keeps fluctuating all the time. Therefore, your business hires the contractor only for a specific task, before letting him/her go when the work is over. This saves you from the legal troubles, expenses, and trauma associated with hiring and firing.
Flexibility within the workplace is crucial, especially for any person operating an independent contractor business. It revolves around instituting the changes required to enable workers to fulfill their responsibilities and those of the business they work for. This level of flexibility requires making numerous changes from time to time, even at unexpected hours. The changes made often refer to:
Timely payments enable businesses to encourage flexibility within the workplace.Flexibility ensures that contractors become more productive. It also keeps contractors more engaged at the work they do. It also enables contractors to create a better balance between their work and other aspects of life. Workplace or staffing flexibility is good for the mental and physical health of all independent contractors.
Staffing flexibility is hard to create or enforce without payments; hence, the need for a timely contractor invoice example. Encouraging workers to be more flexible at work requires a bit of incentivizing and motivating them. There’s no better way for motivating contractors than with money. Flexibility at the workplace enables contractors to lead stress-free lives at work and home. Flexible workers tend to show a higher level of satisfaction with their jobs than the inflexible lot.
Negative spillovers affect independent contractors, just as much as they do people in full-time employment. These types of spillovers are bad for any freelancer or independent contractor who desires to create the right balance between work-life and home-life. When spillover creates conflict between work and family, it prevents workers from giving their best. Lack of money due to delayed payments or non-payments causes negative spillovers.
Therefore, use contractor invoice software to send invoices on time to keep negative spillovers at bay. Prevent negative spillover to enhance productivity.
Prevent negative spillover and quality of life will improve greatly. Workers who enjoy an improved quality of life will always do their best at work. Consequently,clients will benefit from improved and better services. The result of this is more clients will seek the independent contractor out for more work.Eventually, this improves the contractor’s financial well-being, attracts more businesses, and makes the business more profitable.
A profitable business is good for everybody – clients, contractors, and workers. A profitable business is good for the families of all these individuals too.
A business will only be financially secure and more profitable when clients bring in more work and settle their independent contractor invoice template on time. Preparing and sending an independent contractor invoice on time gives clients a good reason for making timely payments. It’s easier for independent contractors to relate well with clients who make timely payments. Timely payments make everybody happy.
Staffing flexibility is one of the best tools for creating the perfect work-family balance for all the concerned individuals. As an independent contractor, it behooves you to create such a balance for yourself. Work hard and smart without ignoring your family. Spend as much quality time as you can with your family.You should allow neither work to interfere with family nor family with work.Each aspect of your life should have its own time free from all other distractions.
Staffing flexibility is a perfect tool for enhancing the physical and mental wellness of everybody who works for you. It’s imperative to note that your own physical and mental health depend on staffing flexibility too. The reason for this is the increased choice and control that you (and your workers) get at work. Without this, you and your workers will be more susceptible to elevated CVD or cardiovascular diseases, which have a negative physical, mental and financial toll.
According to Forbes, you have less likelihood of lawsuits. Federal and state laws give employees certain unalienable rights. Therefore, if your employees feel that you have infringed on these rights, they may take you to court. Your business doesn't want the bad publicity that comes with being a defendant in court. It's better to avoid such situations by hiring freelancing professionals instead of hiring employees to work for your business full-time.
Spending less time in court gives you more time to focus on the business.
Your business has a higher chance of thriving when you’re present to manage it on a daily basis instead of spending most of your time in court because employees sued you. Do whatever it takes to ensure employees never have a reason for taking you to court. The bad reputation you obtain from this, especially if you’re in the wrong or as guilty as charged, will be hard to recover from. In the freelancing world, only fools ignore reputation.
Employees working for any independent contractor will not hesitate to sue you if they feel that you’re taking advantage of them. Workers sue their employers for various reasons. Employees take their employers to court when they feel that they were never given a valid reason for being fired. Workers won’t hesitate to sue a contractor who fires them for bad performance when all reviews show that they are renowned for only good performance.
Other reasons for suing employers or contractors include:
Similarly,workers will not hesitate to seek legal redress when they feel that the employer doesn’t pay them as agreed. Failure to stick to the rates the two parties agreed upon is due to many reasons – and one of these is late payments.As previously shown, late payments are the results of many factors. Late submission of independent contractor invoice examples creates the atmosphere that encourages clients to delay sending their payments for services rendered.
Mistreatment at work gives employees a solid reason for taking the matter to court. Often,mistreatment has an emotional effect on the workers. Mistreatment is also dehumanizing and illegal. Mistreatment comes in many forms. It includes payouts, demotions, and unfair performance reviews. Some contractors mistreat their workers essentially to make them quit work voluntarily. Mistreatment is valid ground for suing contractors.
Mistreatment often convinces some workers to step in and defend their colleagues. This frequently occurs in surroundings where some employees feel helpless. One of the effects of standing up for fellow workers is retaliation from the employer.Workplace retaliation takes on many forms. It ranges from verbal abuse,exclusion from certain activities at work, wrongful termination, lack of promotion and being on the end of the “cold shoulder” treatment.
Nonetheless,you need to understand what the law says about independent contractors. It's worth noting that state and federal agents, as well as agencies, prefer listing all workers as employees and not independent contractors because of financial reasons. More employees translate into more money collected by the government via taxes. Freelancing doesn't provide state and federal governments with the level of taxes they get from employees.
For these reasons, let your business enjoy more benefits by hiring an independent contractor.
A free independent contractor invoice template can only benefit you if it contains all the appropriate features. It helps if you have registered your business. More importantly, it should feature the right brand name under which your business operates.Remember, all the details appearing on the invoice will be used in all tax documents. Therefore, include only accurate and legal names or details that will give the tax bodies an easier time identifying you.
Otherwise,you may be slapped with a wrong tax codes or bills because of erroneous details.
Also,independent contractors need the right kind of software for preparing accurate invoices. With the right software, independent contractors can overcome almost all invoicing problems they have endured in the past. The software makes it easier for them to be more precise with the information they include on the invoice. Also, the software is the best tool for contractors who demonstrate unmatched attention to details.
The right software enables contractors to create an independent contractor invoice from anywhere. It saves them from doing such work only from their offices.Contractors can now create invoices from anywhere in the world. All that they need is connection or access to high-speed Internet. With the help of such software, contractors can generate invoices at their own leisure and pleasure.
Additionally, contractor invoice software enables independent contractors to submit multiple invoices all at once. The software is ideal for contractors who multitask a lot. The software saves time by allowing contractors to produce numerous invoices within the shortest time possible. It does all this without compromising the invoice or producing an error-strewn document. The software allows contractors to view all records and details of their clients too.
Invoicing software is one of the most effective tools for reducing paperwork. It saves money and time. It also saves on labor. The software saves all data on the cloud; thus, making it possible for the contractor to access information anytime from any place on the planet. It saves contractors from walking around with tons of files. It reduces the unhealthy dependency on documentation.
Also, the software benefits contractors by organizing and storing data in one place. Furthermore,the software makes it easier to search for specific data on any client.
Tracking expenses is a common mistake that many independent contractors make. A contractor who desires to go to the next level must keep the cash flow healthy at all times. Keeping the cash flow steady is possible when you are up to date with the expenses too. A business is healthy only when its inflow exceeds the outflow, as this guarantees more profits. Through the software, contractors identify clients who haven’t made any payment.
Lastly, the independent contractor invoice software also helps with managing customer data,receiving timely payments from clients, and organizing billing data. It’s also ideal for automating systems and processes. The software is not only cost-effective but also mandatory for contractors who want to remain competitive and operational in any niche. It serves all contractors well regardless of the niche or industry they operate in.
A contractor may be a person, business, or corporation who provides goods or render services to different entities under specific terms of a contract. You may choose to be fully employed or work independently as a contractor. Either way, there are several benefits to both styles of work. But if you work as an autonomous contractor, you get to control different aspects of your work like timing, rate, and schedule. Along with that, you have to request payment from clients for your effort. So, it makes sense if you seek a reliable and professional method to get faster payment from clients. Learning a handful of virtual office tools like Google Docs will make tasks like invoicing and other administrative activities stress-free.
If you are a small business owner, you don't need to incur huge bills on invoicing software and solutions. There are a lot of alternatives you can use to achieve seamless invoicing. The good news is that creating your invoice is pretty easy, especially if you employ the right tools to streamline the process. Freelancers and individual contractors can make use of the Google doc invoicing solution to bill their customers.
You can create your contractor invoice template Google Docs in no time, just with a few clicks and drops. Google Docs operates on a cloud-based platform that enables the creation of invoices and other office documents with ease.
Creating a contractor invoice template Google Docs might be a good solution for effect billing. But at first, that might sound tedious, especially if you don't know how to go about it. Creating your contractor invoice template shouldn't be stressful and labor-intensive. Bonsai online platform is a perfect site to get started in designing your contractor invoice template Google Docs. It offers a wide range of invoicing solutions, and you can always choose different formats to export and save your billing document.
The emergence of cloud-based invoicing templates like docs and sheets eliminates the need for hand-written documents. Handwritten documents may be acceptable if only you have legible handwriting. Else, you may be endangering your career as the consequences of poorly handwritten invoices may be grave. A recent study shows that handwriting issues point towards difficulties in learning, and a poorly written document would make you appear less professional.
Hence, it advisable to embrace electronic invoicing solutions because of the following benefits of creating your own contractor invoice templates for Google Docs.
A poorly written invoice would always contradict your quest to appear professional before your client. Your customers may not respond promptly if they find it challenging to decipher what you've written. Crafting your contractor invoice template Google Docs with this cloud-based solution offers you a simple way out of this predicament.
The solution has spelling and grammar checkers that ensures you avoid simple mistakes that may be common if you were crafting the document by hand. Although the onus lies in your hands to get the names of clients right and other technical terms that the cloud solution checker didn’t capture.
One of the most significant benefits of using this cloud-based solution to draft your contractor invoice template Google Docs is the fact that you save time and send invoices faster to customers. Independent contractors and freelancers often look for ways to save time and concentrate on their core business activities. Sending faster invoices is significant and often explains the difference between early and late payments.
The process of creating and sending contractor invoice template Google Docs isn't tedious and labor-intensive when compared to creating it by hand. All you must do is update the document and send it to clients electronically.
You don’t want to create and send an invoice and later discover the document is replete with errors. Then, you’d have no one to blame if you receive less amount for your contractor services based on the amount the invoice recorded. Human mistakes are normal and may not be totally eliminated in any manual process.
A study showed that about 90% of car crashes occurred due to human error. Human error can be as destructive in handwritten invoicing as in car crashes. All these can be avoided with an intuitive Google doc invoicing solution.
If you work with a particular client more than once in a month or a quarter, you'd have to send recurring invoices to the customer. If your charges for the repeat client are on a constant rate on an hourly, daily, weekly, or quarterly basis, it will make sense automating the process. If you embrace Google cloud invoicing solution, not only would you create a contractor invoice template Google Docs without stress, you'd also have the opportunity to automate the process by sending invoices automatically at the end of each period.
See the information you must not miss when customizing your invoice template:
Start creating your invoice with a professional header section that shows it is a billing document. You may include the word "Invoice" to achieve that plus your business name. Add your logo and make the document speak your business color if possible
You must add your company details and contact information. At the very least, this section should include your mailing address, phone number, contact address, and website. You may also include your social media handles like LinkedIn, Facebook, Instagram. It makes it easy for clients to contact you when there is a need.
You make things easy for your customer to claim responsibility for the bill when you include their contact details-name, contact address, mailing address, and phone number. It also makes it easy keeping customer-specific records of paid and unpaid bills
An invoice number is relevant to your contractor invoice template Google Docs because it settles the score of the period you created and sent the document. You may also include the date you supplied goods or render specific services to the client. Next is the invoicing number, which must be unique to track and monitor the document.
This is where you provide all the relevant details regarding your product or service plus the amount due. Highlight each product or service on or create a table if you have several of them. A brief description may also help in clarifying what the customer is paying for.
Sum the amount before tax and include other fees that would affect the total receivable. Tax, discounts, shipping fees are typical elements that affect the total amount when creating your contractor invoice template Google Docs. Sum the total amount due to after-tax and slightly emphasize it at the bottom of the page.
Include a section to highlight your payment terms and conditions. These may include your preferred payment method and currency if sending the bill to an international client and your payment due date. Payment due in 30 days, Net 45, Net 60, and "Due on receipt" are common policies independent contractors employ in their payment policies.
You may add an optional note section to thank your client or say anything you wish to communicate to them in this section.
Being a freelancer, you have worked diligently towards the project delegated to you by your client. You would now intend to collect payment for your efforts but would want to traverse a path that is reliable and professional. But what means would you choose to get paid professionally? The answer is creating a contractor invoice template in Excel.
The job of creating your contractor invoice template Excel might sound intriguing and tedious at first. However, the task becomes a piece of cake once you get the hang of it.
Bonsai is an online platform where you can choose any of the numerous templates available and tweak it in a way that best suits your interests throughout your freelancing career.
While customizing your contractor invoice template Excel, you must remember to implement specific protocols.
Simply titling your document with "Invoice" signifies the whole purpose of the documentation and ensures the client that no other invoice shall be generated further. Allotting your contractor invoice template Excel a unique invoice number will render a professional outlook and also help you keep track of all payments and project completions.
You must always add your company's specifications like name, street address, city, state, email, or phone number. This would make it convenient for the contractor to reach out to you in case something pops up, and also use your name as a reference to other clients. You can also enlist your social networking details like Facebook, Instagram, or LinkedIn.
Adding your customer's name, address, contact number, or email shall be relevant for the customer to claim the responsibility of the bill. This would also aid in collections later if the bill is passed unpaid. If the customer is a business organization, ensure to inculcate both service and billing address in your contractor invoice template Excel.
This section of the invoice will provide all necessary details regarding the due amount the customer has to pay. Being a freelancer, you must have it designed rather meticulously with each column depicting specific charges on each service or component used in the final product. Also, remember to add taxes and other applicable charges.
At the bottom of the invoice, sum up all charges and costs to provide a finalized payable amount by the customer. In case you provide discounts, the preferred format would be to break this down into:
Generating a contractor invoice template Excel has various advantages, apart from being more presentable and professional.
Sending an invoice makes it formal and official regarding the demand of payment from your customer. This would make your client enact accordingly and would reduce the chance of absurd expenses or unpaid amounts.
Keeping a copy of the contractor invoice template Excel every time you accomplish a project will help you to maintain track of all tasks completed and monetary funds gathered or spent on a gig.
Maintaining a decent invoice with a proper logo and intricate details will luster your brand name across the market and leave customers with a greater level of satisfaction, hence attracting more customers.
Creating a contractor invoice template Excel shall offer copious benefits and have the element of convenience and comfort no matter how small or big the project allotted might be. Bonsai is an online platform used by freelancers worldwide to generate invoices and customize templates available on the website.
To obtain a contractor invoice template Excel and throttle up your freelancing career, visit Bonsai online, and choose from numerous templates available. Enhance your workflow with automated invoice creation, sending reminders, and late fees.
Don't hold back in making your freelancing business thrive and use the online services offered by Bonsai.
Google cloud-based invoicing gives you the freedom to create invoices faster with less room for mistakes. Your calculations are done accurately, there's little or no footprint on your desk, and you don’t have to stress anyone or take extra care to ensure the document gets to your customer. Ultimately, you become a good record keeper as every contractor invoice template Google Docs sent is stored in the cloud and becomes easy to retrieve.
Or, download the standard PDF version