Freelancers are flexible in their work and determine a lot of things about their business. With the flexibility and freedom of freelancers and consultants comes the issue of increasing competition in the market place. As a result of the stiff market competition, attracting and retaining clients in business is a big task.
Businesses are looking for ways of saving time and money in their operations, hence the need for freelancers and consultants to employ effective invoicing methods. How then do you implement a lasting billing plan that is scalable? A modern invoice template, which can be tailored to your needs, might just be the answer. A freelancer needs a clear and detailed invoice that captures the financial transactions for work done for a client.
As a freelancer or individual consultant, you will need more than the skill in your field to excel in the face of market competition. Since you are your boss, it will take a healthy attitude and a positive attitude towards payment to be a happy freelancer. Since payment is a crucial aspect of your job, a modern invoice template that states the financial cost of whatever work you do is needed for your business.
You may want to ask if you need to send an invoice to the client for every job; the answer is yes. You don’t only send an invoice; you must keep a copy for record purposes. If you are still wondering what should be contained in a modern invoice template, we’ve gathered the needed info on the invoice that you can adapt to your requirements.
Elements of a modern invoice template
Your invoice should contain several details about your transaction, but here are 6 items that must never miss in your modern invoice template.
- Client information (& yours)- Your invoice must contain the information of the business or company and that of yourself (the invoicing party.) Business name and logo of both parties, contact address, email, and phone numbers are needed. This information on your invoice makes it professional and clear to whoever receives it.
- Services- Itemize all the services you have provided to your client. Break down the charges for each service. That would help your receiver understand all you've stated on the document and prevents you from answering calls or sending emails to give an explanation.
- Rates/Prices - The rate for each service should be on the invoice issued to your client. Doing that tells you are transparent with your pricing and billing, and that adds credibility and trust to your business.
- Invoice number - A modern invoice template must have an invoicing number to track details about the document. You can follow up on your invoice using the invoice number in case it was not paid, half-paid, or got missing.
- Date - A modern invoice should carry three important dates; otherwise, the document's validity can be questioned. It should carry the date of sending the invoice, secondly that for which you completed the service in question, and lastly, the date for which the invoice is due.
- Total due - A modern invoice template makes provision for the total. It may be emphasized by boldening or making the text a little larger than others.
Address, list of products or services, rates, and dates are not all that matters to a modern invoice template. In a situation, you need to send multiple invoices at the same time, the repetitive process of entering each information on the document may become boring and demanding.
An online invoice software may be of help in configuring these basic data for bulk invoicing. Such a system would have all the client's information on the cloud and is effective for proper documentation.