If you are looking for an ideal set of invoice templates for your freelance gig or small business, you've probably been comparing different options. While Square invoices can be a great option to get you started on simple invoices, why not go for a more complete option that adds value to your business in the long run?
Stop scrolling through endless random invoice templates, with Bonsai, you get a complete invoicing software that not only lets you create bulletproof, professional invoices, but can automate your whole billing process and get you paid faster. Let's take a look at why you should give Bonsai a chance vs using Square invoices or any other software.
Work Smart With Bonsai’s Invoice Templates
A smart invoicing process can not only help you get paid faster, but can strengthen client relationships, run your team efficiently, save you a lot of time, and even generate more business. Here are the benefits of using Bonsai's invoice templates and all-in-one product suite.
With Bonsai's invoicing software you will not only be able to add payment processing options, but you will enjoy a fully automated invoicing process. From creating and sending invoices, setting up recurring billing, sending payment reminders, getting viewing notifications and even applying late fees automatically to overdue accounts. This is time-saving on a totally different level.
Project & Time-Tracking
Unlike Square invoice templates, our all-in-one product suite allows you to connect your invoice templates to a fully-featured time and task tracker that will automatically invoice the completed timesheet. Especially if you are charging on a per-hour basis, you want to know just how much time is spent on each of your projects so you don't miss out on any money earned for your professional services.
Global Business Solution
Doing business internationally? With Bonsai you have coverage across the United States, Canada, Australia, UK and many more countries, with over 180 currencies available. This way, your clients and suppliers will be able see and pay for your invoices in the currency they're already comfortable using. Multi-currency billing also allows for more pricing transparency and can encourage consumer loyalty. Can you do this when you use Square invoices? Not currently.
Additional Management Tools
Bonsai offers you the most complete invoicing, accounting and tax software, with administrative tools especially designed for freelancers and small business owners. Aside from perfect invoice templates, you'll get contract templates, client-winning proposals, income reports, expense trackers, tax estimates and much more!
You can also apply for a fuss-free business checking account that you can connect to our software to seamlessly take payments, access funds instantly and keep your business finances in one place.
Elements of a Flawless Invoice Template
When you create an invoice template, or use one of Bonsai's free invoice templates, you must make sure all important elements are covered. Making sure all company-specific information is included will help you keep better accounting records, but at the same time you want it to be simple and easy-to-read for your clients. Let's go over the elements you must include.
- All business information must be covered such as business name, phone number, address, email address and website, as well as any required licensing information.
- For more professional and stand-out invoices, include your company logo, registered trademarks, or any industry-related imagery. This will help you be more identifiable for your clients as well.
- Don't forget all of your invoices must have a unique invoice number to help you track payments and keep your accounting records well organized.
- Include your customer's information such as full name, phone number, billing address, and email address for digital invoices. For better tracking, you may also add a customer ID number if you have a database.
- Specify an invoice date, which is usually the day when the invoice was sent out, not created. You can use the same section to include the payment due date (either a certain amount of days after the invoice date, or a specific date).
- Make sure you have enough space for an itemized list of all services provided, including a short description, unit price and total cost for each service or product.
- Provide the final amount due, making sure to separate the total cost of the services before tax (subtotal), subtract any discounts, then add the applicable taxes, and finally the total amount to pay.
- Include all accepted payment methods such as ACH transfer, checks, cash, or online payments, along with the corresponding links, account numbers and mailing address for checks.
- Finally, disclose your payment terms, such as late fees that may apply after the invoice due date, partial payments, or payment arrangements available. You can also include a thank you message for your customers at the bottom of the invoice.
Tips for an Efficient Invoicing Process
Now that you know what information to include for perfect invoice templates, let's go over a few good practices to make the best use of Bonsai's free invoice templates.
Have Clear Payment Terms
A good way to encourage customers to stay up-to-date with their payments is by having clear and firm payment terms. Don't be afraid of implementing late fees to overdue invoices and communicate this in a timely manner with your client. At the same time, you can offer early payment incentives, such as a 2% discount on invoices paid within the first 10 days of being sent out.
At first glance it may not seem like the greatest idea for you to give up a percentage of your income, however in the long run this will help you improve your cash-flow, reduce the risk of non-payment, and sometimes even result in additional business.
Use Invoice Advertising
Invoices are a great way to get paid, but you can also use them to generate more sales and create brand awareness. If you have some free space on your invoice, take this opportunity to promote your business with marketing messaging and loyalty programs. You can include a section to let your customers know of any other services you offer, new products, upcoming promotions, or even referral discounts available.
Just as you might need a reminder to send out prompt invoices, your clients could use a reminder to pay them on time. Don't wait until their invoice is due to ask for the payment, it's a great idea to schedule a payment reminder a few days before the invoice is due. Your clients will appreciate the heads up, and you will increase your chances of getting paid on time. If you don't receive payment on time, don't hesitate to reach out with an email to politely ask for payment.