Invoicing is not a casual process. It requires spot-on accuracy, speed and an overall sense of business. Every business creates invoices. Therefore, every business needs to look into doing it right.
With an online invoice approval process, you can set up a layered approval system where one or more members of your choice can be designated as approvers. This can be done by using a custom invoice software. So, whenever you create a new invoice using invoice approval software free of errors, your approvers can instantly approve the invoice. In case of erroneous elements such as an incorrect address, name, billables, discounts etc. the approvers can reject it. As soon as you create a new invoice, the custom invoice software sends it to the designated approvers.
Besides accepting and rejecting invoices, you can set up your own scheme of actions such as triggering escalation and requesting more information for approvers to react to. Users can also create their own approval process for invoices from different departments by creating different sets of approvers.
Here are some simple steps for creating perfect invoices using a custom invoice approval software:
1. Use a Business Letterhead-style Format
Invoices require you to include the name and contact information of your business right on the top. Your free invoicing software will have a separate header section for the same. Use it to add relevant information about your business such as the name, email address, address, phone number and logo.
2. Include Client’s Details in the Invoice
It is common to make an error while adding your client’s details to the invoice. So, make sure you get your client’s contact information, registered name etc. right. Once you cross-check the details, add them to the invoice, preferably just below the header. You may include the same information such as the business name, address and email address as you did for yourself in the header.
3. Make Note of Invoicing Information
When you purchase invoice approval software, you are provided with many options to generate invoices. Say for templates, or within the template section, you can add or remove blocks, sections and more to create unique-looking invoices.
Custom invoice software uses a numbering system to uniquely identify an invoice and every invoice generated using the software contains a unique invoice number. With a custom invoice software, you can choose a number system you are most comfortable with and use it for your invoicing needs. Another important invoicing information is the date. Again, you can choose the dating system that you like the best using the software.
4. Mention Policy or Contractual Terms
You might have agreed upon certain payment terms with your client, which means that every invoice you send out to this client should include it. This includes the billing cycle, late fees, and payment methods. Usually, most businesses and consultants choose a 30-day billing cycle. So, whatever date the invoice is issued on, you can set up a payment date 30 days later. It is important you mention the due date clearly. Also, mention the late charge fees and the dynamic increase percentage around it, if any. You can also add payment channels below this information.
Run a copy of the sample invoice with your new clients and get their approval for the contractual payment terms. This can avoid unwanted surprises when you send them the actual invoice.
5. Add a List of Services/Products
You can also add a list of your products and services, and include details such as date, hours, quantity, and rate in the invoices. In addition, you can create a subtotal in the invoices.
6. Add Taxes, Discounts and any additional Notes
Below the subtotal, you may include applicable taxes or discounts. And, in case any item or anything in the invoice needs further explanation, you can add it too.
Custom invoice approval software can not only help in streamlining invoice generation process for your business, but also ensure accuracy and efficient execution of the process. The option to customise invoices as per your business’s needs allows you to create error-free invoices that reflect your brand.