With changing consumer demands, the pattern of invoicing and the kinds of invoices are also changing. All businesses, whether big or small, need to keep their cash flow up and running.
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Having the right online invoicing software or even a free invoice maker app with you can help you organize your finances and make better business decisions.
This blog will discuss the different kinds of invoices used by businesses.
1. Standard Invoice
Standard invoice is one of the most common invoices used by businesses. Its format is such that it can be used by all industries and businesses alike. You must make it a point to add the following information to your invoice:
- Business name
- Contact information of both parties
- Invoice number
- Your total amount
2. Credit Invoice
It can happen that you may decide to offer a discount or refund some amount to your clients. In this, you will need to make a credit invoice or credit memo. Usually, these invoices include a negative total number. For instance, if you need to return or offer a discount of $ 100, your invoice would mention the total as – $100.
3. Debit Invoice
Just like giving discounts, it is also possible that you might have worked additional hours. So, you will need to make a debit invoice with your free invoice maker app. You will need to make slight adjustments to your bill and remember that these invoices always have a positive total amount.
4. Timesheet Invoice
If your team works charges per hour, you will need to make a timesheet invoice. Normally, contract employees and freelancers use timesheets to keep track of their work. Some of the common industries that use these invoices use:
- Psychologists
- Creative agencies
- Lawyers
- Business consultants
- Marketers
5. Expense Report
An expense report is one submitted by employees to reimburse their expenses. This could be money spent on meals, fuel, or other things. Making these reports will not need much of your time. Online invoicing software will help make this process easier.
6. Pro Forma Invoice
Proforma invoices act like an estimate. You can share it with your clients before you begin working on your project. But, you will need to make changes once your project starts. This will ensure that you are adequately paid for your work.
7. Interim Invoice
When you are dealing with large billing projects, you will need to set some milestones and then decide on a payment cycle. These invoices will help you manage your cash flow. You can make them easily with online invoicing software or a free invoice maker app.
8. Past Due Invoice
A past due invoice will be needed if your client doesn’t provide payment by the date written in your invoice. You must make it a point to add all the payment, contact, and service details as agreed upon while signing the contract.
9. Recurring Invoice
These invoices are ideal for businesses that charge the same amount each month. One example includes IT businesses that offer packaged services to their clients. In addition, online invoicing software will help you automate the whole process and send out invoices on time without fail.
10. E-invoice
E-invoice is used to categorize invoices sent electronically. It is becoming a common practice among small businesses and freelancers. In the fitness industry, personal trainers use personal training tracking software to help them manage their clients better through automated billing and payments. This will help you get paid faster and sometimes even before time.
11. Mixed Invoice
Just like its name, a mixed invoice takes both debit and credit charges. You can use both positive or negative numbers to express your total amount. While businesses rarely use these invoices, you will need them if you are reducing/ increasing the amount.
12. Commercial Invoice
A commercial invoice is usually needed by businesses that serve international customers. You will need to include all details related to sales, goods/purchases, and other services. You must make sure to add this information to your invoice.
- Description of goods
- Weight / volume
- Packaging format
- Shipment quantity
- Total value
Wrapping Up
These were some types of invoices used by businesses. You can easily make them using online invoicing software and boost your business growth. Are you still searching for the best free invoice maker app? Let us help you find one!
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