Small businesses often struggle with online invoice payment processing whenever they make sales. To solve these issues, all you need to do is make a sales invoice that covers all the details of the sale and then request the payment.
Product details, cost of each item, payment due date, client, and your contact details should be added to your online payment software to help you expedite the process. This post will detail out how you can create payment receipts online and keep your cash flow in check.
Why Use A Sales Invoice?
The main purpose of online payment software is to help you create sales invoices and provide records of business transactions. Here are just a few reasons you should learn how to make them.
1. Streamlined Bookkeeping
Your sales invoice are transaction records. They are super important as they provide a complete account of revenue flowing into your business.
Besides, they can also help you track sales, calculate average sales per customer, and find the most popular payment methods. All the information will help you manage your accounts better.
2. Legal Protection
Your sales invoices can protect your business in case you end up in a false lawsuit. Your invoices are a record of the products sold. So, it is very important to make them and keep their copies with you. While an invoice does not serve as a legal document, it keeps your documentation in check. So, even if you don’t have the budget to buy an invoicing solution, use a free payment receipt maker app.
3. Improved Business Planning
Sales invoices provide excellent insights into a business’s growth and performance. This can help business owners create better plans and forecast future trends.
Also, by analyzing invoices over months, you can determine your most popular and least popular products. Besides, you can also identify peak sales times and trends to improve your marketing campaigns. Putting all these insights to use will help you increase profits by significant margins.
How to Make a Sales Invoice?
Some simple steps to get your sales invoice to include:
Add Company Logo
The first step is to create a header for your sales invoice and add your logo.
Write Your Contact Details
The header section will include your business contact details. These include the name of your business, phone number, and email ID.
Add Customer’s Contact Details
The next step is to add your customer details. These include their name, shipping address, email id, and phone number.
Add The Invoicing Date
Make sure to add the date when you are sending your invoice. This could change as per your accounting method. It can be the date you send your invoice or when you send the shipment.
Create a Complete List of Items Sold
Make sure you add the list of goods sold/services provided in your sales invoice. These details should always be included:
- Description of each product sold
- Number of each product sold
- Cost per unit
- Subtotal of a particular product sold
The easiest way to get this in order is to make a table and then add each piece of information separately.
Calculate the Total Cost
Now, it is time to mention the total amount, including all the applicable taxes. Make sure you highlight the balance using a bold font or a different color. This will save your clients time, and they are sure to thank you for it.
Put A Due Date
The next step is to add the deadline for your payment and write the exact date for the same. Like the total cost, make sure you highlight the cost and make it noticeable. This will keep it fresh in the customer’s mind, and you will get paid faster.
Add Payment Terms
Now that you are all done, don’t forget to add the payment terms in your free payment receipt maker app. These will include the acceptable payment methods. It can be checks, online payments, credit cards, or cash payments. Also, if you plan to charge late fees on due invoices, then make sure to include them in this section.
Wrapping Up
This was all about how you can make the best sales invoice using a free payment receipt maker app or online payment software. Use them to keep your cash flow in check and scale your business faster. If you are still looking for the right solution, feel free to contact us and find the best fit for your business.
