So you’ve set up your business, the production is running in full swing, sales and marketing are on their toes, and it appears that the prospective customers are quite happy with the product you have to offer.
If you’re thinking everything has been chalked out and there is nothing amiss, then here is something you must know. Despite following all the rules from the Entrepreneurs' rule book 101, most businesses complain about not having steady cash flow. Being paid late is one of the biggest challenges that you will come across as a business owner.
Getting your clients to pay on time is the most crucial aspect of securing steady cash flow for your business. And this means, having a stable and efficient invoicing process in place. Besides getting paid on time, a good invoicing process also helps small business owners build their brand image as it speaks volumes about the quality of services you have to offer.
Here is a quick summary of what we will be addressing through this post:
Microsoft Word and Excel offer a wide range of free invoice templates that you can choose from to make an invoice. If you do not create invoices on an ongoing basis and need something for one-off invoices, then this can be a good place to start exploring. They have 100's of templates that can be customized according to your business and are easy to work with.
Here is how you can make an invoice using an existing Microsoft Word template:
- Open Microsoft Word and navigate to the ‘New’ tab from the sidebar
- To use an existing template, go to the search field and type ‘invoice’
- Here you will find multiple different existing invoice templates to choose from
- Click on the template to download a copy
- Select each field to enter the required details- invoice number, amount, etc.
- You can upload your company logo to customize it for your business
- Choose File from the header, navigate to Save as, name the invoice and save it
- Remember to choose the file format as PDF before clicking on save
Microsoft Excel also offers invoice templates similar to Word. Open an Excel worksheet and search for invoice templates. Choose a template relevant to your business, download and start editing.
While using invoicing templates may seem like an easy option, it comes with its own limitations. Here are some things that you should keep in mind if you're looking to create an invoice using Microsoft Word or Excel.
|Simple and easy to create an invoice||Difficult to keep track of all your invoices|
|Easily customizable||Does not indicate the invoicing status or the stages|
|-||No real-time alerts or notifications for due or overdue invoices|
|-||Cannot be synced with your accounting software|
|-||Manual updating often results in errors|
If you invoice more than once a month, you should consider using invoicing software. With the invoicing software, you can make an invoice, follow up on payments and monitor your cash flow, all from the same place.
Here are a few reasons an invoicing software increases the chances of prompt payments.
- Bills are a part of your brand image. You can create professional-looking invoices in just a few clicks without worrying about missing important fields or making errors
- You can access all your invoices from one place
- Know if an invoice is pending, due or overdue and get real-time alerts
- Billing and invoicing software have features to handle multiple currencies
- You can generate reports that can give you detailed insights on cash flow
- Can be integrated with your accounting software
Taimer offers an all-in-one business management software and invoicing is one of the many features that it has to offer. With Taimer, you can create online invoices, follow-up on payments, set up automatic and recurring invoices, and manage the entire invoicing workflow from one place.
You can make an invoice in Taimer in two easy ways:
1. Make an invoice from scratch - Here you can add all your invoicing details in a blank template and customize it according to your needs. You can then send your invoice to your client and track the status. Taimer ensures the invoice template has all the required fields, so you do not miss out on any important information.
2. Create an invoice using existing projects - When creating a project in Taimer, you can define how to invoice the project, i.e. whether you’re invoicing for hours, services, expenses, products, etc. Once the deal is closed and marked as won, Taimer's invoice generator automatically creates an invoice based on the project details that were provided initially.
Unlike other software, Taimer is not limited to just invoicing. It offers features such as CRM, sales pipeline management, project management, time tracking, resourcing, and various other features that are crucial for running a business. And the icing on the cake is the Taimer mobile app- you can create and manage invoices from anywhere, on any device. Watch this short video to see how to make an invoice the easy way with Taimer!
Try Taimer for free so you can see how it works for your own business!