Top 5 Invoicing Tips

For someone running your own business, one of the most important things you need to create is an invoice. Its how you get paid.  Creating an invoice is not a big deal, but if you've never done it before, it can be overwhelming. 

Here are a few tips:

1)  Find a template you like.  Microsoft Word offers a invoices as a template you can modify for your use.   Every invoice should include the following information:

• Your business name, address, phone, fax and email.
• Date of invoice and date payment is due.
• Name and address of the person and company you are billing
• A unique invoice number.  I like to use a three letter code to represent the business and a date.  (ex. LWZ-20110906)
• A description of the work your are charging for and the amount.
• Any warranty for the work you did should also be outlined within the description.

2) Keep record of all the work you have done and time spent, especially if you are billing by the hour.  This will be important in the cases when someone questions you on the total hours you are billing for.   I recommend http://www.paymo.biz/.  This tool  is free.  It allows you track your time and has tools to help you create your invoice.

3) Invoice immediately after the work is done.  Do not hesitate. If there is any issue with the work you did, it needs to be addressed immediately, not after your client has time to reflect on what they should have asked you to do.

4) Keep records of invoices and which ones are still unpaid.  You have to stay on top of this to make sure you get the money you are due.

5) Keep a spreadsheet of all your invoices.  This will be useful when you prepare your taxes or review your strategy for the following year.


Top five quotes about Invoicing:

You don't get paid for the hour. You get paid for the value you bring to the hour.   --Jim Rohn

I get satisfaction of three kinds. One is creating something, one is being paid for it and one is the feeling that I haven't just been sitting on my ass all afternoon. --William F. Buckley, Jr.

What more can you ask for - getting paid for doing what you love. --Tiger Woods

 

Deliver more than you are getting paid to do. The victory of success will be half won when you learn the secret of putting out more than is expected in all that you do. Make yourself so valuable in your work that eventually you will become indispensable. --Mandino, Og

Every day I get up and look through the Forbes list of the richest people in America. If I'm not there, I go to work. ~Robert Orben