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Invoice as a Consultant – Accounting Practices You Need to Know

The invoice template keeps on changing yet consultants are expected to stay on top of accounting through traditional excel sheets. Invoicing as we know it is changing into something smarter and quicker. With the influx of billing software, which are free of charge, the accounting space has opened itself to use by professionals who are not bookkeepers. This means people like consultants and freelancers, who have found accounting tough to handle, can carry out the tasks themselves.

Here are some fine accounting practices and tips that you absolutely need to know about.
1. Use Time Tracking
2. Personalize Your Invoices
3. List All your Billables
4. Add Payment Requisites with Dates
5. Offer Payment Channels

Time Tracking
In the consulting industry, time is money. As most consultants charge by the hours, they need to keep an accurate track of the time. Even if you are filing contracts on a project-to-project basis, time tracking can be a great tool for self-growth. Most invoicing software like the Cloudbooks come with a time tracking tool. This will record the hours you put in everyday for a project. This includes pretty much everything you do for the project. Time tracking software can add these billable hours to your weekly or monthly invoices. This is a must for consultants, especially because they often forget to record their hours.
Personalize Your Invoices

Also Read: An overall review of Online Invoicing Software- Link

Invoices are a literal representation of the work you put in to complete a project. They are supposed to serve as propositions as well as statements of work. Either way, a bit of branding never hurt anybody. In fact, it can be really good for your business. Always add a header in your invoice, with the appropriate branding. This means, your logo, address, name, and contact information. All these things should show up right on top of your invoice. Similarly, add the details of your client. Make sure to add correct information on every invoice. Double check and then make a template.

List All your Billables
This is one of the most important tips for consultants, building their own invoices. Make sure to track all your expenses and add them to your invoice. List each and every service that you provided to your client. You deserve to be paid for the work that you put in. And especially being a consultant, you will be providing services that might be not be included in your initial contract. Use an expense tracker for accurate service billing, and make sure you get everything you do on the paper.

Add Payment Requisites with Dates
Usually, when you prepare a contract, discuss and settle of some of the payment terms. These terms are generally understood. But an important and professional thing to do is to reiterate these terms on each invoice you are sending out. You should add the payment terms clearly on your invoice along with the due dates. If you follow a late payment policy, do not forget to add those details as well. For example, mention the fine on late payment.

Also Read: CloudBooks for Accounting- Link

Offer Payment Channels
The idea of sending out invoices is to get paid on time. Sometime you get a client, who is always procrastinating on payments, and giving you a date after another. So, people came up with certain ideas that will push your clients ever so slightly to pay. Offering payment channels right on your invoice is one of those slight nudges you can give to your clients for getting paid on time. You can list all the payment options with your account details on the invoice straight away for easy payments.

Here’s How You Can Find the Right Billing Software for Your Food Joint

Due to the ongoing pandemic, eateries have had to adapt and upgrade their existing operations to increase their sales. Along with digitization of menus, these outlets have also updated their billing system with the addition of advanced billing software. This tool takes care of the billing and operation processes, which includes invoicing, ticketing, printing KOTs and more. A good billing software only not ensures lean operations by cutting down costs and reducing clerical activities but also boosts the revenue of the place.

Read on to know how you can find the right billing tool for your eateries. Your billing software must have these features –

1. Cloud-based Billing
2. Digitized Payments
3. Online Ordering
4. Priority Support
5. Inventory Management

Cloud-based Billing
Running a food joint in the 21st century is as much about data as it is about food. There are customers, who visit the place often, and there are those, whose visits are less frequent. With a cloud-based billing software, you will have data about all your customers, which will help you identify your regular customers. Moreover, a cloud-based tool is a secure and an affordable solution. You can access information from anywhere at any time, and run the analytics. This will help you market your offers better and give priority reservations to your returning customers.

Also Read: Important Key Aspect of Every Billing Software

Digitized Payments
Payment have seen a massive change since the onset digital payments. Although most eateries will already have a billing software that accepts credit cards and debit card payments. However, with changing times, you have to provide multiple options, and accept payments from PayPal, GPay, Amazon, etc. Choose a billing software that allows you to accept payments from multiple channels. Make sure the customers can directly pay for their bills through a mobile application. Integration is important, so make sure you have all your local payment channels on your software directly.

Online Ordering
Eateries are serving online orders more than ever before. You can download the variety of apps through which you can order online. However, accepting orders from multiple applications can be a bit of a challenge for restaurants. They will struggle to manage the reminders on each application. In such a case, an online invoicing software that allows you to manage all online orders under one roof can greatly benefit the place. You will find a lot of POS billing software for your eatery that will contain this multi-app channel. It is a must-have feature in the billing software.

Priority Support
Running an eatery is not an easy task. You may have to meet with emergency requirements, urgent orders, etc. During these tasks, you may face some setbacks that will shake your functioning and confidence, all at once. As no software is fool proof. Therefore, it is important that the billing software you are using, offers you a prioritized service. This means if something goes wrong with their software, or you have trouble accessing a particular function or feature, they will be there to help you out.

Choose a software that offers 24/7 customer support. Make sure to get accustomed to the software and its functioning before setting it up.

Also Read: Billing And Invoice Software – Link

Inventory Management
This is one of the top requirements in terms of building an app for restaurant billing. When you are managing an eatery, you are buying a lot of food. Unfortunately, you will end up wasting a lot of it. You need a feature in the app to keep a track of all the food that you are going to use. A good inventory management will also keep you up-to-date with the monthly requirements, so that you can keep the place stocked up and ready. This is one of the important features which will send your team customized stock depletion alerts as well.

How Free Invoicing Software Can Make Things Easier For a Freelancer?

Being a freelancer is all about taking charge of your life. You can choose the projects that you like and pick your own hour of the day to work. Once you enter this sphere of work, you essentially have to function as a small business. And one of the important aspects that needs attention is finance. You have to manage your finance properly to become successful. This is where a free invoice software can come in handy. These tools have hugely empowered freelancers to manage their finances smoothly on their own. When you have this software, you no longer need to hire a bookkeeper or an accountant.

Using a freely available invoice software, you can create invoice online in a jiffy. These tools will help you manage your day to day finances easily. Read on to know how this software makes things easier for a freelancer –

1. Make Customized Invoices
2. Manage your Tasks
3. Track your Time and Expenses
4. Accept Payments from Everywhere
5. Get Paid on Time

Make Customized Invoices
As a freelancer, you have to countless invoices every month or maybe every week. You might be using excel sheets. It is the most common solution for freelancers. However, there is a better way to make your invoices. Use an online invoice software, which is absolutely free, to make invoices that look professional unlike those boring excel sheets. Pick up any free invoice software that suits your industry, get a freelance invoice template and start sending out professional-looking invoices. You can add your branding, your details right on the invoice. This makes your invoices easily identifiable and quite professional.

Also Read: 6 Essential Online Tool for Freelancer’s Must Try to Work Smarter

Manage your Tasks
One of the greatest things about using an invoice software, especially the one that is cloud-based is that you get access to your tasks from all devices. Most invoicing software will have cross platform applications that will allow you to stay on top of your work. An invoicing software will compile all your invoices, paid, unpaid, yet to be sent out, overdue, etc. You will always know where you stand in terms of completion of a project. This will create a world of difference, especially if you are one of those freelancers who are taking a project after another.

Track your Time and Expenses
Invoicing software offer you a little extension tool for time-tracking and expense-tracking. This can be really helpful for tracking projects that you are getting paid for by the hour. Time tracking tools will link directly to your invoice software (if not already included), and you can send all that data straight away imprinted on your invoice. Expense tracking is another great tool that makes sure you get paid for everything you do. Again, it will be offered by most invoicing software or will be super easy to link directly to your invoice tool.

Accept Payments from Everywhere
When you are filing invoices as a freelancer, you will have a lot of back and forth to keep up with, particularly the contractual details, if you are working for someone outside your country. You will have to comply payments to the local laws, as well as policies that your client will have to follow.

An invoicing software understands this better than any other template you can come across. Invoicing software will take in and update policies and legal information and make sure each and every one of your invoices complies to your client’s policies. Furthermore, you can directly plug in your mode of payment in the invoice itself to accept global payments. Most invoice software will also offer you a payment channel with an additional cost.

Also Read: Every Sole Trader Should Use These Free Invoice Software

Get Paid on Time
The reason why freelancers generally fall in love with invoicing software is because this tool can send timely payment reminders. Both to you and your clients. You can set up reminders according to your needs. Both for overdue and upcoming payments. This way, you no longer have to miss out on payments.