Detailed Formats of Standard Invoice

Standard invoices must follow a common format within the company as well as within the industry. Consistent invoice format will help businesses not miss out on reporting the important information relevant for customers while making accurate payments. This article covers the format and contents of standard invoices.

Benefits of having formats for standard invoices

The following are some of the benefits of maintaining a particular format for standard invoices:

• It helps businesses to raise bills on clients with low efforts.
• It reminds clients of the work completed, which, in turn, aids businesses in collecting accurate and timely payments.
• It is a useful record-keeping tool and provides businesses with the ability to organise their books of accounts.
• It allows a business to stay on top of its finances and working capital.
• It helps in complying with the tax reporting requirements.
• It allows businesses to move and adapt to digital invoicing quickly.

Various formats for a standard invoice

A standard invoice is a simple document that is used for billing your products or services provided. It will include a description of the product or service, the pricing, payment methods accepted, and an invoice due date.

There are various formats to pick from, and you may edit them to meet your specific requirements. ClearOne provides several invoice styling options to choose from!

Here are some examples of standard invoice formats or styles:

Ideal contents of a standard invoice

In order to keep track of your billing, a suitable invoice format must be built with your business needs in mind. With a properly written invoice, you can bill clients for your supplies or sales, organise account details, be paid accurately, and have all of the information you need, including tax details.

Receiving cash from your consumers or customers as well as charging for your supplies can be made with the right information in hand and a well-formatted standard invoice. Using and mentioning the correct and relevant currency for invoicing is very important.

The ideal contents of a standard invoice are as follows:

• The standard invoice must have a header as ‘Invoice’.
• Name, logo, address, and contact number of the seller.
• Name and address of the buyer, if it is a business-to-business transaction.
• Invoice reference number or invoice number.
• Invoice date and invoice due date.
• Description of products and services being sold as line items.
• Quantity, rate, and amount for every line item.
• Additional charges and taxes.
• Total invoice amount.
• Advance paid.
• Amount due for payment.
• Payment methods and bank account details relevant for payment.
• Space for signature of authorised signatory.

Choosing the right format for a standard invoice

It is vital to consider the services or supplies made to your customers and your company’s objectives when choosing the ideal invoice template for your organisation. Also, consider the products and services offered, how often you want to charge your customers, what payment methods you take, and how you manage your accounts when picking the proper format for your business. 

Selecting a format that allows you to bill your products and services rendered while still collecting money on time is the key to choosing the ideal invoice.

Fields of a standard invoice that can be customised

Depending upon the industry in which the business functions and the products offered, fields of a standard invoice can be customised. For instance, in invoicing and billing by pharma companies, they must compulsorily quote the batch number of the medicine as per the guidelines.

Further, if the business is subjected to tax regulations or has business practices native to the country, it should customise the standard invoice and abide by the rules. 

Some commonly customisable fields include GST identification number to Import-Export Code (IEC) or vice versa.  Purchase order numbers can either be included in the standard invoice or excluded. Wherever discount offers are not active, the fields can be removed. Further, where there are no additional charges, the same need not be mentioned. Likewise, contact information is also optional.

With ClearOne Invoicing solution, add or remove fields and make it suited to your business with a click of a button.