How to Incorporate An e-Invoicing System in Your Enterprise
Thanks to technology, business has taken on a digital format. One of the documents within this industry is the e-invoice. It is an invoice which is created, issued and processed using electronic methods. Throughout the life cycle of an e invoice, it does not take manual or analog form. Hence, it exists as a digital document throughout the process of electronic invoicing.
Free e-Invoice Template
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What is e-Invoicing
E-Invoicing is the process through which a report of goods or services outstanding is created in a business financial system. This document is developed, issued, sent, processed and fulfilled electronically. The e-invoicing process is digital from the beginning to the end. E-invoices are normally delivered through specific platforms such as FreshBooks. However, backups of this report can be done in PDF format.
What to Include in an e-Invoice
For e-invoicing to serve its purpose, this business document needs to have a number of important elements. They are:
• The Title “e-Invoice”
The invoice is an official business document. Therefore, its title “e-Invoice” must be included.
• The Date of Issuance
This is the official date when the invoice was generated and issued to the client.
• The Invoice Number
Just like any other business document, the invoice must be uniquely identified. This number is usually made up of digits. However, it can also contain some letters to add uniqueness.
• The Vendor
This is the individual, firm or organization that is providing the products or services which are involved in the transaction. Their name, postal address, phone number and email address are included. If the Vendor is a company, their registration number is included as well.
• The Client
The recipient of the products or services which are included in the transaction is indicated. Their official name, postal address, contact number and email address are shown.
• A Description of Goods or Services
The products or services that are involved in the transaction are described in full here. A detailed explanation of their appearance, quantity, quality and also the components used to make the products are indicated. Any appropriate units of measurement are included as well.
• The Currency
The specific type of legal tender which is to be utilized in the transaction is indicated. This is usually important in cases of international transactions or where the parties involved in the transaction are from different nations.
• The Transaction Terms
If there are some extra terms of the transaction at hand, they are indicated here.
• The Grand Total
This is the total amount of money that is involved in the transaction. It is inclusive of taxes.
• The Due Date
This is the date by when the amount indicated in the invoice should be paid.
Advantages of Using an e-Invoice
Electronic invoices reach the client quicker than those of any other type. Furthermore, the integrity of the information contained within them is maintained throughout.
The generation, sending and processing of e-invoices can be done automatically. There are software solutions which are effective for this purpose. The e invoicing solutions ensure that a business owner has more time and resources in hand that can be re-invested elsewhere.
• Reduced Chance of Error
Throughout the e-invoicing process, digital checks and measures are implemented to ensure that there is no chance of error in the document. Software programs are used to check the e-invoice at every stage of development to ensure accuracy and correctness.
How to Create an e-Invoice Easier with FreshBooks
What is FreshBooks
FreshBooks is a software which can be used to streamline the operations in your business. It allows you to create professional documents and reports on demand. It can also automate a number of business processes. Examples of these are task scheduling, organizing expenses, reporting accounts, creating invoices and also setting client interaction sessions. By performing these tasks on your behalf, FreshBooks can save you and your staff tremendous time and energy. This software is quite user-friendly. Its dashboard is also intuitive in nature. As a result, you can use its tools and features to create professional e-invoices. This software is also built upon Cloud technology. As a result, you can access your dashboard and business data from anywhere in the world using an Internet-capable device. Here is more on how to use this software to create an electronic invoice.Try Freshbooks for Free >>>
How to Create an Electronic Invoice with FreshBooks
Creating an e-Invoice using FreshBooks is quite easy to perform. The software provides you with two resources that you can utilize towards this effect. They are the Dashboard and the Invoice panel.
If you choose to generate the invoice directly from the Dashboard, simply begin by clicking on the button labeled “Create New”. Having done so, you can proceed to select the option labeled “Invoice”. Doing so will create a new template window labeled “New Invoice”.
On the other hand, if you prefer to use the Invoice Panel, simply scan the top right corner of the resource for a button that is labeled “New Invoice”. Tap on it and a new template window will emerge.
Sections in the New Invoice Template
The template provided by FreshBooks has a number of important sections. They include:
- Accept Credit Cards:
- Customize Invoice Style:
- Invoice Transaction Details Sections:
This section contains options that you can utilize so as to determine if your invoice document will accept credit card payments.
This section contains some options that you can use to customize the document. These options can assist you to set a color for the headings, a specific theme and even a font. Within this section, you can also determine if the e-Invoice will be recurring or not.
This is the most important part of the invoice template. That is because it contains some options that you can customize so as to add details about the transaction at hand. Examples of these are the Vendor's name, the Client's name, a Description of the Products or Services Delivered, Total Cost and the Due Date of the invoice.
If you edit the electronic invoice template halfway and require a break, simply Save the invoice. The software can store it for you in PDF format. However, if you complete it, simply Send it directly from the FreshBooks dashboard. The software will deliver it to the client through email.
FreshBooks is one of the most powerful business softwares available today. It can be used to capture business data, create documents and also automate processes. It is a 21st century, digital business partner!
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