5 tips for better invoice templates

Looking for great invoicing software?

The ins and out of invoicing can cause headaches no matter your business experience. To simplify the process, we've assembled a few pointers to help you create easy, professional online invoices for your customers.


 

1. Why are good invoices so important?

When you're swamped with business upkeep, invoices will quickly become your best friend - they clearly demonstrate to customers how much they need to pay and for what.

As well as ensuring you get paid on time, invoices are a great way to keep track of your business's revenue. So, when it comes to tax time, you won't be left floundering. 

It should be noted that there are two kinds of invoices:

  • Tax invoices are used by businesses registered for GST and will include relevant GST amounts for items.
  • Normal invoices are used for businesses not registered for GST. 

Tax invoices should be supplied if any of the following apply to your sale:

  • The purchase is taxable
  • The purchase is more than $82.50 (including GST)
  • Your customer requests the tax invoice.
What kind of business are you?

2. A few simple tax invoice reminders

There are a handful of things you need to include on a tax invoice to make it legally valid.

  • The words ‘Tax Invoice’: This is only necessary if the invoice is a tax invoice. It's easiest if this is at the top of the invoice. 
  • Identifying yourself as the seller: This can be your business’ name or your trade name. 
  • Identifying your customer: List the business name and contact details of your customers clearly to avoid confusion.
  • ABN/ACN: Every invoice should include your ABN (Australian Business Number), or your ACN (Australian Company Number), if you have one. 
  • Date: The date the tax invoice was created. 
  • Description: A brief description of the services or items sold, including relevant quantities and prices. 
  • GST: The GST amount of the goods or services (if any) payable. You have the option of displaying GST for each item or within the total price. If you earn under $75,000 you do not need to register for GST.
  • Payment details: Although not mandatory, this can make the payment process much simpler for both you and the customer.
Reminder

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3. Different ways to invoice

There's no specific way to create an invoice with the content listed above, so how a business chooses to make one is completely up to them. Invoices also don't have to be sent digitally - an invoice can be given to a customer in person or sent via post, fax, email, or even printable web page.

Two common ways to create invoices are with Word and Excel. Although convenient and affordable for some businesses, there are some caveats to note when using this software.  

Things to remember creating invoices in Word and Excel:

  • It can be very time consuming making invoices appear professional.
  • You are required to export the file as a PDF it before it can be sent.
  • In Word you'll have to work out calculations yourself.
  • In Excel manually entered formulas can mean a greater risk of error.
  • It's time consuming keeping track of invoices that have been sent, overdue, and paid.

4. Take the admin out of invoicing

Running a business can be stressful, so a little bit of help can go a long way. Accounting software can create professional invoices to help save businesses time and money. Using software as an invoice generator it is possible to:

  • Monitor invoice activity in real time to remove the guess work from payments. You know when and how you get paid, so there's no more awkward money chasing.
  • allows you to know when you get paid so that you don't have to chase up customers.
  • Design professional invoices according to your business's particular branding style.
  • Create, send and track invoices and quotes from your smartphone wherever you are.
  • Get paid directly from invoices with AMEX Visa, Mastercard or BPAY.

Like the idea of streamlining your finances? You can try it yourself for free with a 30 day MYOB Essentials trial

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5. Looking for a free invoice template?

Sometimes all you need is a simple, versatile invoice template. Our free template makes it easy to:

  • Customise an invoice according to your brand, logo and all.
  • Summarise your financial information so you can see your finances effortlessly.
  • Calculate and track GST automatically, so there's no need to manually work it out.

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What our customers say

"Invoicing used to take nearly a day a month, now it takes me an hour (tops) for the whole month. Not having to calculate GST and BAS manually has been fantastic and saved us so much time."
Jena & Joel Turner - Clevergreen Designs
Fraction 9 /10

The number of users who say MYOB has improved the accuracy of their invoicing and payments.*

New customers save one day each month doing sales tasks using MYOB**.

*9/10 users who moved from non-accounting software to MYOB online products. MYOB Proof Points Study - 2017.

**Those who move to MYOB Online from a non-accounting package say they now save a whole day a month (~7 hrs) doing customer sales related accounting tasks

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