From the Finance & Accounting Center

Your invoices may be the most important documents in your business; without them, you won't be paid. Your invoices should always include the following information: 

  • The amount due. While this may seem obvious, it's essential to clearly display the exact amount of the payment due. Any confusion could lead a customer to delay payment.

  • The payment due date. Along with the amount of payment due, this is one of the most important elements of your invoice. Without it, you can't count on being paid on time and have no real method to track your accounts receivable.

  • The date of the invoice. This shows customers when the grace period for payment begins and gives them a general idea of when the purchase was made.

  • A description of the goods or services purchased. This lets customers know what they're paying for. Without this information, the customer might not know what the invoice is for and not return payment.

  • The customer's information. Include the customer's address, phone number, social security or tax ID number, and any other relevant information. When a customer sends you a payment, you'll know exactly whom it's from.

Preparing and sending accurate invoices promptly after a sale will help speed up the process of turning your outstanding invoices into cash.

Have a question about submitting invoices? Connect with a SCORE mentor online or in your community today!

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