An invoice format is a record covering multiple areas to mention the details of the items sold and other conditions that apply. It's equivalent to a cash memo in small stores but a honed online version. However, the business needs to decide on the basic format before planning to generate invoices using a desktop or android device.
Businesses must use a standard format to provide invoices to customers. The invoice format can be customized or downloaded for free from the internet. Some commonly used free invoice formats include - invoice format in PDF, invoice format in Google Docs, invoice format in Word, invoice format in Excel, invoice format in Google Sheets, and many such types.
Many ways and online tools are available to generate the best invoices, but the widely known invoice formats are Word, Excel, PDF, Google Docs, and Google Sheets.
One of the simplest methods is to create an invoice format in Word. The billing template in Word is best suited to small and medium-sized businesses as it is an inexpensive and straightforward tool to use. Everyone with a basic understanding of Word can utilize the software to generate their invoice template.
Another excellent method for creating invoices is to use the Excel billing format. Excel has an advantage over Word as it allows the implantation of formulas for data auto-population. Because this feature is not accessible in Word, invoice templates in Excel are a better option for accurate billing.
Invoices in PDF format are a secure option for invoice creation. Invoices generated in PDF format cannot be further edited, making them safe. Furthermore, PDF invoice formats appear professional, allowing users to send them to clients directly.
Generating bills in Google Docs is like creating receipts in a Word doc. While MS Word is a compensated tool, Google Docs is an open-source tool for everybody possessing a Google account. You can use Google Docs as an equivalent substitute if you do not have a Word subscription. Follow the same steps used for creating an invoice in MS Word.
Even though there is no model-based for an invoice under the new tax rules, the invoice should include a few specific areas following invoice rules. The following are the subjects of the invoice format:
1. The invoice should retain the complete details about the seller (name, business address, contact information, email ID, and GSTIN)
2. Under the business details, mention the customer's information exhibiting their name, shipping address, contact details, and GSTIN (if registered)
3. A serial number with letters, numbers, and special characters
4. The proposal generated date - Ensure sending the proposal to the client on the same date of generating the invoice.
5. HSN code
6. Brief details about the product or the service with the quantity
7. Below, display the total cost of services or the products you deliver
8. Mention if any taxes apply
9. Tax rate - Central tax (CGST), Integrated tax (IGST), State tax (SGST), and union territory tax or cess.
10. Business address or the delivery address
11. Finally, the invoice should carry the signature of the seller or any other authorized person's signature.
Now that you understand how to generate an invoice utilizing various online resources and different software, let us look at the impact a customized invoice has on your business.
1. Gives a personalized appearance: A personalized billing statement is the best addition to your firm because it symbolizes your brand and exists out from the crowd. You can include anything that represents your brand, a font, a color, or the company logo. A customized look gives your company a distinct identity.
2. It displays the customized fields: Invoice norms require that specific areas emerge on an invoice. However, once all is in position, you can add business-specific custom fields.
3. You can add payment links and codes: If you use the invoice for online billing or send it to a customer to collect a payment, you can include your UPI unique code, UPI ID, UPI phone number, or bank account information to enable faster payments.
4. Create GST-Complaint invoice: GST-registered businesses must generate GST-compliant invoices. As a result, you can retain specific areas or columns in the invoice to make it GST-specific. For example, adding SGST, CGST, IGST, and other tax-related fields makes your invoice GST-compliant.
Swipe allows you to create or customize any invoice that reflects your profession. There are also 41 other free features available on Android devices. The Swipe's crucial segments include:
1. Create invoices in less than 10 seconds.
2. Get paid by sharing a shareable link on social media.
3. In one application, you can manage the fiscal year and GST reports.
4. Discover the vast format catalog to pick and personalize the templates that meet your requirements and others.