Most trucking businesses use bookkeeping programs that effectively enable them to design their company’s invoice within minutes. Simply put in some key data, drop your logo onto the invoice and you’re ready to send. Be that as it may, some bookkeeping programs may not walk you through the fundamental components that should be included. Having detailed, accurate information ensures your company’s invoices can be tracked, thus increasing the chances of a customer paying on time. That’s why Integrity Factoring would like to provide you with the following invoice factoring tips for writing a solid trucking invoice.
INVOICE FACTORING TIPS FOR INVOICES
A company logo or letterhead gives your invoice an official look, guaranteeing your client that the invoice is from a real organization. It’s also important to include the words “invoice” or “bill” at the highest point of the invoice.
When drafting an invoice, it’s critical to include your company’s full name, address, email, and phone number. You’ll also want to include the name and contact information of your client. To avoid payment delays, take the time to ensure this information is the actual person who will be processing the payment.
An invoice number helps you to reference and track the invoice for bookkeeping purposes. When a client makes a payment, you can also ask them to reference the invoice number so each of you can keep an accurate up-to-date record of the transaction.
INVOICE DUE DATE
When drafting an invoice it’s important to always include the invoice date and due date. These dates will provide your client with important information concerning how long they have to make the payment. Depending on your agreement, this time frame can range from 30-60 days after a service has been completed.
It’s important to include a full work description of the services provided so that it can be easy for your customer to understand when they receive your invoice. Furthermore, you should avoid using abbreviations or industry shorthand.
When you draft your invoice, make sure to add a segment that shows important payment details like the number of hours worked, products purchased, and the price of each of those items. You should also provide separate sections for the sales tax amount along with any discounts you’ve applied.
At the end of your payment details, make sure the total price is displayed prominently at the bottom of your invoice.
METHOD OF PAYMENT
Last but not least, it’s important to outline the different methods of payment you accept along with any payment terms you’ve agreed upon.
Want more information? Contact Integrity Factoring by filling out our online form or call us at 1.866.834.7338 for ways help manage your trucking invoices and increase cash flow for your business. With over 12 years of experience, we provide clients with flexible invoice factoring solutions to help you grow and succeed.