This makes getting paid for projects easier and also makes for a better customer experience. It is also a formal document you can reference in the case of litigation or a dispute. On other projects, vendors and subcontractors may not be responsible to adhere to the prime contractor’s invoicing standards, and can simply send over their own invoice they send across all jobs.
Invoice Number
- Other information may be required depending on the project and your billing procedures.
- Submitting an invoice for the work or materials you provide is only one small step — it’s not a “send it and forget it” scenario.
- If you want to gain a deeper understanding of How to Create a Personalized Invoice, follow our guide.
- We’ll also give you some tips on what you should include in this document and when to send it to customers.
- You can place it below your company information, separated by a header or a horizontal line.
One important detail to always include is a reference to the quote or estimate. There shouldn’t construction invoice be any discrepancies between the invoice and the initial quote or estimate. This provides an easy reference and shows exactly how the pricing is determined.
Construction Invoice Form Template
Be certain that you’re sending a professional invoice to your clients by including these details. In many ways it would be much simpler if the IRS just issued a contractor invoice template and said, “Here you go, everyone must use this.” Then you’d be 100% certain that you’re doing it right. A Schedule of Values is an essential tool used in construction project accounting that represents a start-to-finish list of work… Margins are tighter than ever in this industry, and it shouldn’t take discounts and incentives to be paid fairly. As for penalties – they can be a great tool to encourage timely payment. As with everything else, the use of discounts and penalties will make a lot of sense in some situations, but they aren’t a blanket solution.
Make it Easy for Clients to Pay You
To download the construction billing invoice template, click on the template you wish to use, and fill in the appropriate information. From there, you can print it or email it directly to your client for efficient invoicing, saving construction companies time and increasing overall efficiency. Additionally, double-check your calculations to ensure that the taxes and discounts are accurately applied.
Construction Invoice Templates
- Make sure to specify payment instructions and your due date before finalising and sending the invoice to the client.
- Increasingly, contractors and owners alike rely on software to track project budgets, invoices and costs.
- They might bank on the fact that construction offices are inundated with paperwork, hoping for a quick glance and approval of their invoice.
- Invoices are an essential instrument when doing a business transaction.
- Better yet, it’s easier for you to track the work when it’s presented in this way, meaning that you’re less likely to forget an item.
- With detailed descriptions of all services and materials, you’re making your invoice as clear as possible.
Overbilling occurs when a contractor bills for contracted labor and materials prior to that work actually being completed. My GC and I had a personal dispute, (the GC failed to pay me for 5 months on an unrelated job for the State of Arizona, and my « letter of intent to lien » gave notice to all interested parties… Of course, making demands outside of the Partnership Accounting mechanics lien process could help, too. An easy way to speed up payment is to offer discounts if the invoice is paid before the due date.
You must ensure that you send the right invoice to the right person, and that requires you to have your customer’s name and information on the invoice itself. What’s more, it also lets you keep a record of when payroll you complete jobs, which makes tasks like analyzing data and accounting much simpler. For example, drawing from experience, adding contact information and inserting invoice number and date both significantly improve your chances of getting paid on time.
What Is Construction Project Loss Insurance?
Also, your invoice may include information from your credit policy, like payment terms and penalties for late payment. Just a polite reminder of the overdue amounts and how they can pay. Then be diligent but pleasant in all subsequent regular follow-ups until you receive payment. The longer you leave first contact, the more awkward it gets and the harder it is to get your invoice settled. And it doesn’t hurt to reinforce the payment terms on your invoice. They’ve already agreed to them at the start of the work by signing your contract – this is just a little reminder.