- What information is needed for the invoice?
- How do you want to send your invoices/your reminders?
- How is your process concerning late fees?
- What reporting is needed?
- Do you want to link Teamleader to your accounting software?
Once you start creating your invoice, you'll have the option to add products, subtitles, long descriptions and discounts. You can also choose to create your invoices in different languages. Teamleader even allows you to invoice in other currencies.
You'll be able to directly create the complete invoice in another currency, without you having to convert it.
Now that you added some information to your invoice, you may also need additional information specific to your processes. You can either create a custom field on invoice level, e.g. type "Date" or add additional information for this specific invoice in the “remarks” field. Another important aspect is the payment term, which is set to 14 days by default. You can always change this afterwards.
Once you're done adding information to your invoice, you'll have the option to book it or just save it as draft. But be clear on how your workflow should be, as a pro forma invoice will not have a number or a date. These two are assigned once the invoice is booked. The invoice numbering is structured in a specific way, but you still have some options in terms of prefixes, definitely worth checking them out.
So - you created your invoice, great! Now, all that's left to do is get it out the door. Teamleader allows you to send invoices in multiple ways: via email, via post or even manually. Your invoices from subscriptions can even be sent automatically. You also need to decide internally how you want to follow up on defaulters: Teamleader offers you the ability to send reminders, or even charge collection costs to be set under Settings > Company information. If you decide that some clients should not receive reminders or pay collection costs, then you only need to change the settings for these specific companies.
Once you receive payment and switch the status of an invoice to 'Paid' or 'Partially paid', you can fill in the payment date (a standard field), add the transaction number and more. The same goes for a PO number. Would you prefer the status of an invoice to be changed to 'Paid' automatically? Simply link your accounting software to Teamleader. If your accounting software offers two-way synchronization, you won't have to manually change the status of your invoices.
Now for the interesting part: how much revenue did you manage to bring in? Teamleader offers a wide range of insights on your business. Simply navigate to Insights > Invoices or click the "Ministats" widget at the right hand side in the overview of your invoices. This way, you'll be able to see due, overdue and paid invoices in a specific time frame. If you work with invoices in other currencies, note that the amount you'll see will always be displayed in your base currency. You'll also be able to download your invoices in various formats in one go. Would you like to have a proper overview of your entire fiscal year? Simply import your old invoices and subscriptions into Teamleader. Once the new fiscal year is around the corner, you won't have to worry. Teamleader is prepared!
Users of our Boost-package can also take a look at the financial forecast to manage their invoices. The financial forecast allows you to see for the current month and the upcoming 2 months how much money will be coming in. Read everything about it here.
Click here to read the last part on invoices: Getting started: What should your invoice look like?