Why use invoice templates?
Contractors offer a wide variety of services, be it consulting or remodeling. Whatever the service being offered, however, a contractor needs to be paid after the conclusion of the work. This is why contractor invoices play a crucial role, especially for independent contractors.
A contractor invoice is used generally by people who work independently to request payment of the fee charged for services provided to the customer.
Usually, the invoice template for contractors and subcontractors needs to contain relevant information like the names of the client and the contractor (or their companies), the duration for the services provided, the contractor's hourly or flat rates, the total amount being charged including the applicable tax(es), etc.
Independent contractors and subcontractors need to keep track of taxes (federal, state and city) and make certain the amount they charge for their services leaves an adequate amount of profit after all the necessary tax deduction.
Most professionals nowadays, however, opt for specially designed invoice templates for contractors to save the effort they would expend in creating an invoice for themselves.
A well-designed invoice template for contractors and subcontractors will save you time by allowing you to generate and send off the invoice from almost anywhere, be it your office or home. An invoice template can save independent professionals precious time that they can put to use elsewhere.
Invoice templates designed for contractors are specifically created to correctly highlight all costs, and, to allow for a range of convenient payment options.
The best invoice templates
The online world is full of possibilities now for those looking to utilize invoice templates. There are a few top range websites and service providers that offer their services in this arena.
FreshBooks, for example, is an accounting software that aids small to medium ranged businesses with invoice creation. Products offered by FreshBooks are cloud-based, which means that customers can access the invoices from wherever they are.
As for contractor invoice templates, FreshBooks offers invoice templates that may be customized to suit each user's needs.
The invoice templates not only save contractors time by providing pre designed invoices but also by recording essential information such as material costs and labor costs. All invoice templates offered by FreshBooks are designed by professionals to offer users ease of use.
Furthermore, the aesthetically designed templates look sleek and efficient, which adds to the overall appearance of the business.
Making use of FreshBooks, customers can make invoices in mere minutes via the invoice template. The templates are standardized to an extent but, allow for individual needs through simple accounting tools that clients can employ to build an invoice according to their specifications.
Another benefit of accounting softwares such as that provided by FreshBooks is that the entire billing process becomes eco-conservative and environmentally friendly. Because the invoices are created, stored, and viewed (by clients) online, the process creates a paper trail without an actual need for paper.
To make the software easy to use for clients all over the world, it allows for several language selections and currency options. Another plus of utilizing the invoice templates provided by FreshBooks is that contractors can easily accept online payments and keep a watch on their financial requirements via their mobiles.
All in all, FreshBooks provides adequately for all the financial needs of an independent contractor or subcontractor.
Invoice Ninja can be considered one of the best among open-source platforms that provide invoice templates and cash management.
Being an open-source program, certain features of Invoice Ninja (including 4 professional invoice templates) are free. Nevertheless, for customers who require more, Invoice Ninja also has a 'Pro' and 'Enterprise' plan for a minimal fee.
Invoice Ninja is an especially great option for new businesses.
Launching a new business is no small feat, and, the responsibility of launching a new business as an independent contractor is even more burdensome.
This is why the simple invoice templates offered by Invoice Ninja are an excellent option for first-time users who want to save on time, effort and money. Despite being an open-source app, it still provides all its users all the basic accounting tools that any new contractor could require.
Contractors using Invoice Ninja can make invoices in real-time. The software also allows clients to immediately receive and view the invoices, thus cutting down paper waste.
It also allows users to create invoices that reflect their brand and logo, thereby allowing users to reflect their branding details.
Also, Invoice Ninja allows you to keep track of clients and invoices by the hour for time-based projects. The time-tracking feature makes it easy to ensure that all your services are invoiced. Other bonus features include auto-billing (on a monthly or annual basis).
Perhaps the most attractive aspect of using Invoice Ninja is the fact that it is integrated with around payment gateways such as PayPal, WorldPay, PayFast, Buckaroo, etc. As a contractor, this would mean that your clients could pay and settle their financial obligations through any of these channels.
Other options for invoice templates
If you do not happen to find whatever it is you're looking for with FreshBooks or Invoice Ninja, do not get disheartened. There are many other options available for those seeking contractor invoice templates.
For example, if your business is already well established, with multiple employees, then you should look to programs such as QuickBooks.
Because the plans offered by the QuickBooks software are slightly pricier than the others mentioned here, it is not all suited for newly established or small business.
QuickBooks is still a viable option for mid-sized businesses because of features like bank-level data security, accountant access, free 24 hours unlimited customer support and automatic backups.
Apart from QuickBooks, invoice templates for contractors can also be found at Zoho Invoice and Invoice2go.
Both Zoho and Invoice2go offer invoicing softwares with several of the advantages already discussed above, such as time tracking, language selection, user-friendly interface, etc.
Selecting the best option for you
It is advisable to go through the several options available to you and analyze what suits your needs the most. This process is time-consuming, to begin with, however, once the correct option has been selected, it means that you'll be saving up on time and costs.