What is an Invoice?
An invoice is a piece of document, either soft or hard copy that lists goods or services bought or rendered and it's the total cost. An invoice can function as a bill, it is also called a bill or a tab. An invoice is issued by a seller to a buyer before payment is made. After payment, the buyer issues the seller a receipt. An invoice contains details of the products, quantities, and agreed price for the goods or services.
Importance of an Invoice
An invoice is an essential document. It helps both the buyer and seller to keep track of payments made, goods or services bought and amounts owed. A business owner wouldn't have to be going back and forth with a client over an amount owed or an exact number of items purchased, an invoice solves all this. It is also important that the business owner keeps his or her record well. You issue an invoice to a client and keep your copy.
There are some free online invoice generating apps that business owners can use for their business, they include
1) Zipbooks: Zipbooks provide a great user experience, it has a free starter version, Some of its pros include; it enables project and time tracking, elements tagging for better organization of your work. It also has a strong mobile interface. Some of its cons include limited reporting, weak contact records e.t.c
2) Paypal: Paypal business app helps in the generation and sending of invoices, tracking unpaid balances, and sending reminders. It provides strong invoicing features that are compatible with over 26 currencies, crypto currency, and Venmo inclusive. It's however expensive for international payments.
3) Zoho Invoice: Zoho invoice is a free invoice and billing software for small businesses. It generates invoices, forecasts revenue, calculates income tax. It also integrates with stripe, Zoho apps, and google Dropbox. It supports various currencies and languages.
4) Invoice Ninja: This operates a free and paid program. The free version involves the user downloading and self-hosting the program. The web-hosted version also offers one free program and two programs with affordable plans. The professional plans are extremely affordable and this app links with your bank to import transactions however it's still basic and can't replace accounting software.
5) Invoice NG: It is a free invoice generating app that is quite easy to use. It readily converts invoices to pdf. It follows a template and has only a single purpose which is to create invoices. It doesn't provide more accounting features.