In today’s competitive world, businesses want to get things done quickly. As a business owner, there are many things to manage, and one wants to save time by automating every task that’s possible. An electronic bill template is one resource that can help a business save a lot of time. No matter how great your business’ financial health is, spending a lot of time drafting bills is not a good idea.
An electronic bill template allows you to bill your customers and accomplish all targets in time. Using bill templates helps a business get paid on time. These quick payments translate into an efficient cash flow, setting up a company for long-term success.
What is an Electronic Bill?
An electronic bill is a commercial document that a business uses to request a client or customer to pay for a product or service provided.
Electronic bills help businesses eliminate the need to create invoices manually or print them and then keep hard copies for records. If you are a business that deals with clients located afar, electronic bills also help you eliminate the need to mail invoices and wait for days for a client to receive them.
Electronic bills are designed to include all details of a transaction and help smoothen the billing process. These bills can easily be stored on a computer or even on the cloud. As a result, you can access them anywhere and anytime. Using electronic bills helps a business get rid of the fear of losing essential dealings and transaction records.
Using electronic bills enables a business to save time and establish a standard billing procedure with each client or customer. It also allows a company to create a more professional experience for their clients. By promptly providing all information related to a transaction on one document, you can establish trust and minimize confusion.
With an electronic bill template, a business can instantly create new bills and immediately send them to the client. myBillBook offers electronic bill templates that enable you to draft the perfect bills for all kinds of customers.
Also check: Free GST Billing Software
Why do you require an Electronic Bill?
Billing is a significant part of a transaction. It is just as crucial for customer experience as the product or service is.
A bill is a document that lists all goods and services involved in a transaction, along with their costs. As a business owner, your focus is on satisfying your customers’ expectations and having a healthy cash flow. Having a billing transaction get delayed because you created it manually doesn’t help this cause.
This is where electronic bills come into play. An electronic bill is easily editable and sent to clients as soon as the payment is due. The primary reason why your business requires electronic invoices is that it gives you the time to focus your resources on other business demands.
With electronic bills, you save yourselves from the effort of filling the bill manually and then stacking it in a file with other documents. With hard copies of bills, there is always a fear of losing essential documents. Using electronic bills helps you get rid of that fear.
Manually creating a bill requires a lot of resources, accounting help, and expensive tools. There is also the risk of human error coming into the picture. A client may not even clearly understand a handwritten bill clearly, which can lead to delayed payments. Electronic bills help a business maintain uniformity among all the bills created and ensure that the client understands all the details mentioned.
For a business, getting paid faster is only possible when the client receives the billing documents quickly and trusts them. Electronic bills help you accomplish both these tasks efficiently.
What should you include in an electronic bill?
An electronic bill is a crucial document involved in a business transaction. It may include different information based on the type of service or product that the transaction consists of. An electronic bill must consist of all information related to a sale or deal for the payment to be released quickly.
Here is everything that you should ensure your electronic bill includes before sharing it with a client:
1. Business name
Your electronic bill isn’t an identifiable official document if it does not contain your business name. You should also include other contact details, including mailing address, phone number, etc.
2. Client details
Create a section in the electronic bill that contains all the information of the client who will receive the bill. The invoice should include information like name, address, email, and phone number.
3. Bill number
The electronic bill should be assigned a unique identification number. It helps going back to any one of the bills, whenever required.
4. A list of items and services
Make sure you create an itemised list of all the goods and services involved in the transaction. You should specify the quantity, the costs for each service and product, and other details.
5. Total amount
The invoice should mention the total amount due so that there is no scope for confusion.
6. Payment terms and due date
Including the payment terms and the due date in the electronic bill adds to your professionalism. Doing so is a professional way of telling your customers when it’s the time for them to pay you.
7. Discounts and taxes
If you are required to collect any taxes, the electronic bill should reflect these taxes. If there are any discounts, the bill should also list them.
FAQs about Electronic Bill
1. What is the difference between an electronic bill and a receipt?
Ans: A receipt is a commercial document that is shared after the payment has been made. It serves as proof of the payment. On the other hand, an electronic bill details how much the client needs to pay. It is shared with the client to get paid.
2. Where should I store electronic bills?
Ans: Electronic bills are easy to store, unlike handwritten accounts. There are several ways you can store electronic bills, including on your office computer and the cloud.
3. Is there a prescribed format for drafting an electronic bill?
Ans: No. The format of an electronic bill depends on your business and the services or products offered. myBillBook offers you electronic bill templates that are fit for all your services and products.
4. Why should I use an electronic bill template?
Ans: With an electronic bill template, your billing processes become manageable and quicker. All you need to do is fill in your details and share them with the client.