By Minnie Stowe - April 11 2018 04:53:44
You may be using online business accounting software, or maybe you are using a pre-printed invoice that you will complete. The process works the same way for both invoicing processes. You will prepare an invoice only after you have shipped or delivered the product or service to the customer.
Accounting software designed for small businesses can not only be used as POS (Point of Sale) systems and print out invoices on the spot, but make it easier to calculate and keep track of taxes, such as the GST/HST. There are a number of inexpensive, easy to learn, cloud-based accounting packages available for small businesses.
An invoice provides a detailed account of the products or service and a set of other information that can vary a bit depending on the requirements in the country the invoice is issued and the type of product or service being sold.
The difference between an invoice and a bill is the focus and standpoint. The invoice is created by a supplier, and it is a statement of services or products produced and delivered to a customer, including the amount owed. An invoice may be created before or after the product or service is received. It is common for an invoice to be included with products being delivered, so the recipient can check off the items to make sure they are all there.
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