Consulting as a very popular term in all the fields. There are many people working as a consultant and a freelancing consultant. To run their consulting business successfully they need to manage their financial flow and keep getting money for the work they have provided. To maintain such cash flow consultant invoices help consultants notify the clients about the services they have opted for. Most of the consultants get confused when it comes to invoicing a client, most of them don’t know what exactly they need to include in the invoices. For such a situation, a consultant invoice template can help them justify their services in a professional manner. There are many types of invoice templates you can choose as a consultant for your invoices. One of that is consulting invoice template word or blank consulting invoice template that can be helpful in creating professional invoices.
Table Of Content
- Who should create a consultant invoice?
- Types of businesses opting consulting services
- What is a consulting invoice template used for?
- What should be included in your consultant invoice?
- Essentials of a consulting invoice
- How to charge consulting fees
- Free consultant invoice templates in Word & Excel
- When should you send your consultant invoice?
- What will happen after you send your consultant invoice?
The invoice is a document that allows professional consultants to justify the rates for the tasks and services provided. They can either send such invoices at the time of the service or bill them later on, and allow the client to make a payment before the last date. As a consultant, you can also keep a copy of the document as a printed version or in a digital form.
Who Should Create a Consultant Invoice?
All consultants don’t need to send invoices, while for some it is essential to send invoices. Whatever you choose will depend on the agreement between you and the client engaging for your consultant services. The consultant invoices are specifically designed for the consultants who want to continue getting paid on time and a regular basis even if they are working as a freelance or on contact.
Types of Businesses Opting Consulting Services
- Technology companies
- Food industry
- Sales and marketing
What is a Consulting Invoice Template Used For?
A consulting invoice template is used for the people who are opting for the services of the consultants. Such a template is used to list a description of the project and the amount based on the rates either per hour or per month. If you are running a start-up consulting business, you should know what you should include in the invoices.
What Should be Included in Your Consultant Invoice?
Here is the list of certain pieces of the information in your consultant invoices:
- Company Name, address, company logo and contact information of your business
- Name, address, contact details and phone number of the client
- Current date and the due date
- Invoice name and invoice number
- Applicable taxes
- Terms and conditions
- The payment method you accept
- The grand total
- Thank you note
Essentials of a Consulting Invoice
Apart from the information listed above, there is other essential information that you can do with a consulting invoice.
Changing the currency format- You can modify the currency format used in the invoice by changing the formatting of the currency. For example, if you are using Microsoft Excel, you can change the currency format from the number option by selecting “Currency” and choosing the right currency from the drop-down box.
Create custom invoice format– After you download any of the consulting invoice templates you can customize the name, address, project details, rates, payment methods then save it at your convenience. Such invoice templates give freedom to modify each and every tiny detail with flexibility.
Manage the invoices with ease – When you choose any online invoice generator it allows you to manage all the invoices from one place. Similarly, when you are creating a blank consulting invoice template on your own using word or excel or pdf, you can still manage the invoices from your desktop or laptop. So, you can also manage the invoices with ease digitally and manually.
How to Charge Consulting Fees
Now, as you know about all the elements of free invoice templates, but are confused about how you are going to charge your clients, especially when you are going to handle a start-up on your own. But don’t worry about such things. Here are a few things that you can consider while charging consulting fees during the invoicing.
Research about competitor’s rates – When you are deciding for the consulting fees, the first thing you need to do is, do a little research about your competitors’ rates. The fees may vary in many ways that help you decide the cheaper rates than your competitors. You can also strategize the personal approach that you can address according to market demand and based on such an opportunity to sell the solutions. You can also switch your rates as per your research.
Decide the rate model – So once you have completed your research on your competitors, you need to make a model for the rates that you are going to charge. If you ever feel that your services may take only several hours or sometimes may take longer than expected hours. So, based on your analysis decide your model.
Bill the client – Now, the model is decided, it’s time to bill the client for the solutions you have offered. Make sure that you immediately invoice for the project you have finished. And also ensure that the final invoice is accurate and has all the rates included in the invoice you are about to send.
Keep all the records – Once you have generated all the invoices, it is important that you keep all the records of invoices of paid and unpaid invoices. This will also help you track and analyze all the financial transactions for future business strategies and make sure that your revenue continuously flows.
Free consultant invoice templates in Word & Excel
Now that you are clear with your thoughts, you need to choose the right templates for your invoicing process. There are many options for the templates providers who help you create free consultant invoice templates in Word & Excel and you can also create it online. MixBit also provides professional free invoice templates in Word and Excel. You can check out all the unique invoice templates for your Consulting invoice template excel & word. These templates are often utilized for the clients or for the third-parties to get paid quickly and continuously.
These formats are flexible and strong enough to justify your rates and payment calculations. Apart from this you can make creativity in your invoice template and re-design it according to your branding needs. Word and Excel templates are very different in many ways. For example, if you are using Word invoice template it will give you standard look and feel, but it will not give you the freedom to calculate effortlessly, whereas if you choose Excel invoice template it will give you standard formulas for the automatic calculations, but it will not give you standard look and feel compared to Word. So, it is very important that you choose the best suitable invoice template for your consulting service.
When Should You Send Your Consultant Invoice?
After considering all the aspects of the invoicing process it is time to send your invoices to all the clients you have provided services. Ideally, you should send invoices as soon as you complete your project. But, in case you miss it at that time you can send it within one week. Still, you miss the chance, you can send it at your convenience, but you have to be ready for the late payments. The most important thing, once you send the invoice you need to ask the client whether they have received the invoice or not. Also, remind them of the last date or past due date in a very polite way.
What will Happen After You Send Your Consultant Invoice?
When you send your invoice, you should expect a payment from the client before the last date of payment or by the date you have specified in your invoice. If you do not receive the payment on time, you can check with the clients by sending the payment reminders. Keep in mind the method of the payment you have specified in the invoice so that you can check your payment.
Basically, the consultant invoice template is a fill-in-the-blank document that can be easily tailored to fit for multiple purposes. Just be constant about your branding including business name, logo, address, and contact details, etc. Other elements of the fields are up to you. It completely depends on you whether you want to choose a different format or want to include a long list of the projects or hours you have done.
Using a blank consulting invoice template allows a company to set up or customize an invoice according to each customer and save the document digitally or in a folder dedicated to the specific client. Most of the consultants consider invoices for facilitating a smooth-running operation with an invoice created by a consulting invoice template. We at MixBit always try to help you learn useful tactics through our blogs on invoicing and invoice templates.
1. Is it necessary to send an invoice if I am a freelance consultant?
Answer: Definitely, yes. Because if you want to be professional and continue to work with the same clients or work from the references, it is essential to be professional and create a brand image by sending an appropriate invoice template. For this reason, a freelance consultant should create professional invoices to make an impact and be in a competition and be different among others.
2. What should I consider before sending an invoice?
Answer: There are lots of things that you should consider before you create and send invoices. We have mentioned many things in our previous blogs about the same. But, if you haven't gone through all of them yet, the main things that you can consider is to identify the information you need to include in the templates. Collect all the business branding materials and prepare a format that your customers identify immediately that it's your brand. Another thing you need to be careful about the terms and conditions you use and payment methods, which play an important role in getting paid on time. These tiny details will help you create impactful templates.
3. How do I write a consulting invoice?
Answer: Wring an invoice is not at all a difficult task for consultants. There are plenty of ways you can create professional invoices using free templates or by creating manual templates using MS Word, Excel, Google Docs or Spreadsheets. It depends on your preferences and your business requirements. When you choose online invoice templates it will be easier for you to modify and to use and save your quality time.
4. How do you bill for professional services?
Answer: Once you are done with your project, you should start your billing process for the same. Ideally, you should start formating your invoices and including details step-by-step. So that when you complete your project your invoice will be ready and save your time. Not only this, but such precautions will also help you strategize your business strategies and analyze your business cashflow.
5. How do I invoice as an independent consultant?
Answer: As an independent consultant and freelancer it might be difficult for you to invoice all the projects at the same time and use those invoices again. You need to be very specific about your rates and the details you use in an invoice. Most of the clients prefer crystal clear invoices so that they can be sure of what they are paying for and what kind of solutions they got. It will also help you analyze the transaction flow of your business.