As a part of the construction project, you must be wondering about how to bill your clients and how to keep track of your finances. Especially when there are so many tools available in the market, the answer sounds interesting, right? Keeping your construction business in mind, we have created a guide that helps you modify a construction invoice for free so you can send invoices in just a few clicks. From timesheets and receipts to signed change orders and delivery logs, detailed documentation is your best defense against payment delays or disputes. Good record-keeping ensures your invoices are accurate, justifiable, and aligned with your construction contract terms. It also helps build trust with clients since they can see what’s being billed and why.
Key Elements in All Types of Construction Invoices
Add your company details, upload your logo and personalize the invoice for your client. Streamline your projects, improve efficiency, and deliver an amazing client experience. Simple, professional invoicing for freelancers and small businesses. I am reviewing a schedule of value for a project that does not have a % of the project total assigned to project closeout. I have heard the industry standard is 10% of the overall project is given to project closeout. But again – merely leveraging these tools into faster payment will generally be a better option than actually moving forward with any of them.
Short (but reasonable) payment terms
A construction invoice template needs a section to tally up the materials, labor, and other costs into one final amount. This section should include the subtotal, any discounts (if applicable), the subtotal with the discounted amount subtracted, the tax amount, and the final balance. For cost plus contracts, include the cost total, as well as the agreed-upon plus percentage. If you https://www.bookstime.com/ want to create numerous invoices, maintain the same consistency, and use extra features, invoicing software is your solution. It simplifies the entire invoice generation process by automating calculations and ensuring branded format, tracking, multi-company management, and reporting.
- On top of that, there are project management reports that help keep stakeholders informed on the status of projects and identify cost, schedule or scope variances.
- A construction invoice is a billing document used by contractors to request payment for materials, labor, and other project costs.
- You can create and send your invoices in just minutes.This template has everything you need and is provided free of charge, and can be used without restrictions in Excel or Google Sheets.
- With real-time cost tracking, digital approvals, and supplier collaboration tools, Doxa simplifies financial operations and enhances visibility across your entire construction workflow.
- Whichever billing method you choose, you and your client need to be clear exactly when payment will be made and how it will be calculated.
- Send invoices and manage your finances from anywhere with the FreshBooks mobile app.
Miscellaneous Charges
In the “Bill To” section, enter the client’s company name and complete billing address. When working with larger companies, specify the billing contact person’s name and department to ensure proper routing. This attention to detail demonstrates professionalism and helps prevent payment delays. Another special consideration for invoicing in the construction industry is invoicing for the materials used in the process.
Why You Should Use a Construction Invoice?
Construction requires technical know-how and great customer service, so make sure your invoice looks polished and professional, and reflects positively on your high quality work. Create customized and professional invoice designs to reflect your business branding. Create and send invoices from wherever you work with the Invoice Ninja app. Automatically charge late fees using a flat-fee structure or a percentage charge. Explore more resources to keep your business finances organized with this collection of construction estimate templates.
Subcontractor Invoice Template
Typically, the contract also gives the contractor a duration of 30 days to process the payment after receiving it from the client. This means that subcontractors wait an average of approximately 83 days to receive payment for their services, according to a recent study by PWC. Yes, our templates are versatile and suitable for both small and large projects.
- It will then be the GC’s responsibility to adhere to the prime contract on behalf of all hired subcontractors by submitting additional documentation alongside their payment application.
- The details of a construction invoice will vary based on the project size, the contract and who is submitting the invoice.
- In the “Bill To” section, enter the client’s company name and complete billing address.
- Send late payment reminders to clients automatically by creating a late payment reminder schedule.
- Since construction workers complete most of their work out at job sites rather than at a desk, they need to be able to quickly and easily send invoices from anywhere.
- Use customizable Excel templates with built-in formulas for automatic calculations and professional formatting.
It also allows you to create estimates, and integrate with different payment methods. A subcontractor invoice template will include materials, contract labor invoice sections, and spaces for job descriptions laid out professionally to make a good impression on clients. Making professional construction templates will be a blast if you just focus on the best thing you are doing. Do not waste your precious construction invoice time and effort worrying about how to create a construction invoice template, because we have got you covered all about it here, in this article.
Microsoft Word General Contractor Retainage Invoice Template
A near-instant two-way sync means less time spent on data entry, fewer repetitive tasks, and real-time tracking of your financials in both platforms. Make collecting payments on real estate deals easier by providing a real estate invoice template that has predefined sections for property sold, the sale price, and the agent’s commission rate. Now find out how much more Wave can do for you and your business by trying our 100% free invoicing and accounting software. You come to the rescue when there are smaller jobs and repairs to be done on the construction site.
Create professional invoices quickly
No “one design fits all needs” when it comes to a construction job because there are various types of work businesses do and differ from each other. So, make sure the invoice you choose is highly customizable and helps you get the job done quickly. We’re not saying you can’t do that on Excel, but if you value your free time and sanity, you’re much better off with a specialist construction accounting software tool. A set price is agreed upon and paid in a single instalment – either before the project begins or after completion. This is best for fairly short-term projects with predictable costs.
Legaltemplates.net is owned and operated by Resume Technologies Limited, London with offices in London United Kingdom. Include lists of all materials, hours, and expenses that will be included in the contract. Give clients direct access to their project retained earnings balance sheet with a unique login to a dashboard where they can track progress, send messages and sign contracts electronically.