How to create an invoice template

Congratulations! You’ve set up your business; got the word out, won yourself a customer or two – now you’re ready to send out your first invoice. Where do you start?

1. Get an invoice template

If you want to design your own invoice, the Australian Tax Office voluntary standards give a good guide on where to start. If you hold an eligible Westpac business bank account1 and are registered for Online Banking, you can also use Westpac’s Biz Invoice to create and send your business invoice. This is a free, simple and easy to use invoice system for customers who have an eligible Westpac business bank account. Learn more.

2. Put the right details on the invoice

The invoice represents your business, so you want it to be as professional as possible. Not only should you have your business logo, there are other important details you need to include:

  • Your information
    • Business name – if you are a sole trader or freelancer you can use your personal name
    • Business address
    • Contact details
    • ABN/ACN
    • If GST registered your invoice should include the words ‘tax invoice’ and you need to include the GST amount for each item along with some extra details. If you’re not registered for GST, you don’t show these words and your invoice should show that no GST was charged on the purchase. www.business.gov.au has useful information on invoice types2.

 

  • Your customer’s information
    • Make sure you have the correct customer name, contact details and address
       
  • Details of the goods/services bought
    • List the products you sold, their prices and how many were sold. Or, if you were providing a service, include a description of the work you did and the fees involved so your customer is clear. If there is a reference number make sure that is in also.

3. Make it easy to get paid

Specify the reference you want your customers to include on their payment to you, for example, this might be their invoice number. Make sure you include the payment methods you accept (i.e. your business bank account3 details and how customers can pay via credit card). Also, mention on the invoice your payment terms and due date.

 

 

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Things you should know


1. To be eligible for Biz Invoice you must hold a Westpac Business One Low Plan or Business One High Plan account
 

2. Any taxation position described in this proposal is a general statement and should only be used as a guide. It does not constitute tax advice and is based on current tax laws and their interpretation. You must seek your own independent tax advice in relation to their individual circumstances.

3. Terms and Conditions, fees and charges apply with respect to Westpac’s transaction and savings accounts and Online Banking facility. This information does not take your personal objectives, circumstances or needs into account. Consider its appropriateness to these factors before acting on it. Read the disclosure documents for your selected product or service, including the Terms and Conditions or Product Disclosure Statement for Westpac’s transaction accounts, (PDF 398KB) for Westpac’s deposit accounts (PDF 398KB) and for Westpac’s online banking facility (PDF 283KB) and for Westpac’s Term Deposit accounts (PDF 3MB), before deciding.


This article is an overview only and should not be relied upon. Consider obtaining personalised advice from a professional financial adviser and your accountant before making any financial decisions in relation to the matters discussed in this document, including when considering the finance options for your business.