What should I include on a tax invoice template?

Your tax invoice must include the following 7 pieces of information to be valid. These include the words ‘Tax invoice’ – preferably at the top, business name (or trading name), Australian Business Number (ABN), invoice issue date, brief description of the goods or services sold including quantity and price, the GST amount payable (if any) and the extent to which each item sold includes GST

Should I customise my invoice template?

Using a standard layout that is familiar to the majority of your customers will help make it easier for your customers to pay you. However, that doesn’t mean your invoices have to be boring. Add your business branding through the use of business logos, accent colours, font, personal messages or you can even add small advertising to your invoices to entice repeat business.

Why is invoicing important?

An invoice directly results in you getting paid, it will let the buyer know how much they have to pay, when the payment is due, and the ways in which they can pay. Invoicing is also extremely important for tax reasons and staying compliant with ATO. When you run your own business, you are required to keep copies of your invoices to report how much you earned, if you’re GST registered and how much tax you’ve collected.

Are invoices and tax invoices different?

There are 2 different types of invoices. which one you need to use is based on whether your business is registered for GST. Invoice – is for business NOT registered for GST. You will use regular invoices and don’t include the words tax invoice. Tax invoice – is for businesses registered for goods and services tax (GST. You will use tax invoices and the must say ‘tax invoice’

How do I create an invoice?

Use our free tax invoice template! Simply add your business information and any other relevant information and you’re ready to send the invoice to your customer! Then when your business starts growing with new customers and projects it may get to a point where it’s more efficient to get online invoicing software. Check out Reckon’s affordable range here.

What are some tips for invoicing?

Check formatting, spelling & grammar and ensure invoices are correct before sending. Unprofessional invoices can affect your brand image and even prevent you from getting paid! Create an email address specifically for dealing with invoicing and accounting. For example, set up accounts@yourcompany.com and send all your invoices from that email. This will create a stronger impact on the buyer when they are asked to be pay. Set crystal-clear terms on the invoice so that you get paid on time, and include late fees associated with late payments on the invoice.

Free financial statement template for small businesses

Create your own financial statements and balance sheets with our easy to use template.

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Free financial statement template Excel spreadsheet

Download our free financial statement template today, and start gaining a better understanding of your financial health. This easy-to-use template will help you create a clear snapshot of your financial situation, and identify areas for improvement.

You can download your financial statement templates as an excel spreadsheet.

What should be included in a financial report?

Your financial statements should include a number of reports so that you can accurately represent the financial position of your business.

Balance sheet

A balance sheet is a financial statement that expresses a company’s assets, liabilities, and shareholder equity.

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Income statement

An income statement is used to report the net income of a business over a defined period.

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Cash flow statement

A cash flow statement is a financial document that tracks the movement of cash in and out of a business over a set period.

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FINANCIAL STATEMENT TEMPLATE FAQs

What is a financial report?

A financial report is a structured document that records and displays a business’s financial performance.

Why are financial statements important?

Financial statements are important because they report on a business’s current financial position. Accountants, tax professionals, investors, and government agencies will use financial statements to understand a business’s reported financial stability for compliance and investment purposes.

What is included in a financial statement?

A financial statement will include various reports of a business’s financial data as:

An income/profit and loss statement
balance sheet
Cash flow statement

What is the difference between a profit and loss statement vs. an income statement?

Income statements and profit and loss statements are the same thing. Both report on the same financial figures, which include a business’s revenue and expenses over a specified period.