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What Is Leatherback Invoicing Product? Everything You Need To Know

Leatherback is a payment system that enables the transfer of money across international borders at a relatively cheap cost with an instant process. This payment is, however, characterised by different products designed to make the payment process from the sender to the receiver simple, easy, and fast.

One of Leatherback's innovations in the digital payment ecosystem is the Leatherback invoicing product. This feature enables you to send professional estimates, quotes, and invoices to your clients or customers to receive payment on time. Although the Leatherback invoicing product works similarly to regular invoices, it offers an unreserved overview that makes your business look globally established.

As products and services are leveraging the digital space to attract customers, we need to understand the description of an invoice.

What Is An Invoice?

An invoice is a document that itemizes and records every transaction between your company and your clients. The products a consumer purchases and the price they agreed to pay for those products are verified and recorded.

Your cash flow, inventory management, and financial accounting of your company are all supported by invoices.

Also, an invoice contains every necessary information about a sale on a single page, and they can include:

• Products and services you sold or offered at a variable cost

• The total amount and sales tax

• Your company and customer information

• Delivery details

• Payment terms

What Is The Purpose Of Leatherback Invoicing Product?

1. Business Data And Analytics

When you use the Leatherback invoicing product, you can better estimate demand for your store for specific seasons or based on yearly trends if you keep comprehensive track of the products and services you offer. You can better prepare your store's layout, promotions, and employee schedules if you know what's coming.

This also implies that you may track and change your inventory to improve cash flow and avoid overstocking or running out of a popular product.

2. Request Timely Payment And Track Sales

Said, Leatherback invoicing product makes it possible for you to be paid. They specify your payment deadlines (such as immediately upon receipt or at the end of the month), which makes it easier for you to forecast your cash flow and schedule your activities and expenses accordingly.

Additionally, the invoicing product lets you keep track of sales, including the precise goods and quantities sold and the number of sales you made during a specific period. This helps prepare for the upcoming period and comprehend the effect of your marketing initiatives on your sales.

3. Tax Purposes

The role of Leatherback invoicing products in your bookkeeping can not be undermined, as it gives you what can be called watertight bookkeeping. They assist you in maintaining records of your store's sales for tax purposes because each invoice is a tax document.

To demonstrate the revenue your company generated and the sales tax you gathered by the state or country of the client you invoiced, you must keep track of the invoices you issue.

What Are The Important Elements Of An Invoice?

1. A Unique Invoice Number

Every invoice you create on Leatherback has its unique number, and your bookkeeping system will maintain track of the employed ones. Your clients will use this number to track their payments.

2. Company Information

Your company's name, address, phone number, and email address must be listed on every invoice you create on Leatherback. If you have a VAT ID that applies to the transaction, include it. These must be available at the top of the invoice. These specifics aid your client in maintaining accurate records by assisting them.

3. Customer Information

The top of your invoice should also include customer information, which follows the same format guidelines as your business data. Include the name, shipping address, phone number, and email address of the customer (if different from the billing address).

4. Names And Descriptions Of Products/Services Sold Or Offered

This section of your invoice, which includes the total money payable and lists the goods and services your customer ordered from you, is the most important.

Every particular product type, such as a mix of a chosen colour and size, has its line in the invoice. There should be columns for each of the following items:

• Description

• Quantity

• Unit price

• Line total

5. Invoice Date

This is important as it determines the spans of a particular invoice and whether it has been long overdue and needs a follow-up plan.

6. Total Amount Due

This is an essential piece of information for your customer; as such, this must stand out from other information on your invoice. Your line totals should add up to a subtotal amount. This is the entire amount owed, even if you don't charge sales tax or VAT.

7. Payment Details

You must highlight your details for payment. This can be in respect of the mode of income that your business supports, account details, and whatnot. For instance, you may choose to accept a wire transfer and other digital payment gateways as a method of payment. When you use this medium, consider using Leatherback to send and receive your international payments.

8. Terms Of Payment

It is advisable to be explicit when including your payment terms. This is to forestall your customers from assuming the modus operandi of the payment structure of your business.

9. Shipping Terms

Include the details of your shipping arrangements, such as who pays the shipping charges. The shipping method, anticipated delivery date, and tracking information should all be included.

How To Use Leatherback Invoicing Product

1. Create a Leatherback account and sign in.

2. Click on "Invoice". Then create, edit, schedule, and save your invoice.

3. You can preview the invoice in the app or web or send your email.

4. Select and add your email and that of your recipient.

5. Send the invoice.

6. You can track the status of the invoice, from pending, upcoming, paid, and overdue payment.

Conclusion

Leatherback invoicing product is on the mission of making the payment funnel easy and fast with an option of customising your invoice to your preference. However, if you need further guidance on how to go by this feature, you can contact our support team with an assurance that you will get your queries resolved on time.