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Invoicing 101: Steps To Prepare Your First Invoice What Is an Invoice? An invoice is a document that a provider of goods and services creates and sends to the customer to collect payments. It is a valid documentary proof of the good or service delivered. Invoices are mostly sent on paper or as electronic invoices. However, due to their efficiency, many businesses are replacing paper invoices with e-invoices. While collecting payments is the key purpose of an invoice, it also serves other business purposes, such as: Tracking the payments due Maintaining records of sales and bookkeeping Maintaining accuracy with an itemized description Inventory management Filing taxes Using it as legal proof of the business transactions for audits A Guide to Creating Your First Invoice Before preparing your first invoice, you can look for readily available templates or invoicing software to save time and reduce errors. Once you have selected the invoice template per your company’s offerings, you can customize it per the business transactions. When preparing the invoice, include the following information:...