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Invoice payment terms template for Inventory

in this video I'm going to teach you how to create an invoice and receive payments in inventory if you're an online seller or you sell whale products you might have to send invoices to your customers and collect payments at time luckily our system makes that very easy for you to do and we also have a lot of data automation features that I'll show you at the end of this video that will allow you to automatically generate invoices so you don't have to go through and manually type them in this video I'll show you a few of the problems that people face when they have their invoicing system set up how to solve those problems and then I'll show you the professional system that we use to create customized templates and send those directly to our customers and receive payments through the inventory system let's go ahead and dive on in let's start by talking about the old way of invoicing now I myself am guilty of this when I first started my business when I needed to send my first invoice I went onto Google I typed in invoice generator actually I typed in free invoice generator went to the website I created a simple unorganized invoice I downloaded it and then I sent it to my customer well many people still do this and it works it is not the best way to create and manage your invoices and the data you need isn't available with outdated invoicing systems like the one I talked about you won't have access to customer history you won't be able to recognize your cost per unit when you're sending an invoice you have no idea how much you made per order in profit you have an estimate but you truly don't know your data and then you don't have things like templates payment processing and analytics data that you can use in the future to plan and predict orders that you have with your current and past customers so here's how to improve your invoicing process first you're going to use a professional invoicing system with a pre-built invoice template that's going to include your company logo an aesthetic layout integrated payments such as PayPal and stripe and a customer portal so what that means is your invoices can be sent to your customer and your customer can click on your invoice and review it and have access to that data in the future too if they need to go back and look at their invoice anytime you use a generator you're going to have anytime your customer ask for their invoice you're going to have to figure out how you can dig it up when you have a customer portal they just log in there and they can see it all so this is what you want to include when you're creating these invoices and want to make them professional for first off your Co company information you also include all of your customer information your bailing and mailing addresses itemized products and services returns and warranty policies and payment terms this is a pretty standard to be included on all of your invoices I suggest if you are receiving invoices that you have all of these terms on them before you pay any other vendors that you buy from too so I want to talk to you about invoicing by inventory and I'm going to show you how this all works we can process and upload very large invoices in very shorts amount of time we have professional templates we have payment portals like PayPal and stripe for you to collect payment and we can track every single item that you invoice how much profit you made from the customer from the item however you prefer now that we are on inventory I'm going to show you how to create an order I just had a customer who said they want to buy all my algra products I filtered my algra here and I saw what I had available and we came to an agreement for all of my products in my Denver Warehouse I'm going to show you how to create an order and send an invoice to them now we're going to go under orders here we'll go to create order I'm going to enter in a customer let's just do myself to keep things simple that's going to autop populate data from past Usage Now the bulk apply here is one of our most sought-after features what we can do is we can select the unique identifier here and we can scan in the upcs of those Leica products so there's two different upcs I'm going to scan them in and add them right here as you can see we've populated multiple of them in this case that's because they're coming from multiple different warehouses so we can select the Denver warehouse for the products that we want to sell and if there's nothing else that we want to do we can just easily remove these like that I'm going to select this Warehouse here and if I want it to I could apply in bulk Denver for example other than that I have these selected and I'm going to apply the quantity all the quantity we have available so we have 45 units of that 87 units of that and it shows our average cost per unit which is $717 we'll then apply the sale price as well this is all coming from our product catalog we applied the sale price $10 we do not have a price built in there so we're going to have to enter it in we agreed on $22 in this case now once that information is applied I can add my shipping information down here the customer sent me a label so I already have a label ready to go I can scan that label and add that tracking number right there if I have any notes I can add them here shipping costs sales tax I can do that as well I can select my payment method in this case it will be bank transfer we can also connect PayPal and stripe so you can receive payment through there if I want I can download an invoice and send it to them directly or I can go right here to create and send invoice and send an invoice to them directly I'm going to create this invoice we're going to show you what it looks like inside when you they receive an email let's go through create this invoice now that I've created this invoice here as you can see invoice 52 from inventory if your company name is ABC Distributors it will say invoice 52 from ABC Distributors your customer will receive this they will see the amount they owe and they can view the invoice they'll click on view invoice and they can go directly to the customer portal the customer portal here will display their invoice they can download download it and if they have PayPal or stripe they can pay directly through that now since this person is doing a bank transfer it's very simple we do not need to do that process I'm going to show you a different route so what we'll do is we'll go back to our orders here as you can see this is the order that we just did for myself Hayden 132 units we made just over $570 31% Roi we're going to mark that as paid because it's been paid and we can ship it now we can go through and ship this order but that's for a different video what I'm going to do is I'm going to show you the data that we just put together for the items that we sold so we'll go under here inventory stock count I'm going to filter status sold and I'm going to type in algra so we can see all the algra products that have been sold recently and how much profit we're making on them we can break this down individually too and we can see every single one we've done so we can base it on the oldest ones the newest ones however it might be in that case let's go ahead and scroll over we'll filter this by invoice and we'll go to the oldest invoice first to show this data as you can see there's a lot of data here and we put this together right here as you can see these are the products that we just sold this is the invoice it went under this is how much profit we are making and if you go down here we can see exactly how long it took to sell so one of them we had in for 51 days which is a little longer than we should have other than that we've sold them all within eight days which is great so this gives us a great idea of all the products we sold now let's go look back and look at our customers and our vendors that we've been working with so the vendors here our front tier Supply Cod and Swift Supply Solutions we can go under vendors here and we can look at both of them so I type in Frontier and I filter in Frontier it looks like we've done four purchases with Frontier with an average Roi of 30% and we sold them in average of 17 days that's pretty good now how about with Swift swift we've done three purchases with sold in 31 days and 31% Roi both these companies together have been supplying us at a pretty consistent rate and as you can see you look through everybody else anybody who's over 30% even 40% here are some of our best customers well here we lost a lot of money on this deal so so we need to look into that and see what's more profitable this here will give you a full view of all of your customers and how much profit you're making off every one of them we can click on all their purchases too and see every purchase and how much money you've made to give you an overall understanding to make sure you're profitable this is how invoicing is done correctly this is data that you need to drive your business to the next level if you have any questions check us out at inventory.com book a demo with us or leave a comment below and we'll be able answer that for you