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Musician invoice example for Accounting

in this video i want to show you two simple options for setting up automatic invoicing for your music studio there are three reasons why i think it is really important that you set up this automatic invoicing system no matter which one of those options that you choose the first reason to set up invoicing is to look professional so if you're not currently sending out invoices to your students or their parents at all i really want you to consider doing it it's yes it's about appearances but appearances are important if you can set up an invoicing system it's going to look like you're a legitimate business and even if you're teaching just a few students this is important it affects you and the way people perceive your business and the rules that you set your for your business your policies but it also affects our whole industry if we all set up invoicing systems and act like professional businesses it affects how people see our industry as a whole over time the second reason which i believe is really really important for all music teachers is that it's gonna save you some time so if you're already sending out invoices of some description you might be doing them manually and if you are doing them manually or at least sending them out manually you're just wasting your time that's the truth of it you don't need to be doing this stuff in real time and you don't need to be setting up those invoices in something like excel or word or filling them out by hand and then sending them emailing them to your students and their parents you can have all of this stuff go out automatically and just take it off your plate completely set it up once and forget about it the third reason which is really one of the most crucial is that you will get paid on time in general most people intend to pay you most people are not trying to cheat their way into some free music lessons but they forget to do it or it's not convenient to do it and so they put it off if you just take payments in cash at the lesson and people are never reminded about it they're less likely to do it and honestly if you have to set up invoices yourself manually or you have to email parents to remind them you're less likely to do it because it's awkward whereas when it comes through an automatic system and people kind of know it's coming automatically it distances the whole situation away from you and people are more likely to pay something pay for a service which they feel is professional and which they're reminded to do so let's dive into the two options you have for setting up those invoices in my music staff to set up auto invoicing you're going to go to families and invoices and then select them and you can set up auto invoicing there now this does mean that you're already going to have set up the charges correctly inside my music staff so you will have to do those settings based on each individual family and how you charge them and then you can set up your automatic invoices based on what they owe you here if you need more help with this of course you can reach out to my music staff but it's a fairly simple process to set up so you're going to choose the next billing start date i would suggest that they're paying for prepaid lessons so the lessons that are coming ahead not the lessons they have already had so they're paying in advance frequency monthly or maybe you do a different frequency there say if you're like me and you have a semesterly option you might be doing every five months or you might just be doing monthly and the first of the month or whatever day you want to do and then you send the invoice some number of days i would suggest seven as a really good number um before the billing starts the due date is seven days after you might prefer to reduce that to only three so that they have between seven days before and then three days after the first to pay their invoice include previous balance and payments yeah if you're using this to track their payments i would definitely include that so that they can see that they have overdue payments if that's the case and most cases you wouldn't want to create an invoice when nothing is owing although i'd say that's pretty rare also select to auto email the invoice as well and then just hit save and assuming you're doing the next month that'll all make sense there our first option for setting up automatic invoicing is called wave it's at waveapps.com wave.com is a different thing so waveapps.com or just search for wave accounting and you'll find it so if you go to their pricing page do just double check this when you're watching this video to make sure but they should still have a free plan right here and it has all the features you're probably going to use now the paper used here if you're going to take credit card processing online through your invoices you can absolutely do that um they will charge you these rates but all services will charge those rates so even something you pay a subscription for you will charge those you will have to pay those rates on top of that subscription in general because those are processing fees that are kind of standard so we're gonna go to start now to set up our account okay we just have to put in a bit of information here i honestly don't think that really matters i just put service right there so send professional invoices manage your accounting we're going to send invoices okay so what you want to do to set up your invoice is upload a logo first so i'm using our mock vibrant music studio logo for this one but you can use your own studio logo if you don't have one don't worry you can still set up an invoice it's just nice to have that there and it does add that extra professional touch so you can click looks great let's go now you're going to edit your business address and put that in there i'm not going to do it right now but you will want to add that and then add a customer i would recommend putting in their email although it's not required definitely don't need to put in their phone in most cases now this is this we just want to set up one invoice but right away i'm gonna jump over so we could just put in our piano lessons and monthly payments any other details and then the price let's say it's 100 and you can change the currency obviously in the setting they've picked that up because i'm in ireland and the notes or terms at the bottom so this is where i would usually put the information about bank transfer so i just get my students to transfer me to me directly and so i'll just put in that in the notes there now what i wanted to show you though was the recurring invoice feature so if you go to recurring invoices and we already have our logo here which is great if you've input your business address that'll be there too and we're going to input a customer so you see joe blogs has saved from before so you don't have to input people each time now you can change the payment terms i would often do within seven days if i'm sending it out in advance and then you're going to enter the details of whatever it is so it could be 30 minute piano lessons and you can put extra details there and then the price there you can input tax details i won't get into that now because it really depends on your country and then you can import your bank details at the bottom there go to save and continue so and then you can set the schedule right here so monthly on the first day of the month i would suggest you do monthly on the something like the 24th if you want to be paid before the end of one month for the next month right that's a good benchmark to use you're gonna set when the first invoice is created and crucially set when it should end so you can either set it after a certain number of invoices if you know how many are left in the year or you can set a certain date that it will end by which is really handy for us as piano teachers because your fees might change next year or you don't want to charge people during the summer that kind of thing so go to next now you can set up automatic payments this is where you will be charged those credit card fees or you can do manual payments and you'll just mark it as paid when it is paid if you're accepting say cash or check or like me doing bank transfers go to next and then i recommend automatic sending so it's going to send from our email address it's going to send to joe at blogs.com our person and then you can put in a custom message there if you want so if you just preview the email it's just going to look like that but if you want to put in something at the top like your payment terms are i recommend also attaching the pdf i think that's much more convenient um in case they want to download it for their records and i wouldn't email a copy to myself but you can do that if you want to double check it go to next and then you just need to approve it and start recurring i won't do that in case joe at blogs.com is a real thing um i think it probably is by this stage on the internet so we won't send him an invoice but that yeah that's basically how you set it up in wave you can do that for everyone and then that will all appear in your accounting here if you want to use way for accounting too so there you have it two simple options for setting up invoices for your music studio one is designed specifically for music teachers and it is awesome the second one is still fantastic and completely free so you have no excuse go set up some automatic invoices for your studio and you will look more professional you will save your own time and you're more likely to get paid on time too [Music] you