Can this be signed electronically?

Yes. Electronic signatures meet legal standards under the ESIGN Act (15 U.S.C. ch. 96) and UETA where adopted, provided the signer intends to sign, consents to electronic records, the signature can be attributed, and the record is retained.

Generally no for standard invoices. Notarization is not required for commercial invoices, though certain state or contract provisions may ask for notarized acknowledgements; consult contract terms and state law if notarization or RON is requested.

If invoices include protected health information, handle them under HIPAA rules and use a BAA with the eSignature vendor. Maintain six years of related records per 45 CFR §164.530(j) and limit PHI exposure in routine billing.

How long must I keep invoices?

Keep invoices at least three years to meet IRS recordkeeping requirements (IRC §6501). For broader commercial or industry practices retain for seven years; healthcare records require six years under HIPAA. Check state rules for longer periods.

How to prevent disputes?

Provide clear service descriptions, attach SOWs and time logs, specify payment and dispute windows, and collect TINs or W-9s when required. Use consistent invoice numbering and an audit trail to expedite resolution and reduce collection delays.

Can I use signNow to sign?

Yes. signNow supports legally binding electronic signatures under ESIGN and UETA and offers TLS 1.2/1.3 and AES-256 encryption. For HIPAA use execute a BAA; choose plan features that match required authentication.

Business PSI Template

This template is fully customizable. Edit the text, fill out the fields, and send it for signature. Give it a try!

BUSINESS PSI TEMPLATE

This Business PSI Template (the "Agreement") is entered into as of by and between Client Name: and Service Provider Name: .

WHEREAS

WHEREAS, Client Name: desires to obtain certain professional services described herein; and

WHEREAS, Service Provider Name: represents that it has the skills, personnel and resources necessary to perform such services under the terms set forth below; and

WHEREAS, the parties agree to memorialize their agreement in writing under the terms and conditions of this Agreement.

SCOPE OF WORK

Description of Services

Service Provider will perform the work set forth in the Description of Services, including but not limited to planning, design, implementation, testing and transition support. Deliverables, milestones and acceptance criteria must be documented in the Description of Services or an attached statement of work and are incorporated herein by reference.

PAYMENT TERMS

Total Contract Amount Payment Schedule

Invoices will be issued in accordance with the Payment Schedule. Client shall pay undisputed invoices within days of receipt. All amounts are payable in lawful currency of the United States unless otherwise stipulated in writing.

Late Payment

If Client fails to pay any amount when due, Service Provider may suspend performance after providing ten (10) days' prior written notice and shall be entitled to recover costs of collection, including reasonable attorneys' fees, and interest as set forth above.

TERM AND TERMINATION

This Agreement commences on Start Date: and shall continue until End Date: unless earlier terminated in accordance with this section.

Either party may terminate this Agreement for convenience upon giving days' prior written notice. Either party may terminate for material breach if the breaching party fails to cure the breach within thirty (30) days after receipt of written notice specifying the breach.

Upon termination, Client shall pay Service Provider for all work performed and expenses incurred up to the effective date of termination, together with any applicable transition assistance agreed by the parties.

CONFIDENTIALITY

"Confidential Information" means all non-public information disclosed by either party to the other that is designated as confidential or that reasonably should be understood to be confidential given the nature of the information and the circumstances of disclosure. Confidential Information excludes information that (a) is or becomes generally known to the public through no fault of the receiving party; (b) is rightfully known by the receiving party without restriction prior to disclosure; (c) is independently developed by the receiving party without use of the disclosing party's Confidential Information; or (d) is rightfully obtained from a third party without restriction.

The receiving party shall (i) protect the disclosing party's Confidential Information with at least the same degree of care it uses to protect its own confidential information but in no event less than a reasonable degree of care; (ii) use Confidential Information only for performance of this Agreement; and (iii) not disclose Confidential Information to any third party except as necessary to perform this Agreement or as required by law (provided the receiving party gives prompt notice and cooperates with reasonable protective measures).

Return or Destruction of Materials

LIMITATION OF LIABILITY

Except for liability arising from a party's gross negligence, willful misconduct, or breach of confidentiality, neither party will be liable to the other for consequential, incidental, special or punitive damages. The aggregate liability of either party for claims arising out of or related to this Agreement will not exceed the total amounts paid or payable to Service Provider under this Agreement during the twelve (12) month period preceding the event giving rise to the claim.

GOVERNING LAW

This Agreement will be governed by and construed in accordance with the laws of the State of without regard to conflict of law principles. The parties consent to the exclusive jurisdiction of the state and federal courts located in that state for any dispute arising under this Agreement.

ENTIRE AGREEMENT

This Agreement (including any schedules or statements of work expressly incorporated herein) constitutes the entire agreement between the parties with respect to the subject matter and supersedes all prior and contemporaneous agreements, understandings, negotiations and discussions, whether oral or written. No amendment or modification shall be binding unless in writing and signed by authorized representatives of both parties.

NOTICES

Client Address for Notices Provider Address for Notices

Client

Printed Name:

By:

Date:

Service Provider

Printed Name:

By:

Date:

What the Business PSI Template Is and when it's used

The Business PSI Template is a standardized professional services invoice used by businesses to document work performed, itemize fees, and establish payment terms. It consolidates client information, scope of services, hours or deliverables, rates, taxes, discounts, and total due into a single, reviewable record suitable for electronic signing and archive. When completed and signed, the template creates an auditable commercial record that supports accounts receivable workflows, taxation, and dispute resolution. The template is adaptable for fixed-price projects, time-and-materials engagements, and retainer billing across industries.

Why a clear PSI template matters for billing and compliance

A clear Business PSI Template reduces billing errors, standardizes client communications, and documents payment obligations for collections and tax reporting. It supports electronic signature workflows under ESIGN and UETA and helps establish attribution and retention for audit purposes.

Who prepares and who signs Business PSI Templates

Finance teams, project managers, and account executives typically prepare invoices; external clients and accounts payable staff commonly sign and remit payment.

Project managers prepare itemized service lines, hours, and milestone descriptions for billing.
Finance or billing specialists validate taxes, apply discounts, and reconcile totals with ledgers.
Clients or procurement sign to accept work and trigger payment terms or retainer draws.

Small businesses, independent contractors, and professional services firms rely on PSI templates to speed billing and maintain consistent records.

Core parts of a professional Business PSI Template

Essential parts of a Business PSI Template ensure clarity for billing, tax compliance, and downstream accounting reconciliation across client engagements.

Header

Include vendor legal name, client name, invoice number, billing address, contact email, and invoice date. Consistent identifiers reduce disputes and simplify matching to purchase orders and accounting entries.

Line Items

Describe each service with a concise title, quantity or hours, unit rate, and subtotal. Add reference to project or SOW number to tie the charge to contract terms and deliverables.

Payment Terms

Specify currency, due date or net terms (Net 30, Net 45), late fee policies, acceptable payment methods, and remittance instructions to prevent delays and calculate finance charges.

Taxes & Fees

Itemize applicable sales tax, VAT where relevant, withholding amounts, and any pass-through expenses. Include taxpayer identification numbers and local tax jurisdiction to support tax reporting and filings.

Attachments

Attach signed contracts, approved change orders, time logs, receipts, or expense reports. Proper attachments substantiate charges, document approval, and are important for audits and client recordkeeping.

Audit Trail

Include dated signature blocks, IP addresses, and a chain-of-custody record for any electronic signatures. An audit trail supports enforceability under ESIGN and state UETA frameworks.

Step-by-step: prepare, send, sign, and record a PSI

Follow these sequential steps to prepare, send, and finalize a Business PSI Template with clear auditability and payment tracking.

01

Prepare Invoice: Populate template fields, attach supporting documents, and verify calculations.
02

Review & Approve: Internal review, manager approval, and finance verification.
03

Send for Signature: Send via eSignature platform with signer details and authentication.
04

Record Payment: Log payment, reconcile ledger, close invoice record.

Digital signing workflow overview for Business PSI Templates

Typical digital signing workflow for a Business PSI Template from upload to completed audit trail.

Upload Document: Upload PDF or DOCX and set fields.
Assign Signers: Add signer emails and set signing order.
Authenticate Signers: Use email, SMS code, or stronger methods.
Complete Audit: Capture timestamps, IPs, and completion certificate.

Recommended workflow settings for PSI approvals

Configure workflow settings to control signer order, field requirements, reminders, and conditional logic for efficient approvals.

Field	Configuration
Signer Order	Sequential or parallel signing with role assignment
Reminders	Automated email reminders and resend intervals
Field Rules	Required fields, conditional visibility, and validation regex
Authentication	Email, SMS OTP, KBA, or two-factor options

Platform capabilities to support Business PSI Templates

Ensure the signing platform supports secure PDFs, audit trails, and integration with accounting or ERP systems.

Integrations: ERP, CRM, cloud storage connectors.
Formats: PDF, Word DOCX, Excel supported.
Security: TLS 1.2/1.3 in transit; AES-256 at rest.

Dates and timelines to track on invoices

Key dates: invoice issue, due date, aging milestones, and tax reporting timelines to track for Business PSI Templates.

Issue Date:

Date invoice is created and sent.

Due Date / Net Terms:

Specify Net 30/45/60; calculate late fees after date.

Payment Reminder Schedule:

Set reminders at 7, 14, and 30 days overdue.

Tax Reporting Window:

Retain invoices for IRS reporting and audits.

Dispute Deadline:

Specify time window for disputes to avoid late payment.

Common preparation mistakes to avoid

Incorrect or missing TINs trigger backup withholding and IRS penalties and can delay payment while information is obtained from the payer.
Ambiguous service descriptions or mismatched SOW references cause client disputes and require time-consuming reconciliation between invoices and contracts.
Failing to include applicable taxes or correct jurisdictional rates can lead to underpayment, audit exposure, and retroactive adjustments.
Using inconsistent invoice numbering or duplicate invoices complicates accounting, increases reject rates, and risks regulatory scrutiny during audits.

Penalties and risks from incorrect invoices

Backup Withholding: 24% withholding may apply.

IRS Information Penalties: IRC §6721 penalties possible.

Late Payment Fees: Contract-specified finance charges.

Dispute Delays: Collections and cashflow impact.

Audit Exposure: Insufficient backup for deductions.

Contract Breach: Unclear terms risk litigation.

eSignature vendor pricing and capability snapshot for PSI workflows

Compare baseline pricing and common features across eSignature vendors relevant to Business PSI Template workflows.

	signNow	DocuSign	Adobe Sign	PandaDoc	HelloSign
Starting Price	$8/user/mo	$15/user/mo	$14/user/mo	$19/user/mo	$15/user/mo
Free Trial	7-day trial	Varies by plan	Varies by plan	Varies by plan	Varies by plan
Bulk Send	Yes (Business Premium)	Varies by plan	Varies by plan	Varies by plan	Varies by plan
Audit Trail	Yes	Yes	Yes	Yes	Yes
HIPAA Compliant	Yes	Yes	Yes	No	No
Envelope Cap	No envelope cap	100 envelopes/user/year	Varies by plan	Varies by plan	Varies by plan

Frequently asked questions about the Business PSI Template

Answers to common questions about completing, signing, and storing the Business PSI Template, including eSignature and compliance considerations.

Need help? Contact support

Can this be signed electronically?
Yes. Electronic signatures meet legal standards under the ESIGN Act (15 U.S.C. ch. 96) and UETA where adopted, provided the signer intends to sign, consents to electronic records, the signature can be attributed, and the record is retained.
Do I need a notary?
Generally no for standard invoices. Notarization is not required for commercial invoices, though certain state or contract provisions may ask for notarized acknowledgements; consult contract terms and state law if notarization or RON is requested.
What about HIPAA?
If invoices include protected health information, handle them under HIPAA rules and use a BAA with the eSignature vendor. Maintain six years of related records per 45 CFR §164.530(j) and limit PHI exposure in routine billing.
How long must I keep invoices?
Keep invoices at least three years to meet IRS recordkeeping requirements (IRC §6501). For broader commercial or industry practices retain for seven years; healthcare records require six years under HIPAA. Check state rules for longer periods.
How to prevent disputes?
Provide clear service descriptions, attach SOWs and time logs, specify payment and dispute windows, and collect TINs or W-9s when required. Use consistent invoice numbering and an audit trail to expedite resolution and reduce collection delays.
Can I use signNow to sign?
Yes. signNow supports legally binding electronic signatures under ESIGN and UETA and offers TLS 1.2/1.3 and AES-256 encryption. For HIPAA use execute a BAA; choose plan features that match required authentication.

be ready to get more

Join over 28 million airSlate SignNow users

Sign Now