{"id":14584,"date":"2019-08-28T11:36:59","date_gmt":"2019-08-28T15:36:59","guid":{"rendered":"https:\/\/foundationsoft.com\/?p=14584"},"modified":"2025-05-06T08:45:06","modified_gmt":"2025-05-06T12:45:06","slug":"invoicing-for-contractors","status":"publish","type":"post","link":"https:\/\/www.foundationsoft.com\/learn\/invoicing-for-contractors\/","title":{"rendered":"The Basics of Invoicing for Contractors: How to Get Paid Faster"},"content":{"rendered":"<p>With <a href=\"https:\/\/www.foundationsoft.com\/learn\/completed-contract-method\/\">cash flow<\/a> being key to contractor success, construction companies cannot afford to sleep on invoicing and billing. For example, in 2020, one study estimated that bad billing practices and wrong project data caused <a href=\"https:\/\/www.msuite.com\/bad-construction-data-costs-industry-1-8-trillion-worldwide\/\">$1.8 trillion<\/a> in worldwide losses, with 14% of avoidable rework costing $88 billion.<\/p>\n<p>These are avoidable costs with the help of the right technology and software. In order to keep cash coming in, contractors need timely billing going out with <a href=\"https:\/\/www.foundationsoft.com\/learn\/cash-flow-management-mistakes\/\">invoices<\/a> that clearly communicate what\u2019s due and when \u2014 to minimize disputes and get faster payments.<\/p>\n<div class=\"clear\"><\/div>\n<div class=\"gdlr-space\" style=\"margin-top: 40px;\"><\/div>\n<a target=\"_blank\" href=\"\/job-costing-ultimate-guide\/\" class=\"blog-cta-image\"><img decoding=\"async\" src=\"\/wp-content\/uploads\/2024\/03\/FSL-blog-post-ad-ultimate-guide.png\" alt=\"UG to Job Costing\" title=\"UG to Job Costing\"><\/a>\n<h2 id=\"basics\"><span class=\"ez-toc-section\" id=\"Construction_Invoicing_Basics\"><\/span>Construction Invoicing Basics<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3 id=\"basics-1\"><span class=\"ez-toc-section\" id=\"What_Makes_a_Construction_Invoice\"><\/span>What Makes a Construction Invoice?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>A construction invoice formally requests payment from a customer for a specific amount. As a result, it also includes payment terms, including the due date and any discounts. In this way, an invoice is different from a quote. A quote provides customers with an estimate of what they <em>might <\/em>owe for work to be performed. An invoice means the contractor <em>is <\/em>owed for work performed \u2014 even if it\u2019s not due for 30 or more days.<\/p>\n<a target=\"_blank\" href=\"\/job-costing-ultimate-guide\/\" class=\"blog-cta-image\"><img decoding=\"async\" src=\"\/wp-content\/uploads\/2024\/03\/FSL-blog-post-ad-ultimate-guide.png\" alt=\"UG to Job Costing\" title=\"UG to Job Costing\"><\/a>\n<p>A construction invoice will usually consist of:<\/p>\n<ul>\n<li>The contractor\u2019s company name and contact information<\/li>\n<li>The customer\u2019s name and contact information<\/li>\n<li>The date of the invoice<\/li>\n<li>The due date(s) for the amount(s)<\/li>\n<li>A clear brief or line-item description of the goods or services<\/li>\n<li>The quantities (such as units, hours) and prices for goods or services<\/li>\n<li>The payment terms<\/li>\n<\/ul>\n<p>With all that said, does an invoice have to be written? Is there such a thing as a \u201cverbal invoice\u201d? While contracts can be made with a handshake, requests for payment should be clearly documented and dated in order to protect a contractor\u2019s right to collect.<\/p>\n<h3 id=\"basics-2\"><span class=\"ez-toc-section\" id=\"Construction_Invoice_Example\"><\/span>Construction Invoice Example<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Not sure how to get started making your own professional invoices? Preview a sample construction invoice below.<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/docs.google.com\/document\/d\/e\/2PACX-1vROZVEy1dyCJr43rhZJNwOYgo6aAfzCMMYoDogeEEeFTCuEc6YulMCPcAIlRncQfVU42ozdtvceIMTF\/pub?embedded=true\" width=\"100%\" height=\"400px\"><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\">\ufeff<\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\">\ufeff<\/span><\/iframe><\/p>\n<p>To customize the template and make it your own, click the link below, and select &#8220;File&#8221; from the top left menu bar. Then, select &#8220;Make copy.&#8221;<\/p>\n<p><strong>[ <a href=\"https:\/\/docs.google.com\/document\/d\/1b9fsGmKssxbue0Gj6NPY9lleoilec7x7c3HxrIxRSOc\/edit?usp=sharing\" target=\"_blank\" rel=\"noopener noreferrer\">Free printable construction invoice template<\/a> ]<\/strong><\/p>\n<h3 id=\"basics-3\"><span class=\"ez-toc-section\" id=\"What_Are_Construction_Invoice_Payment_Terms\"><\/span>What Are Construction Invoice Payment Terms?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Construction payment terms typically specify how long the customer has until cash is due. These may also offer discounts to help incentivize <em>earlier <\/em>payment. That\u2019s something we\u2019ll talk about further below.<\/p>\n<p>Contractors express some of the most common payment terms in a \u201cNet D\u201d format. This shorthand communicates the number of days a customer has until payment is due. As an example, \u201cNet 30\u201d indicates that the full amount (minus any retainage) is due 30 days from the invoice date. Contractors can also show the available discount by adding just a couple of numbers. An invoice with \u201c2.5\/10 Net 30\u201d offers 2.5% off the total if paid within 10 days.<\/p>\n<p>Payment terms could also specify <em>how <\/em>the customer is to pay the amount and what penalties result for late payment. For example, the contractor should specify any required forms of payment, such as certified check. Additionally, a percentage of interest may accumulate on delinquent accounts. However, while late-payment terms may be a helpful reminder on invoices, they should also be agreed to in the contract beforehand.<\/p>\n<h2 id=\"invoicing\"><span class=\"ez-toc-section\" id=\"Better_Invoicing_for_Contractors\"><\/span>Better Invoicing for Contractors<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3 id=\"invoicing-1\"><span class=\"ez-toc-section\" id=\"Why_Timely_Invoicing_Matters\"><\/span>Why Timely Invoicing Matters<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Depending on the method of accounting you use as a contractor, invoicing has a direct effect on your books. Having issued an invoice, many contractors can now record the invoiced amount on their balance sheet as an <strong>account receivable<\/strong>. It might not be <em>cash<\/em> in your account yet \u2014 and you <a href=\"\/learn\/percentage-of-completion-method\/\">may<\/a> or <a href=\"\/learn\/completed-contract-method\/\">may not<\/a> be able to record it as income \u2014 but you can count it on your financial statements as value owned by your company, also called an asset.<\/p>\n<p>For contractors, invoicing also has an <em>in<\/em>direct effect. As a project racks up costs on progress that go unbilled, the job is said to be \u201c<a href=\"\/learn\/wip-report-field-guide\/\">underbilled<\/a>.\u201d That tends to mean that the contractor is now funding the job out of their own bank account. But it doesn\u2019t necessarily mean, by delaying invoicing, they\u2019ll avoid paying taxes on income. Underbilled jobs often result in an accounting adjustment to offset what otherwise looks like a loss on a job that will end up profitable. So these companies will still pay taxes on <em>artificially inflated income <\/em>\u2014 income they&#8217;ve earned but that they&#8217;re still a long way from collecting.<\/p>\n<div id=\"for-more-box\" style=\"width: 67%;\"><a class=\"gdlr-button medium\" href=\"\/learn\/wip-report-field-guide\/\" target=\"_blank\"  style=\"color:#ffffff; background-color:#000000; border-color:#999999; \"  >Learn more about work-in-progress and billing \u00bb<\/a><\/p>\n<div class=\"clear\"><\/div>\n<div class=\"gdlr-space\" style=\"margin-top: 10px;\"><\/div>\n<\/div>\n<p>But by recording this in your accounting as a receivable, it helps track what you\u2019re owed and when you can collect. Specifically, you can use your accounting software to monitor your accounts receivable and see how much you\u2019re owed at one time. And a standard report called an <strong>aging report<\/strong> will help you keep track of when receivable amounts are due for you to collect \u2014 so you can stay proactive.<\/p>\n<p>In short, the better your invoicing processes, the sooner you can get paid and the easier it is to <em>make sure<\/em> you get paid.<\/p>\n<h3 id=\"invoicing-2\"><span class=\"ez-toc-section\" id=\"Invoicing_Tips_for_Faster_Payment\"><\/span>Invoicing Tips for Faster Payment<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<h4><span class=\"ez-toc-section\" id=\"1_Recognize_the_difference_between_due_and_owed\"><\/span>1. Recognize the difference between <em>due <\/em>and <em>owed<\/em>.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>Long billing and payment cycles are standard in the construction industry. It\u2019s common for amounts to be due no earlier than a month later. But that doesn\u2019t mean you can\u2019t expect that money earlier. After all, you\u2019re invoicing for it because you earned it. So it\u2019s completely reasonable to see if you can collect sooner than later.<\/p>\n<p>It also means that <em>due <\/em>means <em>due<\/em>. Net 30 doesn\u2019t mean the customer has 30 days to set aside the invoice until they look at it. It means that at 31 days, it\u2019s <em>delinquent<\/em>. When that date hits, you should fully expect that cash to be in your account and are right to go after it.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"2_Use_discounts_as_incentives\"><\/span>2. Use discounts as incentives.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>They say changing behavior sometimes requires a carrot and a stick. Discounts for paying the invoiced amount early are the \u201ccarrot.\u201d Of course, it may seem like bad business to willingly give up any percentage of your income. Especially when profit margins in construction are so thin!<\/p>\n<p>But successful contractors who offer discounts in their payment terms have learned that doing so can help make sure that fewer invoices go completely uncollected \u2014 which, once given up and marked on the books as \u201cbad debt,\u201d is essentially a 100% discount. Offering a small discount for early payment can also be worth avoiding the expense and lost time going after accounts that are many months late. You\u2019ve heard that a bird in the hand is worth two in the bush. Well, a check in the hand is worth a slightly bigger one \u201cin the mail.\u201d<\/p>\n<div class=\"clear\"><\/div>\n<div class=\"gdlr-space\" style=\"margin-top: 20px;\"><\/div>\n<h4><span class=\"ez-toc-section\" id=\"3_Disincentivize_late_payment\"><\/span>3. Disincentivize late payment.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>Then there\u2019s the \u201cstick.\u201d But if you have to apply pressure once invoices are late, you\u2019re already behind the ball. Instead, contractors might be proactive by writing late-payment penalties into their contracts. These can include a percentage of accumulating interest for overdue amounts. It might also specify your right to recover the costs you incur for collecting overdue amounts.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"4_Use_tools_to_track_your_receivables\"><\/span>4. Use tools to track your receivables.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>Tracking who owes you what and when using spreadsheets is difficult. Using paper invoices, it\u2019s almost impossible. But when contractors can run aging reports right from their job cost accounting software, they can be confident that it\u2019s always up-to-date with the latest invoices and cash receipts. Aging reports let you view invoice amounts by job and customer that are due:<\/p>\n<ul>\n<li>in 0-30 days<\/li>\n<li>in 31-60 days<\/li>\n<li>in 61-90 days<\/li>\n<li>in 91+ days<\/li>\n<li>after the project is complete (\u201cretainage\u201d)<\/li>\n<\/ul>\n<p>Looking at each of these windows in time can help you both anticipate what\u2019s coming due and where your cash flows might be tied up by uncollected receivables. And having one central place to look will give your construction company a single source of truth. That keeps everyone on the same page about where projects stand and which customers have already been billed.<\/p>\n<div id=\"for-more-box\" style=\"width: 67%;\"><a class=\"gdlr-button medium\" href=\"\/learn\/category\/selecting-software\/\" target=\"_blank\"  style=\"color:#ffffff; background-color:#000000; border-color:#999999; \"  >Learn more about finding the right accounting software \u00bb<\/a><\/p>\n<div class=\"clear\"><\/div>\n<div class=\"gdlr-space\" style=\"margin-top: 10px;\"><\/div>\n<\/div>\n<h4><span class=\"ez-toc-section\" id=\"5_Have_proactive_processes\"><\/span>5. Have proactive processes.<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>A common fatal flaw for contractor cash flows is when no one\u2019s responsible for being proactive with collections. In reality, there\u2019s often no process in place at all. Project managers might assume that accounting will follow up. Accounting might assume it\u2019s the PM\u2019s responsibility. Meanwhile, the invoice is sitting unpaid on a customer\u2019s desk because no one\u2019s spoken to him in two months.<\/p>\n<p>Each construction company can decide what makes the most sense for their processes, but the best are often the simplest. For example, how many days until customers should receive a 30-second courtesy call? How many days until a client should get a formal email or letter? How long until an additional follow-up? Many times, customers just need a gentle reminder. Once they get a nudge, they\u2019ll have no problem sending over a check \u2014 they just need to know someone&#8217;s missing it.<\/p>\n<p>Finally, whoever\u2019s job it is to follow up with customers will need to know it\u2019s their job. PMs can have incentives built-in for getting timely collections on their projects and avoiding underbillings. Friendly competition among the operations staff can also help increase collections turnaround. Of course, for some companies, PMs may be overloaded with responsibilities; they\u2019ll need to designate someone else to take ownership. And they should be made aware how valuable it is for the success of the company.<\/p>\n<a target=\"_blank\" href=\"\/demo-video-player\/\" class=\"blog-cta-image\"><img decoding=\"async\" src=\"\/wp-content\/uploads\/2024\/03\/FSL-blog-post-ad-fsl-in-action.png\" alt=\"Watch a Demo\" title=\"Watch a Demo\"><\/a>\n<a target=\"_blank\" href=\"\/demo-video-player\/\" class=\"blog-cta-image\"><img decoding=\"async\" src=\"\/wp-content\/uploads\/2024\/03\/FSL-blog-post-ad-fsl-in-action.png\" alt=\"Watch a Demo\" title=\"Watch a Demo\"><\/a>\n<h3 id=\"invoicing-3\"><span class=\"ez-toc-section\" id=\"When_Contractors_Should_Invoice\"><\/span>When Contractors Should Invoice<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Realistically, construction contractors should try to send their invoices as soon as possible. Of course, it takes time to process. However, a week\u2019s delay on invoicing doesn\u2019t necessarily translate to just a week\u2019s delay in getting paid. The more time passes, the more work piles up and the easier it is for both the contractor and the customer to lose track of what\u2019s owed and whether it was even requested. The surest way to get paid late is to invoice late, and conversely, timely billing is more likely to get timely payment.<\/p>\n<p>Fortunately, more effective <a href=\"\/software\/accounts-receivable\/\">invoicing for contractors<\/a> is always within reach. And that puts one more thing within reach too: the cash you&#8217;ve earned.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>With cash flow being key to contractor success, construction companies cannot afford to sleep on invoicing and billing. For example, in 2020, one study estimated that bad billing practices and wrong project data caused $1.8 trillion in worldwide losses, with 14% of avoidable rework costing $88 billion. These are avoidable costs with the help of the right technology and software. &#8230; <\/p>\n<div><a href=\"https:\/\/www.foundationsoft.com\/learn\/invoicing-for-contractors\/\" class=\"more-link\">Read More<\/a><\/div>\n","protected":false},"author":17,"featured_media":14627,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_searchwp_excluded":"","inline_featured_image":false,"footnotes":""},"categories":[9,24],"tags":[28,19],"class_list":["post-14584","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","category-managing-your-business","tag-featured","tag-project-management"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Contractor Invoicing Tips to Get Paid Faster<\/title>\n<meta name=\"description\" content=\"Get paid faster with proven invoicing strategies for contractors. Eliminate billing disputes, accelerate payment processing, and maintain positive client relationships on every project.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.foundationsoft.com\/learn\/invoicing-for-contractors\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Basics of Invoicing for Contractors: How to Get Paid Faster\" \/>\n<meta property=\"og:description\" content=\"In order to keep cash coming in, contractors need timely billing going out with invoices that communicate clearly what\u2019s due and when \u2014 to minimize disputes and get faster payments.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.foundationsoft.com\/learn\/invoicing-for-contractors\/\" \/>\n<meta property=\"og:site_name\" content=\"Foundation Software\" \/>\n<meta property=\"article:published_time\" content=\"2019-08-28T15:36:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-05-06T12:45:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.foundationsoft.com\/wp-content\/uploads\/2019\/08\/The-Basics-of-Invoicing-for-Contractors.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"750\" \/>\n\t<meta property=\"og:image:height\" content=\"330\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Frank Osborn\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"The Basics of Invoicing for Contractors: How to Get Paid Faster\" \/>\n<meta name=\"twitter:description\" content=\"Understanding the basics of invoicing allows contractors to keep the cash coming in while minimizing disputes and getting paid faster.\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.foundationsoft.com\/wp-content\/uploads\/2019\/08\/The-Basics-of-Invoicing-for-Contractors.webp\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Frank Osborn\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.foundationsoft.com\/learn\/invoicing-for-contractors\/\",\"url\":\"https:\/\/www.foundationsoft.com\/learn\/invoicing-for-contractors\/\",\"name\":\"Contractor Invoicing Tips to Get Paid Faster\",\"isPartOf\":{\"@id\":\"https:\/\/www.foundationsoft.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.foundationsoft.com\/learn\/invoicing-for-contractors\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.foundationsoft.com\/learn\/invoicing-for-contractors\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.foundationsoft.com\/wp-content\/uploads\/2019\/08\/The-Basics-of-Invoicing-for-Contractors.webp\",\"datePublished\":\"2019-08-28T15:36:59+00:00\",\"dateModified\":\"2025-05-06T12:45:06+00:00\",\"author\":{\"@id\":\"https:\/\/www.foundationsoft.com\/#\/schema\/person\/f4d81e1915582d565569c791665f80da\"},\"description\":\"Get paid faster with proven invoicing strategies for contractors. 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