It is a moment of joy for a freelancer, startup owner or small business to receive order inquiry for the job. To follow up on the same, soon you might be needing to take the action further by providing quote or estimate for the same. Well, at this point you need to keep in mind that your client might have offered your competitors the same job. Apart from your best services or fair price guarantee, what will play a major role in grabbing the said opportunity will totally depend upon how you present your offer by creating & sending the perfect invoice estimate offer. Because your estimate will determine if you’ll get the job or not. In order, to achieve this an invoice estimate app could go a long way.
The basic elements of an estimate are similar to an invoice. The estimate becomes the invoice upon approval from the client. However, you’ll still need a professional header with the company’s name, your address as well as the name(s) and address of the addressee. The other details that should be included are invoice estimate serial identification number with the estimate offer date. Moreover, including corporate language for your invoice estimate will create a powerful impact on your clients. Beginning with a friendly greeting and few appreciative words could a long way in building a great professional relationship with clients. Followed by the core information, i.e, a detailed list of product(s) and/or service(s) offered and their estimated cost.
The first thing you’ll need to do is understand the job description and further break it down to calculable numbers/units. Most of the time, the jobs or work posted by clients are not clear in terms of understanding and hence, becomes difficult to put into an estimate. The units might be hours, words or photographs – depending upon the scope of work. To draft an accurate estimate, you’ll need to know from the client-side about the job description and work details. If it isn’t clear then we would recommend you to ask for it. It is also preferable to adopt a working system based at an hourly rate which will be headed under time management.
Accounting for time is crucial for any job at hand. If you are working at an hourly rate than you’ll have to be specific about the total number of hours to complete the task. In such a scenario, it is always best to add an extra 20% to your estimated offer as it will always take more time than you think you need it on a specific task. There is no downfall to it even if you get to finish the task well before in advance, then either you can impress your client by submitting your work earlier or you can utilize the time to do a quality check on your work. Few clients do appreciate quality work and would rather be willing to wait for a certain amount of time. Hence, the time tracking feature of an online invoicing app could further aid to the cause.
The last but the most important aspect of the estimate is ‘pricing’ which will decide to land you the job. It is better to calculate and re-calculate before presenting your final offer in the estimate to the client. Do consider adapting to the price according to your region/country and your competitors. Also, take into account various other expense factors such as rent, facilities, equipment, etc. Don’t sell your talents for cheap – quality and professional work is always valued. The key here is to not over or under-estimate your skills and experience. But also keep in mind to adapt to the market price regularly.
Moon Invoice lets you seamlessly handle all your invoicing tasks starting from reports to payments and notifications, all of which can be easily filtered by date so that all your invoicing key data is easy to find, look and understand. You can stay updated about the product stock and inventory. You can download the Moon Invoice app for your smartphone and easily sync and merge customer details, invoice, estimates, purchase orders, etc. All-in-one summary page to get charts, quarter view and much more.