In order to arrive at a fair price that will profit your business while still considering your client’s best interest, you need to develop a pricing strategy. How Much Should You Charge on Your Small Business Invoice? When you create your business’s fee schedule, factor in aspects that affect your bottom line in the same way. Any discounts offered will apply to the subtotal, after which you apply the taxes. Total of what your client owesĪ small business owner can use their fee schedule to determine how much the client owes. This will save time when you create invoices for your clients.įor example, instead of a general description such as “installation”, write down exactly what was installed, (software, T.V., air conditioning, etc), where it was installed (Yishun, Seletar, Jurong, etc), how many hours it took, and if there were any additional costs in SGD for the parts you needed to purchase for the installation. You can easily set up a list of your regular service using Google sheets or Google docs and then just copy and paste the relevant information into the invoice template. This list should be as detailed as possible to ensure there is no confusion as to what the client is paying for. Description of goods and servicesĬreate a list of the goods obtained or services rendered. Both methods are acceptable though you must apply the chosen method consistently. The total GST may differ due to rounding differences between the two methods. Apply 7% to the sum of the value of each item (excluding GST).Apply 7% to the value of each item (excluding GST), and then sum the GST for each item. There are 2 ways to calculate the total GST amount applicable on your tax invoice when your customer purchases several standard-rated items: Tax Requirements On Invoices In Singapore If there are any specific conditions for early or late payments these should also be included in your business invoice.
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