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What exactly is a quotation?
A quote, whether it is for pricing, service, sales or any other type, is essentially an agreement between a consumer and a service business. It outlines the terms of the service, including the price and timeline, that the business will provide to the client. The main purpose of a quote is to ensure that both the client's needs and the business owner's requirements are met. Therefore, a quote is tailored to fit both parties' needs, ensuring that the service provided is of the highest quality possible.
A quote for a job represents the final cost that includes all the expenses. It is a binding agreement between the service provider and the consumer, which cannot be altered unless both parties agree in writing.
Your business quote is the first impression clients have of your company. A well-written and professional quote can help you win more contracts. Take the time to put together a compelling quote that clearly demonstrates the value of your product or service.
What’s the difference between a quote and an invoice?
A quote is a document sent to a potential buyer before the work is done. The document informs them of the price they’ll pay for the selected goods and services provided.
An invoice is a financial document that requests payment when work has been finished, or a pre-determined progress milestone has been met.
An invoice also shows the dates when a set of services or a product was finished, as well as the exact amount owed by your client for each line item and the total amount owed for all items.