How to Create a Quote

How to Create a Quote in 5 Easy Steps

20-May 2021
Screen Shot 2021 04 12 at 3.56.03 pm
Kirsten McNeice MARKETING COMMUNICATIONS SPECIALIST

What is a Quote?

A quote or proposal is a formal document that describes a set of goods or services offered within the total price of the work. A quote contains:

  • An itemized list of goods and/or services requested by the client or customer
  • Prices for each item including labor costs, taxes, and discounts
  • Disclaimers on the scope of the product or project
  • Company branding in the form of a logo or letterhead

Quotes are provided by suppliers to potential buyers and can be created quickly and easily with quoting software.

How to Create a Quote

You can create a quote in five easy steps.

  1. Select a Quote Template
  2. Add Client Details
  3. Add an Itemized List of Services or Goods Provided

  4. Specify Your Terms and Conditions
  5. Include Any Extra Details

 

1. Select a Quote Template

The easiest way to begin is by choosing a predefined, professional-looking template that covers all the standard elements of a quote. You can find several free Microsoft Office templates here to help you get started.

You might be able to find a quote template specific to your industry. This template, for example, contains fields specific to construction work and this one is geared towards web design and development. By contrast, the following template might be more appropriate if you're selling physical goods and products. 

If you're using quoting software, add your chosen template to your account and select it to create your new quote.

 

 

2. Add Client Details

After you have selected a template, add your client's details. This includes information like the client's or business's name, address, phone number, and email address, as well as your point of contact’s name.

3. Add an Itemized List of Services or Goods Provided

After adding client details, provide an itemized list of the services or goods you are providing, including:

  • Item description
  • Quantity of each item
  • Unit price of each item (if applicable)
  • Total price of each item (if applicable)

You can also add the date of issue and a time frame for expected delivery in this section. This is important because quotes are often time-sensitive. You can insert something along the lines of "Valid for 30 days" and adjust the timeline based on continuing conversations with your client.

It might also be useful to separate labor and material costs, if applicable to your situation. You can also arrange these according to different stages of the project. A quote template specific to your industry will likely be organized in a way that makes sense for your business.

A‌t the end of the itemized list, provide the following for all goods or services that you are quoting:

  • Subtotal
  • Tax
  • Grand total

4. Specify Your Terms and Conditions

Including a "Terms and Conditions" section is useful for explicitly addressing unexpected variables, such as:

  1. Disclaimers: Conditions that might delay or otherwise alter the terms of the delivery (for example, having to delay shipping due to weather conditions)
  2. Additional work: Charges and costs for additional work beyond what is listed in part 2 (if, for example, you are a freelance writer and the client wants an extra round of revisions)
  3. Payment method: How you expect to be paid (check, credit or debit card, direct deposit, etc.) and when (half-up-front, lump sum, etc.)

You can also specify what is not included in the scope of the project. For example, if you're a web developer, you may charge for the work of designing and building out a website, but leave copywriting as well as the selection of header images and other assets to your client.

Consider using this section as a way to highlight costs you will not be covering that the client will have to be responsible for once your contract ends, such as website hosting costs.

5. Include Any Extra Details

Insert any extra details that you think might be useful for recordkeeping, such as a section for the client's signature, any discount codes that have been used, or your sales tax number.

You can also add a section for notes. Here, you can add more information regarding timelines, highlight additional services or products offered by your company, summarize the project scope, and/or thank your client for their time and the opportunity to work with them.‌

The Difference between an Invoice and a Quote

A quote is provided to a potential buyer before the work is completed as a notice of how much the selected goods and services will cost. An invoice is a financial document requesting payment, provided once the work has been completed or reached an agreed-upon progress milestone.

An invoice also includes the dates when a set of services was completed or a product was sold, the exact amount owed by your client for each line item, and the total amount owed for all items. 

How to Take Your Work from Price Quote to Project

Once you've given your client a price quote and they've agreed to it, it's time for the real work to begin. Accelo provides a One-Click Quote-To-Project Converter in a modern, cloud-based project management platform.  

Accelo’s software allows you to convert a quote to a project, track time, send out invoices, manage your workflow and budget, and enjoy one-click reporting — all in one central location.



Conclusion

Creating professional, accurate, and comprehensive quotes is an important part of doing business. They communicate what your clients or customers can expect from you. It is critical that you take your time and ensure that all information provided in your quote is accurate. As a business owner, you do not want to promise something you cannot deliver, and quotes allow you to clearly define the scope of your offering.

Accelo's quoting software can help you create professional quotes quickly and with ease. The platform allows you to create, edit, customize, and track all your quotes all in one place, while Accelo’s Client Portal lets your clients view and electronically approve quotes.

Accelo can take you from price quote directly to project with a modern, cloud-based project management system.

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