Free Estimate Templates | Top Free Estimate Format | Raseed

Estimate Format Templates

Raseed can help you manage and issue estimates seamlessly. Over 5 million small business owners trust Raseed to create estimates and bills in India. With the app, you can create estimates using accessible formats effortlessly. The best part is that using the professional estimate format by Raseed requires no technical knowledge.

Estimate Format

Highlights of Estimate Bill Format Templates

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Include essential invoice elements
Automatically calculate subtotal & grand total amount
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Our Free Estimate Format Tailored for You

Download the sales report format, and customize customization according to your requirements at zero cost.
Estimate Format in Excel
Estimate Format in word
Bill of Exchange Format
Free Estimate Format in Word
Bill of Exchange Format
Online Estimate Format in word
Bill of Exchange Format
Estimate Format in Word
Estimate Format in pdf
Bill of Exchange Format
Free Estimate Format in pdf
Bill of Exchange Format
Online Estimate Format in pdf
Bill of Exchange Format
Estimate Format in Pdf
Estimate Format in Excel
Bill of Exchange Format
Free Estimate Format in Excel
Bill of Exchange Format
Online Estimate Format in Excel
Bill of Exchange Format

What is an Estimate Format?

An estimate, as mentioned here, is a non-binding document that a seller sends to a buyer intimating the pricing for products or services that interest the buyer. An estimate shows the amount the seller wants to levy on goods or services that have yet to be supplied to a potential customer.
An estimate is an informal document usually used during the initial stages of sales. It is also a way to negotiate or agree on the price and scope of work before it gets to the business. It is also known by different names, such as cost estimates, proforma invoices, or bids.
Due to its nature as a non-binding document, it gives leverage to the buyer to opt out of the sale transaction without worrying about any repercussions. The buyer may ask for an estimate even before a quotation is raised.
Further, there are a few cases where the buyer may want to go directly with the invoice by the seller. Hence, the issue of estimates is not compulsory under any law but is a good business practice.

What are the Uses of an Estimate Format?

An estimate gives data about the items or services by the seller to the buyer with the forecasted prices. A customer usually calls for an estimate from various sellers or service providers to select the best offer that works for him in a particular market.
Creating an estimate is permissible due to the nature of an estimate that it does not bind the parties involved. It is essential for small businesses to stay competitive and attract potential buyers, customers or clients. If an estimate is engaging enough, it helps secure a deal or sale.
Estimates enable buyers to know the average market price for a particular product or service at a particular time. Further, it lets the sellers know their competitors’ price quotes and how much they are willing to charge.

What is the Format and Contents of an Estimate?

Free Estimate Format in Online
Estimates must contain all the essential cost elements of a specific project specified to the customer’s information and acknowledgment. Such costs should reflect the seller’s best judgment and decisions about the total price due if the parties proceed with the sale transaction.
The following is the information to be included in the format of an estimate
  • The word ”Estimate” or ”proforma invoice” should be mentioned in the document’s header.
  • It accommodates the seller’s business name, logo, address, tax identification number, and contact details.
  • It should have the corresponding details of the buyer, customer, or business receiving the estimate.
  • It should have the date of issuing the estimate and the list of items offered with quantities available for supply.
  • Contains the estimated rate and price for every item of goods or service offered and a total of estimated prices of all items in the estimate.

How Many Types of Estimates Are There?

Estimates are created to set price value expectations for a buyer. There isn’t any all-encompassing estimate solution for the contractors. The approximate judgment varies from case to case and customer information.
Whether you are offering a rough estimate based on experience or quoting an estimate for a bid, or offering an online estimate, the type of statement indicates the cost changes.
Every process or scope of small businesses requires a different detailing and estimate creation. Here, we will go through the four different estimates that sellers and contractors use regularly.
Estimate Format in Online

Preliminary Estimate:

You can offer a preliminary estimate or ballpark quote based on your past encounters. This estimate is referred to as a rough calculation of the costs based on the early-on understanding of the project.
Say you have just completed a roof replacement project in your neighborhood, and another customer approaches you for the same. The ballpark quote would be based on this experience. However, this estimating method enables you to make revisions and refine the scope of work once you have more data and information.
Detailed Estimate:
Imagine you connected with the client to seek a grasp of your work. You diagnosed the place, inspected the site, and listed all the essential needs.
The estimate that you prepare after this deep analysis is your detailed estimate bill. After detailing the issues and distinguishing the problem, you are no longer quoting the amount based on your previous episodes.
You would be giving a custom quote to the customer for the work they require to get done.
Quantity Estimate:
While preparing for a quantity estimate, you also sum up the quantities for a particular product. Say you have a construction estimation, then you will list out the number of beams, cement quantity, the tiles required, and other details in the estimate.
You will also detail the cost of every material embedded in the list. It will also help to set out the scope and future of work and the number of days you will finish the project.
Bid Estimate:
The bid estimate is when you compete with other sellers and contractors to win the project. A mix of quantity and a detailed evaluation will help you prepare the bid estimate. At this point, quoting a competitive price is also very essential.
You may want to quote slightly lower than your regular ongoing costs to win the bid. This estimate is crucial if you’re going to get the project.

What Are the Uses of an Estimate?

Here, the following benefits of using an estimate are given down below:
  • To get quotes in a market for a specific product or service.
  • The estimates represent sales orders.
  • Estimates allow pre-payments or deposits or retainers.
  • It acts as a document for collecting the buyer’s permission to proceed with an order.
  • An estimate promotes the calculation of price estimates for a job or project.
  • A change in any of the details of the estimate does not require revision of the estimate or is not a final sales invoice.

Estimate vs Invoice

Estimate vs Invoice
An estimate is a non-binding document with the products or services pricing, and the scope of the work, including the amount to be owed by the customer if they go ahead with the transaction; on the other hand, an invoice is a formal document with the products and services, pricing, the scope for work, including the due amount or balance owed by the customer.
An estimate is issued at the initial stages of a sale and transaction, but an invoice is issued anytime after the supply commences or at the end of the transaction.
If we talk about the difference in the accuracy of value in price between the two, then an estimate is a rough calculation. Still, on the other hand, an invoice is an exact calculation.
An estimate is known as a quote or bill, while the invoice is the demand for the payment.
An estimate is not considered in the book of account; on the other hand, an invoice is considered in the books of the account.
An estimate is classified into an on-hold or invoice estimate, while invoices are classified into due, paid, or canceled invoices.

How to Create an Estimate Bill Using Raseed App?

Estimate Format Template
To create an estimated bill using a custom format by Raseed, you should follow the details given below:
  • Open the Raseed app, go to the left menu, and select the settings option. Then you go into the general settings and check whether the estimate/quotation option is enabled or not. If it isn’t enabled, enable it; come out of setting mode over here.
  • Then click on the add more button to find the estimate/quotation and the other transaction. Then click on the estimate/quotation option( you can use the short key (Alt+M) to open your quotation/estimate).
  • Then enter your customer’s name; if you have already saved the customer details, you can choose the customer name.
  • If you are making quotations for your customer for the first time, type your name and press the enter key. A party will be created, and later you can edit other details by going to the party.
  • You can see the quotation number, date, and supply on the right side. If you want, then you can change it according to yourself. Now, you have to add the items. For it, you should go to the item line and select the item. Besides that, you will see other things like item quantity, price per unit, discount, and amount. You can change it according to yourself and add other items.
  • If you want to add additional details, you can use the description box. You will get the ”add image” icon box; with this icon box, you can see any product or document image.
  • The most crucial part of the quotation/estimate is the terms and conditions. You should go to the settings section and click the print settings option. Then go into the terms and conditions options, and you can write and save different terms and conditions.
  • Then go to the right side, and you will get the total amount. Fill in the amount, and click the save button.
Your estimate will be ready, and it will be ready to share with your clients.

Create your first invoice with our free Invoice Generator

Additional Benefits of Using the Raseed App for Creating Estimates

Free Estimate Templates
Raseed Provides Convenient Data Entry
As we all know, manual bookkeeping requires massive data entry for the line of items. As a bookkeeper you have to spend most of your time filling cash registers. Luckily, here the Raseed estimate maker app automates these time-taking tasks.
Using the estimate formats, you can save time and effort required in manual processes and focus on what matters to you and help you to create an estimate for customer information.
Speed And Accuracy
Speed is essential for running any business, especially in today’s modern era. Generation of GST-invoices templates and setting bill payments and accurate estimation on the go is something we need to do, or else we will lose the opportunity.

Yet you have to download the free estimate template. The Raseed app for desktop here lets you do this and much more. Thus with the help of the Raseed app adds pace to your operations, lets you achieve your business goals, and helps you create an invoice seamlessly.

Efficient Inventory Management

Using easy accounting software Raseed app helps you to manage and track and manage your inventory effectively. Its dashboard will provide you with real-time insights with an accurate estimation of your stock inventory level.

Raseed will alert you about the items that can run out of stock. It ensures easy delivery of goods by your side. Using reports can help you predict customer demands using sales data analysis.
Online/Offline Software
The estimate maker app by Raseed helps you initiate your business transactions in both online and offline modes using estimates. You don’t have to worry about the internet connection and the network issues across India, particularly in hilly and densely forested areas.

The Raseed app helps you issue an online estimate and send it with the line of items to your customers. Further, you can also create invoices, record expenses, and manage your cash book with accurate estimates.

Customisation Options

Raseed app also offers a wide variety of themes that can be used to change your dashboard per your requirements. Raseed also offers you free estimate bill templates that will let you send well-designed invoices formats and help with customer information.

Raseed app for small businesses reduces the average spend on accounting and administrative costs. Raseed estimate maker app will help eliminate all the extra costs so that you can invest funds in your business requirements.

Bank Account Management

We all know that managing multiple bank accounts is difficult, but the Raseed app or PC makes adding and managing multiple accounts much more straightforward. It supports major credit cards, debit cards, and e-wallets to ensure efficient payments.

You can use the Raseed dashboard to tally along the serial number and bank statements and keep an eye on your cash flow.

Other Valuable Features of the Raseed App

GST Billing and Invoicing

These days creating GST-compliant accurate estimation and invoices is essential to run your business throughout India. Raseed supports various types of mixed, credit, and proforma invoices.

With the help of Raseed billing Software, you can create estimates and GST bills that comply with India’s GST laws. It automates your billing requirements to help you with accurate estimates, which is a great help in running your small businesses. The Raseed assists small businesses in saving more time in accounting.

Here, you can create a GST bill in both online and offline modes in a few simple and easy steps, which helps you to keep your account updated. Raseed app makes it easy to issue a free invoice template to share with other business owners and customers, and it will allow you GST invoice formats, unlike other billing software.

Estimate Templates in GST Billing
Estimate Templates in GST Invoicing
Receivables and Payables

Raseed app also helps you to differentiate the accounts receivables and payables. Raseed lets you stay on top of your finances and quickly determine the amount of money you have to “receive” or “pay” to the customer information. Moreover, Raseed also helps you to identify the defaulters who have delayed your payments.

Raseed software users can keep all the transaction details safe and secure and issue debit and Invoice templates seamlessly. You can set up payment reminders to ensure your customers pay on time, and users can send their payments via UPI, e-mails, WhatsApp or SMS. Raseed helps to save time by sending payment reminders to all your customers using the current payment reminder feature.

Frequently Asked Questions

You can use MS Excel or Word to create an estimate format, or you can simply go to the Raseed app, which easily provides you with all the tools and essential directions for creating an estimate.

The estimates usually have the seller’s business name, logo, address, tax identification number, and contact details. Accord with the details of the buyer or customer, or business receiving the estimate. It should also have the date of issuing the estimate, along with the list of items offered with quantities available for supply.

Yes. You can use a professional billing and invoicing app to create customer estimates. The Raseed app offers businesses the best interface to develop free professional estimates. You can download the accessible estimate formats and make estimates for your customers with zero fees.

Using a professional estimate app like Raseed, you can ensure seamless data accounting for your business. It helps separate estimates from invoices during calculations to avoid data issues. The app takes care of all your basic details, and you need not worry about entering them again when creating an estimate.

No, Google Docs does not provide a standard template for creating work estimates. However, you might find proposal templates in Docs that can help you create a format for your estimates.
The key difference between estimates and invoices is that estimates are not considered an amount your customer owes. In contrast, an invoice is a formal statement of a balance due, and estimates generally are used at the initial stages of the transaction.
The information provided in an estimate is not a guarantee of final billed charges. Final billed charges may vary from hospital estimates for a variety of reasons, such as the patient’s medical condition, unknown circumstances or complications faced, final diagnosis and actual treatment provided.
An estimate refers to a non-legally binding document. The estimate approximates costs for a project drawn up by a business to send to a customer, and it is not a promise.
Estimates are an approximation and give customers an idea of what to expect. Quotes are more solid and specify a fixed Rupee value for a specific time frame. Bids offer more detailed analysis than estimates and quotes, which are common in the construction industry.
They look at the details of a project and determine the raw materials and labour required. The contractor may then go to their suppliers to get quotes for the raw materials, which they use to calculate the accurate estimate. An estimate may also include various other details, such as the accounting of taxes, overhead, subcontracts, and equipment costs.
An estimate’s purpose has various meanings to different people involved in the business process. To the contractor, it provides a reasonable, accurate idea of the costs. It will help them decide whether the work can be undertaken as proposed, needs to be modified, or should be abandoned simultaneously.

You can create an estimate for your business needs using an estimate format or an estimate generator tool. Any professional billing and invoicing software like Raseed has an estimate generator tool that helps create estimates effortlessly. Here are some details you need to include in an assessment:

  • Understand client requests:
    Ensure you understand the scope of work before taking on a project and talk about the project in detail before sharing an estimate for the services requested.
  • Set a realistic project timeline:
    Once you have the request, determine the time required to finish the job. Ensure you can render the requested services or deliver the products within the timeline.
  • Evaluate all costs:
    Understand the overall project cost and possible overheads in case you need additional help to complete the project. You should develop a price that can cover your expenses and overhead costs like material costs, subcontractor fees, and others involved in the project.
  • Fix a competitive price:
    After evaluating the expense, set a price that can compete with others offering a similar service or product as you do. It will help you maximise the ROI of your business without compromising too much on profits.
    You can use the available data to set up a team and start with an estimate format. The final price you offer customers in invoices can vary as and when required.

You can use professional tools to create estimates online within minutes. To make an estimate, you can download accessible estimate formats from the Raseed app and customise the fields to meet unique business needs. You can add your business logo, font style, and colour scheme to reflect your brand image.

A faster way to create estimates is using the Raseed app, which helps automate multiple tasks. It helps develop estimates faster for your customers. You can use the assessment to create final invoices once you agree on terms with a buyer.