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Receipt Template: What Should Be Included?
As a small business owner, whether you sell products, render services or profit from the sale of information, you are no doubt already aware that you are required by law to issue a receipt each time you complete a transaction. But what is your current method for meeting this “receipt obligation?” Are you still relying on antiquated receipt methods, spending hours each year preparing and issuing handwritten receipts to each customer with whom you do business? If so, you may be surprised—even elated—to learn that there is now a much better way to tackle this task, thanks in large part to the widespread reach of the Internet. To expand upon this point, below we will discuss the sales receipt in a bit more detail, including a discussion on its importance and the ways in which a sales receipt template can professionalize and organize your business.
Receipt Template: The Significance of Receipts and How a Receipt Template Can Help
We all know that a receipt is a type of document that record the details of a sale, including a description of the product or service being sold and the amount paid during the transaction, including any applicable taxes and fees. But why is it so important, in fact legally required, that a company issue these receipts to every customer? The answer to that question is fairly easy: the receipt is the only acceptable proof that a purchase of some kind was made, thus protecting the customer (and business) from loss. For example, if a customer purchased a new television, and discovered upon returning home that the TV was defective, he or she could use the receipt to ask for an exchange for the defective product or even a refund. Similarly, if a customer purchased a service, say, an air conditioner repair, and the air conditioner still failed to work properly once the service provider had finished his work, that customer is entitled, at minimum, to have the service repeated on the item, and at most a complete refund. This is why customers are always urged by businesses to retain their receipt.
Businesses can also benefit from retaining a copy of customer receipt—receipts can potentially serve a number of purposes, including helping with:
• Bookkeeping. Receipts help businesses keep track of daily, weekly, monthly and annual sales.
• Taxes. Sales receipts can help companies calculate the amount of sales tax they have charged and the amount that must be remitted to the state or local government.
• Inventory Control. Receipts keep a record of every product that is sold. Therefore, they serve as an invaluable source of documentation when measuring and calculating the amount of inventory that remains.
• Marketing. If you think about it, every receipt a business issues represents a customer. This is why many companies will record the name of the purchaser as part of the receipt record. This not only helps to generate repeat business, but allows advertisers to market specific products and services to previous customers, based solely on the type of products they have purchased in the past.
As you can see, receipts play an important role for customers and businesses alike. However, for companies that still rely on handwritten paper receipts, trying to manage these tiny records can present quite a challenge. In the next section we will discuss how a receipt template can help eliminate this challenge and finally get your business organized.
Receipt Template: For Organizing Your Small Business
Small businesses that are still using paper receipt booklets to record their transactions are technically creating more work for themselves and spending more money than need be. Receipt booklets can be expensive, and the daily process of filing and trying to locate past records in bulging filing cabinets can be an arduous, time-consuming and often maddening process, one that in this day and age is completely unnecessary. Today there are hundreds of online websites now offering business-related documents and tools, including many that will allow you to download a receipt template at no charge. The receipt template is a type of computerized sample receipt—a document with all of the appropriate categories needed to create a professional-looking receipt, one personalized to match your business.
The receipt template can be downloaded onto any computer or computerized cash register, enabling you to input the product information and price during any type of transaction. Then, the pre-formatted template will calculate the tax and other fees involved with the purchase, giving you a grand total or amount due. Once this is completed, the professional-looking record can then be printed for the customer, and a copy will be automatically saved in the template’s database for further use. Now, instead of having to sift through endless piles of paper receipts, you’ll have an electronic record of every purchase, making tasks such as bookkeeping, inventory control and report writing exceedingly easier and freeing you up to work on the more important aspects of your business.