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Business is all about selling and purchasing of the goods and services provided by the company produces and supplies to all its customers. The products made or the services provided are the reasons the company attracts various types of customers. The customers are the reason a company is still standing and is enjoying different levels of profits. The profits or the revenue enjoyed by a company is in exchange for the services offered to its customers. When a customer attracts a customer in exchange for its products or services, that is called a transaction between the two parties. These transactions are backed by a proof either it is a paper proof or an electronic proof, the proof that is recorded by each part is known as a receipt. It is the receipt holds importance for both parties. Either it is a customer or the business, a receipt is a form of record that is to be maintained by both for future reference as it’s the proof that a transaction has occurred and the company is liable to full fill it.
There are two types of receipts which can be provided to clients. It can be an online receipt, or it can be a paper receipt. Both of the serves the same purpose, but there is a difference in them. The information asked by a client at the time of purchased and mentioned on the receipt is the same, there is no difference over it. The only difference is the medium over which the receipt is shared with the client. Like the name, the online receipts are sent to a customer over an electronics source. It can either be emailed to a customer over an email ID or can be shared over a professional medium by sharing a link to them. The customer can open the receipt, view the details, can download it for record keeping purpose and can also consider it in future as well. The paper receipt is given to the customer in a paper form where all the details are manually written. It is then provided to the customer at the time when the sale is finalized.
For online receipt, various templates are present for a business to finalize a format which can be adopted by the company. They need just to complete the formats available online and make it their own by customizing it as per their business requirements. You can view them online, or you can also download the templates over the internet and efficiently use it for the benefit of your business. You can easily create a receipt by using receipt template which can be easily shared with the client. These templates are available in different formats that include Microsoft Excel, Microsoft Word and also in google sheet format which can be easily accessed. Moreover, you can also have access to the videos available online to easily understand the process of template making. One benefit of using the online templates over the paper form is that record keeping is very easy. You don’t need to enter every paper entry made over the period of time on the excel sheet for every transaction that occurs the online system would automatically do that. The google sheet format has a plus point, it is linked with an excel sheet online which automatically transfers data to the excel sheet, and your company data is made easily and efficiently. This is easily accessible and is readable. There are no technicalities involved in it which would help business understand the customers and patterns easily.
Having a unique template for your business will give a professional look to your company. The visual look of the company will improve which will increase the possibility of attracting new clients. Moreover, such a step would separate you from your competitors as you are doing something extra that is modern. This is the new thing in their modern and advanced technological world. Adopting these new modern techniques of dealing with the clients, maintaining the business portfolio and sharing the information via a digital media with the client would give a new shape to the business but also increase the efficiency of the business as well.
The process of making a receipt is efficient than the traditional paper receipt. An online receipt template has all the designated sections already defined in there. The business only needs to choose the relevant template, access the template and enter the relevant information over it. Just click on the relevant fields and systematically enter all the required information. This process saves time of the customer and the business as well. The business doesn’t need to manually write over a piece of paper with a pen and then give it over to the client. There are sometimes issued faced by the client in understanding the writing of the person making the receipt, which can be avoided in the case of making an online receipt with the help of a template. One major benefit of an online receipt over a paper receipt is that online medium saves money of a business. There is no need to pre-print the booklet of receipts and keep it in the office to fill it when the sales are being made. You need to go online, enter the details and share the receipt with the client. Another benefit is that when you have entered all the data online in the receipt template, you have the option to either email it to the client by asking the email ID or by printing the receipt to provide, it to the client for record keeping purpose. The online template is a better option as after entering the data, and when all the necessary information is filled, you can directly download the receipt in the PDF format and print it to give it to the client.
A few templates are:
Source: Invoice Simply
Important aspects of the receipt
There are a few things that must be present in a receipt which makes the company liable to a customer to provide the commodity to a customer for which the customer paid to the business. Either it is an electronic receipt sent via an online template or any paper receipts; there are few details that are mandatory to be present on it. The information that is important is:
• The company name, the business address and the official contact number must be present on the receipt. All this information is important for the business as this would make a good image and in case, any client has any issues they can easily contact through the available number by identifying the business via the name and address. Moreover, any future client can call for asking for any kind of relevant query and once addressed successfully; the business can possibly score a new client.
• The company official email ID and the website, if any must be mentioned on the slip. This step would help a client easily identify you and if any query, they could easily email you in case call is not an option. Moreover, providing a website is a very beneficial step, this would not just increase the name over the social media but help the client to make a decision quickly and easily. They would visit the website, decide and order the goods online.
• The name of the shop owner or the manager of the shop/branch must be mentioned on the slip. This step would simply improve the conversation between the client and the business and build a better relationship between the two parties. The client could quickly identify the concerned person, contact and inquire about the commodities.
• The date and the time of the transaction are to be mentioned on the slip. It is a very important step for the business and the client as well for record keeping. This would, later on, help them both to tag and remember the transaction if multiple transactions have occurred over the period of time. The identification process will be comfortable and smooth.
• There must be a unique number on each and every receipt that is to be provided to every customer. This step will help the company in record keeping process as the number would be required to save the record as it will serve the purpose of an identity of the entire transaction that has occurred for the business. In case of any inquiries by any client, just the unique number on the receipt would be asked by the client, and all the queries would then be resolved immediately.
• The receipt would contain all the essential details of the commodity that is being purchased by the client from the business. This would include the size of the item, the quantity of the item, the type of object purchased along with the necessary information. This would inform the client of the essential details, and the client will be well informed.
• One important aspect is the inclusion of the price on the receipt. The cost of each and every item must be mention on the slip, so the client knows exactly the worth of the product it is buying. Including this will make the client informed about the amount it has to pay to the business and the business would know what the amount the customer will be paying is.
• The final total along with the sales is to be mentioned at the end of every slip. Either one product is being purchased or multiple, the total is to be said at the end. Mentioning the total would inform the client of the whole amount which is to be paid.
• The mode of payment is also worth mentioning on the slip. This would be in favor of both the parties; business and the customer. The client would know how it is paying for the goods it is buying, and the business would know the inflowing medium as well as ensuring the payment.
For a customer point of view, a receipt holds major importance as it abides the company with whom the transaction is being done to provide the commodity to the customer. It is a record for the customer which explains the details and the important information for which the company was charging. The customer can review it whenever he or she feels like to double check the final details of the commodity. Either it is in a paper form, or it is provided over an email of digital media, the customer can review the cost and double check with its actual price. the business cannot charge a customer any amount which is in excess to the amount mentioned on the receipts, which save the customer from any overcharge. As the receipt is the proof that the amount mentioned is the only amount that is to be paid by a customer.
For a business point of view, a receipt holds a very integral part in its operations. The receipt holds as a record, which makes the company bound to provide the service or the commodity for which the customer paid. It is an essential step for record keeping in the business, based on which the copay finalizes its reports at the end of every fiscal year. The price mentioned on it will explain the amount for which the customer has paid, and that’s the amount the company receives. Its serves the purpose of record keeping, as when an old customer returns, the company would be able to know who the person is, what are the goods that were previously purchased by the client and the dealing with that person will be easy. Providing assistance will be easy as the record will explain the kind of stuff the person prefers and then as a business, we would show them relevant material, such a step would make the business a level ahead, and the chances of making sales would increase. Overall, the customer service section of business would improve. Keeping a record for all the receipts, whether electronic or paper form, would save the company from potential scams that occur due to non-provision of slips. In any case, if a commodity is being returned or exchanges by a client, the business could ask for the receipt, it provided at the time of purchase. And, in any case, the client fails to provide any proof or signaling toward a potential scam, the company could save themselves by not acknowledging their claim or asking for further details. The company could save themselves the cash in these scams when the customer asks for a refund which in reality is a scam.
A receipt is important for every party involved, but it must be shared at a specific time of the transaction. There must be no delays in providing a receipt to the client under any circumstances, or this might result adversely for the business. The receipt must be provided once the decision is made the client will be purchasing the service or the good from your business and will be paying for it in full either is cash or credit. This is the deal which is finalized once the receipt is shared with the client. Now, both the parties are bound to full fill their part of the commitment. The company is bound to provide the services or the good for which it is getting paid. The client has to pay the amount for the services or the goods it is buying from the business.
In any case, the business fails to provides the receipt; the business might lose the client as a business is not able to provide the proof of the commitment. The client might think the company might not be able to fulfill its part of the obligation so it might cancel the deal. Thus, the company must never fail to provide the receipts of the purchase that are being made by any client. Provision of the slip would confirm a client a client for the business. Vice versa, if the same is for the client, the person has to show the slip to the company when any return exchange or query has to be answered regarding the order. Showing a slip at that time would be proof presented by the client to the business, and they have to act upon it. This is a modern world; we must adapt to modern changes and so does the business all over. The technological advancement has made life easier, the excess manual labor is replaced by the technology, and we must adopt it to save time and labor. The online mechanisms are easy to understand and easy to use and adopting them would help the business to excel. Hus adopting the receipt template system would help the business in a positive way which would prove to be fruitful for its future.