Did you know that receipts contain interesting, reliable, and useful information that a customer or company can use for reference? Receipts are significant because:
- It guides you on your budgeting plans. Spending every cent matters especially if you have a particular amount to spend every salary. It limits you to not overspend. For business, it helps you monitor your daily expenses and operational supply needs.
- Prevent potential frauds. For business, you can monitor how your staff spends your company budget on expenses. Same with individuals or families that rely on their maids or personal assistant as and when running errands. You get to know their honesty and integrity as an employee.
- Optimize your operational efficiencies. You can properly maintain your business records accurately particularly in preparing your tax returns.
Here are some additional interesting facts about receipts according to MakeReceipt :
- Receipts are one factor that can build credibility for the company or business. In some countries, receipts are mandatory documents.
- Receipts are supporting documents to record business expenses like travel, vehicle, marketing, maintenance, office supplies, and many more.
- Receipts, particularly OLD receipts can consider memorabilia by a person. A first-ever purchased item/s on your first salary, engagement, wedding, or any special event in your life.
- A person who is traveling from different countries and is fond of collecting receipts like purchased branded bags, clothes, shoes, or jewelry.
- Receipts are the major requirement when you want to refund/exchange items of your recent purchase like, your new appliance is defective, your favorite new branded shoes were not paired, or the food products that you bought are expired.
- Receipt requires businesses or sellers to pay taxes based on their sales. The seller is obliged to put everything on record in case an audit is required.
- Receipts in a few cases can be used as supportive evidence to an investigation, regardless it is a civil case or criminal.
- A receipt can be used to avail of a free item promo or a raffle ticket for a chance to win a grand or consolation prize in participating stores.
- Receipts for your loan payments like monthly home amortization, or car loan. You want to make sure that all payments are deducted to its Loan Principal Amount.
- Receipts bank payment from your credit cards and phone monthly plans. Getting updated from your accounts, you get to feed information like the perks that you can avail from participating merchants or stores.
Receipts are important documents and compulsory to any business as well as to customers. For buyers, it is their proof of purchase to any goods or services.
Businesses or companies have two ways of issuing a receipt:
- First, is the paper receipt, which is the normal way. It can be handwritten or supplied at point of sale and printed on a thermal paper using a thermal printer.
- Second, is the online or digital receipts. This is not just an option anymore. This is becoming more popular especially today that we are more focused on environmental issues and how we can help to save our Mother Earth. Paperless campaigns are being practiced which prove to be more beneficial not just on nature but also on saving cost, time and effort to any kind of businesses.
When it comes to receipt maker Express Expense can help you with receipt management and prevent undue stress.
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