Do you ever wonder how business deals work? People assume Receipts and Invoices (เว็บขายของออนไลน์, which is the term in Thai) are the most crucial sales documents. Remember that these two pieces are often connected but different and are essential to the financial system.
You submit an invoice to be paid, and a receipt confirms the payment. To handle a company’s finances efficiently, you must understand the distinctions.
What is an Invoice?
Businesses send invoices to customers when they’re ready to pay. This document is your official request for payment and proof of sale for your company and client.
Invoices are legitimate business documents that must include specified components. This statement shows the total amount owing, the invoice date, the payment due date, and the items or services sold.
What is a receipt?
An offline company or online Shop Website gives consumers a receipt when paying for products or services. Anyone in your organization or the consumer can use it to prove payment.
Payment receipts should include the date, amount, original billing number, and any remaining balance.
What’s the Difference Between an Invoice and a Receipt
An Invoice and Receipt (ใบเสร็จใบกำกับภาษี, which is the term in Thai) vary in terms of when and why they are created. The following are the significant differences between an invoice and a receipt:
- Invoices are supplied before payments, whereas receipts are given after payments. This is one of the most significant differences between the two kinds of documentation.
- On the other hand, an invoice is a demand for payment from the seller. You provide the customer with a receipt as confirmation of payment.
- A receipt displays how much the customer spent on goods and services, whereas an invoice shows the company’s profit.
Importance of Invoices and Receipts in Business
For numerous reasons, every company or Online Shop Website must retain receipts and invoices. A significant benefit is helping companies preserve accurate and complete records.
When receipts and invoices arrive, a company owner or management must add them to their monthly and annual totals. The company will need this to function successfully. Because of this, the corporation knows how much it has spent.
Keeping precise receipts and invoices can help reduce tax season stress. Save time and money this way. Having all your payment data in one location, you can easily manage any chores and return to your company objectives.
Conclusion
Companies must always follow all guidelines to prevent late payments, balance accounts, submit taxes, and prepare for financial checks.
If a corporation combines its revenue and bills logically, it can enhance its economic performance, verify its cash flow, and match its ledger expenditure. However, manually handling Invoices and Receipts can take a lot of work.
