If you run a small or medium-sized business, then you know that filing and tracking receipts can be time-consuming and often confusing. Luckily, there are a number of built-in receipt templates available that make it simple to quickly create and send receipts to your clients and customers!
Unbeknownst to many entrepreneurs, receipts are an effective and reliable source of data to help boost your future content marketing campaigns. More on that below.
In this article, we’ll cover seven of the most common receipt template options for small and medium-sized businesses, as well as some tips for how you can use them to streamline your accounting processes.
Essential components of a receipt that can’t be omitted
If you’re creating a receipt from scratch or using an existing template, you need to know the important items that a receipt should consist of. Here’s a detailed list:
- Company Details: name, contact number, email address and address (if the company isn’t fully remote)
- Transaction Date: the date depends on the billing model. For instance, if billing is done on a monthly basis, then the month and year should be included. Additionally, the day should also be included if the purchase occurs at a specific time period.
- Description: a line explaining the product or service that the customer is billed for.
- Rate: the receipt has the rate at which goods or services are provided to the client. This includes the sales tax that’s charged as part of the transaction.
- Total: the rate of different products or services is the subtotal which is then added together to create a present total amount.
- Payment method: is the payment done through cash, credit card, cheque, bank transfer etc. Including the payment method isn’t necessary and can also be omitted.
The best receipt template for your business
Business transactions are reliant on using receipts for transactions. Cash or card payments usually have printed receipts that ensure that the transaction has been done.
Every business is different, so you may need to do a little research to find the receipt template that’s right for you. Let’s analyze a few types of receipts:
1. Itemized receipt
An itemized receipt is a type of a cash register receipt that you get after you buy something. An example of an itemized receipt is the one you get after you do grocery shopping.
Creating an itemized receipt is simple. With an itemized receipt template, all you need to do is add your text description, include your company details (including logo) and just share your receipt.
The perks of having a template are:
- The template is easily shareable
- It is secure with TLS encryption.
- It is editable – create invoices and receipts from your computer, tablet, or phone using a simple, step-by-step process.
Digital itemized receipts are your ticket to successful content marketing campaigns. You have access to all the items sold at a glance, facilitating your content strategizing.
2. Bills of lading
There’s a separate template for bills of lading receipt. The bill of lading is issued by the carrier and sent to the shipment company. It includes the type, destination and quantity of the goods that are being carried.
The bill of lading is a formal receipt that serves as a legal document. The carrier can be held responsible in case of a theft.
This is a type of receipt that includes a statement of liability that all parties sign. It includes fields for recipient information, tracking numbers, parcel details and delivery company’s details.
3. Rent receiving
A type of receipt that’s issued to tenants by property rental companies. This receipt serves as a proof of payment that the rental payment has been received. A rent receipt mainly includes:
- Dates issued and paid
- Payment method
- Name of the tenant
- Address of the tenant
- The amount paid and the amount owed
- Details of the landlord (optional)
Many agencies now have SaaS (Software as a Service) up and running to automate and digitalize their rental receipts.
4. Handwritten receipt
Unlike the olden days, handwritten receipts are becoming less common nowadays. However, they’re not completely outdated. Receipts are handwritten when the total amount or transaction cannot be predetermined.
Handwritten receipts are mainly used by service providers.
For instance, a plumber who comes to work at your house will not have an idea what materials will be required until he visits. Only after analyzing the leakage or fault can the plumber quote after knowing what items will be required.
The plumber will jot down the list of materials on the receipt and hand it over to the service seeker.
5. Carbon copies
The business or service provider needs to keep a record of the work that they’ve done.
A carbon copy is mainly for receipts that are handwritten, so that there’s no need to write down the same content twice. Businesses (mainly retail shops) make use of carbon layers to track small transactions such as:
- When credit or cash sales are made
- When purchasing inventory (includes amount paid, balance remaining, payee identity, vendor name and mode of payment)
- When taking out petty cash
- For invoices when payment is received
6. Gross receipt
This is a receipt that shows the income provided to you by your business. It’s normally used for tax purposes. To fill out gross receipts, you’ll need receipt books and deposit information.
Some government authorities send gross receipt templates to businesses for them to fill it out. A gross receipt is typically filled out on a quarterly basis and it consists of:
- Quarterly gross receipts
- Quarterly gross receipts tax
- New business facility credits
- Quarterly total tax due
This information is very useful for when you’re ready to scale as a company and conduct a competitive content marketing analysis.
7. Packing slips
These are receipts that are sent out by retailers and stores when you shop online.
The packing slip consists of the number of items that are included in the package including warranty card (if any). It also contains information related to returns.
Some companies send the shipping policy document along with the packing slip receipt.
Why your business needs a receipt
Let’s write down a list of reasons why your business requires a receipt. Remember that receipts are not to be confused with a bill. A bill is sent to a client when they owe you money, whereas receipts are given when that amount has been paid.
- To have proof that the goods or service has been received. Without a receipt, a client can claim that they didn’t receive the goods or service.
- Helps in creating future customer-centric goals and executive business reviews.
- Makes the process of tax audits easy as transactions are recorded and can be tracked with ease.
- Assists in creating financial statements and in recording all the business expenses (accountants write bookkeeping entries using receipts).
- A budget can be created keeping the previous expenditure trends in mind.
- The business can have effective expense management.
- The business can forecast future sales based on previous data.
- To provide evidence that sales tax should not be paid by the buyer (as it was already paid for in the transaction).
- Can serve as a document of ownership that’s required by insurance companies.
- If a product is returned to the supplier during its under warranty, the receipt can serve as a proof of delivery.
What receipt template should you use for your business
Even in the digital era when nearly everything has moved online, receipts are still commonly used to maintain a paper trail – especially in small and medium-sized businesses.
Using a receipt template for the business has the advantage that it saves time and with slight editing, the pre-built template can be used to cater to different types of transactions.
Businesses just need to figure out the structure of their billing and then re-use it to generate receipts regardless of the transaction type.
Once you’ve completed the creation process, you can print or export the document to your computer and email it to your customers. You can also sync documents with the cloud, so you have access to your receipts and invoices no matter where you are.
Let’s do a quick summary of the right receipt template for your business.
- If you’re in the trading business, then you need a bill of lading receipt template.
- If you’re in the e-commerce or grocery business, then you need an itemized receipt template.
- If you’re in the real-estate business, you need a rent receiving template.
- If you’re in the service business and don’t have the costing predetermined, then you need a handwritten receipt.
- If you’re a business owner, you’ll need a gross receipt template for filing purposes.
Managing receipts can be a hassle for the accountant, especially if they don’t follow a fixed format. Having a pre-set template makes invoicing, budgeting and forecasting simpler. Small businesses need to be as efficient as possible, so having a standardized way of billing is all the more essential.
Author Bio:
Osama Zahid is a technology content strategist who is passionate about content marketing and all things SEO. He has helped various companies rank their content on the first page of search engines. In his free time, Osama loves to play football and travel.
