Many small details can mean the difference between a successful business and a failed venture—and one of those seemingly little things is a purchase receipt, which can add a great deal of professionalism to your enterprise. Compiling a purchase receipt doesn't have to be complicated or take a lot of time either, so long as it provides a comprehensive written record of a sales transaction.
You may be wondering what is so special about giving a purchase receipt—also called a receipt of purchase or proof of purchase receipt—to your customers. The answer to that question is simple: It puts your small business on par with major players in your industry and can give your clientele more confidence in continuing to do business with you.
Beyond helping your business look more professional, a purchase receipt can also help you maintain proper records regarding inventory, pricing, and even evaluate which payment methods your customers use most frequently.
Contents of a purchase receipt
A typical purchase receipt form includes the following information:
- Customer information. Include business name, possibly a contact person, address, phone number, and email address.
- Purchase information. Include date, order number, possibly the name of the person in your business who handled it
- Payment information. Include payment method, along with itemized list with purchase prices
- Additional charges. Include shipping, delivery, and taxes
- Return policy. Include information on how the customer may return, exchange, and/or receive a refund for a purchase
As you can tell from this list, a purchase receipt is fairly straightforward, and you won't have to look far to get one set up.
For starters, you could simply purchase a receipt book either online or—if you prefer brick and mortar—at your local office supply store. If your business operates exclusively or even partly online, you may want to consider offering a printable purchase receipt as an option; some customers and clients still require hard copies of purchase receipts, whether for tax purposes or simply by personal preference, so it's a good idea to have that option available.
Instead of drawing up a purchase receipt from scratch, you may consider using a receipt of purchase template, which can walk you through the process of setting up your purchase receipt, as well as providing you with a general idea of what your purchase receipt will look like.
Different types of purchasing forms
When you are considering developing a purchase receipt form, you may also be considering the differences between a purchase order vs. a receipt, or a sales receipt vs. a purchase order. Basically, a purchase order is sent by a buyer to a seller to request the sale of items, which makes its function quite different from that of a purchase receipt. A sales receipt, on the other hand, functions in the same way as a purchase receipt, to detail that a buyer has bought something from a seller.
Overall, a "Thank you for your purchase!" receipt with information such as customer, purchase, and payment details not only makes handling your books easier but can also make a great impression on your customers. Why not get one set up today and have your business looking more professional in minutes?