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Is it necessary for me to give customers receipts?

I own a small henna tattoo business that operates at farmers markets and for hire at public and private events. My customers often pay me in either cash or check in addition to card. With card, I automatically send them receipts, but with cash and check, I don't know how to offer them receipts since I usually have a long line and am only one person. Therefore, hand-writing out receipts for each transaction is not possible. Is it necessary to give each customer a reciept? I want to comply with all legalities. I currently track my income and expenses and enter them in a spreadsheet, but I am curious whether I need more of a paper trail to document who each part of my income is coming from.

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8 answers

Yes you need a system of generation a receipt , there are some companies can help with this for a very small fee. The receipt will track your expenses in an organized way. You can always get the customer email and send the paid fee in email which is considered a documented receipt and you can do that after the service since you are running the business alone.

Good luck !

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This question is related some what to your question regarding a bank account here at the Micro Mentor Q&A. I agree with Sairan that receipt provide solid records for the beginning of your accounting system. The one exception might be if the client is using a credit card or electronic digital payments if you are set up to receive them. To do so would required your having a bank account for your business only, not your personal finances. The expenses for the digital payment service and the bank account service charges can be written off on your taxes and lower your taxable income.

Report Kenneth's answer

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I would recommend that you provide your customer's with some form of receipt for their purchases. Although it may not be a legal requirement, tracking your receipts will aid in ensuring you have captured associated revenues.

Report Myra's answer

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It is quite easy to solve if you have a POS system - issue receipt is no more an issue (whether it is cash, cheque or card). Can subscribe good system at low cost like SQUARE or similar.

Printing or the receipt physically to customer depend on your practice. You may explore practise like email receipt to the customer automatically using the POS. For walk-in customers, you can take this opportunity to collect their email addresses (can use QR code to collect data). If the customers reluctant to provide an email address, at least ask the customer to take a photo of the receipt over the screen instead of print it out physically.

Report Quek's answer

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I acknowledge the valid contributions of others on this. The receipt is a proof that a transaction actually occurred but this depends on the system you the business puts in place and also depends on the customer to some extent. there are available accounting software packages that a business can purchase to manage things like receipts, invoices and payments such as Quickbook, Peachtree, and even Microsoft Excel. Its best practice to put a receipt system in place in your business to enable you track revenue and sales in particular

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Shreedhar Bhat

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Report Kenneth's answer

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Write a receipt. There are small packages of receipts you can purchase. Some options are that on your downtime, write in the basic information such as your company name, etc. When the customer needs a receipt, all you're writing in is the date and amount. That's doable.

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