Invoice or bills are the most simple yet most important aspect for any business. In many cases, it’s even considered as the legal proof of a sale. In other words, without bills or sales invoices, a customer has no legal proof that he/she has purchased those items/services. So to manage any business, this is the first thing you will need to have as both seller and buyer.
Let’s try to understand bills and sales invoices a bit better.
Here’s a list of details that every invoice should have:
- Name and address of the seller
- Name, contact number, and address of the customer
- Item name & quantity
- Price of the item and if any discount is given
- GST and TDS as applicable
- Payment options and details
- Terms and conditions as required
Phew! Now that’s one long list.
But why are sales invoices and bills so important for businesses?
- It is proof that a transaction involving the sales of a service or item has taken place
- This helps you keep track of payments by allowing you to set the terms of payment
- It helps in the accounting and auto-matching of the accounts
Despite the fact that sales invoices and bills are of such importance, they are often ignored by most businesses. For the longest time and even in today’s digital age, most businesses still use paper bills. The most saddening part is that a lot of businesses use rough bills with ink and paper. So imagine if you lose a copy – what will you do then?
A lot of businesses have started using various digital invoice makers, but is it solving the problem completely? Not exactly. Businesses still spend hours on accounting or reconciling payments for these bills. This time could otherwise be used in growing their business.
So, what is the solution?
OpenBook simplifies invoicing and billing like never before
With OpenBook businesses can now manage everything related to business finances in one app in just a few clicks. Isn’t this amazing? It allows small and micro-businesses to easily create GST-compliant sales invoices. You just need to add the details of the party, the details of the item to be sold, and the price of the item. And that’s it. You can now send this digital invoice to your customers or parties.
The best part is that this will automatically reflect in your accounting. You can even send reminders to your customer for payments. Adding on to that, when the customer pays against the invoice using their preferred method of payment, it gets auto-matched. And this is what we mean when we say #BusinessKaroSimple .
Use all this time saved in managing business finances to work towards growing your business to the next level.