In this new year, may all entrepreneurs and small to medium enterprises commit to run their businesses professionally!
Let’s start with the most basic step to compliance i.e data entry
Starting a business requires one to have capital or resources. Most of the times we are limited because of the lack thereof. However, that should not be used as an excuse to run your business informally.
You might not have enough funds for the business to purchase an invoicing software as most of your operations are still done manually but please make use of the gadgets you have, either your smart phone / laptop and the internet to obtain proper source documents such as invoices.
How to make a professional looking invoice with all the correct information:
A. FIND A TEMPLATE, microsoft word, excel, etc, invoicing apps are available, some accept payment even!
Some stationery stores do still carry a variety of carbon copy invoices or custom invoice books can be ordered from most printing places. We encourage this one for the fast moving start-ups which do not have a point of sale yet!
B. Include standard information!
1. Header with your business info (name, address, phone number, email address, logo)
2. Client Information (contact person, business name, address, phone number, email)
3. Invoice Information. Extremely important‼️ (invoice number, date) this is especially important in the case of an audit, yet it is most often missed!
4. Payment terms and methods (pay in 30 days, accept e-transfer or credit card, etc)
Bank account details for easy transaction.
5. Itemized list of services (quantity, hours, rates, services rendered, etc)
6. Applicable taxes (subtotal, VAT charged, total)
7. Optional: Thank you note
C. Keep a copy for your own business, give a copy to your client, and consider making a 3rd copy for your bookkeeper / accountant. As the info will be used for both bank reconciliation & preparing reports.
There is absolutely no excuse why you should not run a professional business in this day and age.
Compiled by Dikeledi Seoloane on behalf of Matsobanemetja Business Consulting http://www.matsobanemetja.co.za
Matsobanemetja Business Consulting Pty Ltd 