Why the Sales Receipt is a Valuable Tool For Retailers

Why the Sales Receipt is a Valuable Tool For Retailers

Every retail business must provide their customers with a sales receipt at the end of a transaction. This small piece of paper is important even if the customer refuses the slip or tosses it away immediately. The protection a receipt provides is not only for the shopper, but the retailer too. In order to work as needed there are several types of information the slip must include. Here are the reasons every seller should print a receipt following every transaction, as well as what to include on the receipt to make it beneficial.

Keeping Financial Records

Good bookkeeping relies on receipts to track income. It is a way to verify how much is earned each week, month or year. Numbered sales receipts provide proof to accountants and tax agencies that all sales are being reported.The receipt is also valuable to customers with charge accounts. It makes certain that all charges and payments are recorded and avoids disagreements over account balances.

Preventing Potential Scams

Retailers protect themselves from scams with the insistence that a sales receipt is presented whenever an item is returned. This stops shoplifters from returning previously stolen items to gain cash and stops people from getting a refund on items purchased elsewhere. It is also important for the retailer because numbered slips makes certain all the money the company receives is turned in by their employees. Credit card and identity theft is another concern. Receipts with date and time stamps make it easier for authorities to research when and where an item was purchased and find the person guilty of the theft.

Providing Customer Service

A sales receipt is important to customers because it records what they were charged. The customer can review the slip and know if the signage or online price matches the final cost. It is also proof of their purchase and guarantees an efficient return process. Smaller companies or businesses that file copies of their transactions by individual client are also able to provide assistance in the future to these clients. When the company maintains copies of detailed receipts they can review a previous purchase. This is useful when someone wants to reorder an item, but is unable to remember the specific size or other detail.

sales slip

Creating Relevant Receipts

The information included on a receipt is optional, but there are many details for business owners to consider.

  • The company name, address and contact number.
  • An email address or website.
  • The name of the shop owner or manager.
  • The date and time of the transaction.
  • A unique sequential number to provide a reliable sales record.
  • The name or identification number of the person handling the transaction.
  • The UPC number or clear description of the item and how many were purchased.
  • The price of each item.
  • The total along with a description of any sales taxes or other fees charged.
  • What method of payment was used.

Even though sales slips are essentially a business document this does not mean this is their only purpose. This single piece of paper is also a very useful for advertising. Retailers can use any free space to offer discounts and coupons, notify customers of a future sale or make a special announcement. The cost of designing and printing receipts is basically erased by the many benefits they offer.