Sales receipts help you keep a record of your business and help your customers or clients keep proof of payment. It is a simple document that covers your transaction details. Sales receipts are a common part of doing business. These are so normal that people can take them for granted. But, if you own a business, you must pay close attention to your receipts since they have the potential to increase or decrease your sales. Wondering how to increase sales with receipts? Then, go through the information given below to find out the most important and successful ways that you can implement to increase your sales through sales receipts!
What is a sales receipt?
A sales receipt refers to a transaction record issued by the seller at the time of sale. It verifies the product, service, and the amount that the buyer paid. Sales receipts are important for tax calculation and inventory management for business owners. On the other hand, receipts are used by the customers for reimbursement and accounting purposes. Hence, the receipt is always issued by the seller and given to the buyer.
Different types of sales receipts
Before moving forward to know how to increase sales with receipts, let’s discuss the different types of sales receipts used by different businesses: –
- Cash register receipts
Cash register receipts are mostly given by retail establishments. For instance, it is given to the customers when they pay for their purchases. It is printed by the cashier’s register that lists all the purchased items and the price of each item. In addition to this, it also contains information regarding the method of payment, date and time of the transaction, etc.
- Packing receipts
When a company ships goods to customers who made purchases online, a packing slip is generated that serves as a sales receipt. Hence, sales receipts are also used to make packing receipts.
- Carbon copies
The technological sophistication of a company or business decides the use of carbon copies. For example, if customers purchase goods in a retail environment and you use a computerized cash register system, you can easily store each receipt. On the other hand, if you use a more antiquated register system and use written receipts, carbon copies are essential to record and track sales.
- Handwritten receipts
These types of receipts are used outside the retail environment. For instance, a plumber might give you a handwritten slip after unclogging the sink.
What can you include on a receipt?
Usually, the following information is put on the sales receipts: –
- Name, address, and phone number of your business
- Date and time of sale
- Transaction number
- Cost of the purchased products
- Product and service description
- Tax (if needed)
Benefits of sales receipts
Here are a few of the most common benefits of sales receipts: –
- Helps in bookkeeping
Sales receipts help you track records of each sale transaction. With the help of the receipts, you can prepare your profit and loss account. Receipts also help in financial reporting to track the business revenue. In this way, you can see how much money you are making weekly, monthly, and yearly.
- Tax Preparation
Documented receipts also serve as evidence to accountants and tax authorities to show that all your business sales have been registered. Therefore, sales receipts are also crucial for filing your tax returns since they give a complete record of your company. In addition to this, you should also keep your receipts to track company expenses.
- Inventory Management
Sales receipts can also help you in inventory management. The receipts can be used as a record of your transactional data. You can have a complete analysis of the products that are selling and at which times. It can help you with assessing your product demand.
- Offers a great customer service experience
Sales receipts also offer great customer service and experience. Since receipts are important to customers and they look at them thoroughly, which gives you a chance to make them notice important things about your business. Therefore, you should learn how to increase sales with receipts.
How to increase sales with receipts?
All businesses are obligated to provide receipts to their customers. If you own a business, this is how you can use the receipts to your advantage: –
Humans are very visual, which makes it hard for them to forget a design. Therefore, you can place your business logo on your receipts. This way, you can ensure that your logo is the first thing your customers see so that it can stay in their minds even after they walk out of your establishment.
- Survey Customers
You can get connected with your customers even after the purchase by providing a survey link in receipts. Various businesses offer free services to the customers who complete these surveys.
You can print coupons and offers on your receipt paper. Many businesses use this trick to ensure that their customers return to them.
- Promote Special Events
You can use your POS receipt to inform your customers about special company events and the discount offers they will get during those events. For instance, you can promote the upcoming sales events of your business. In addition to this, you can also print holidays and anniversaries on the thermal paper receipt.
- Advertise Specials
Still wondering how to increase sales with receipts? You can use that extra space on the POS receipt to advertise your special or new products. It can prove to be very beneficial during low sale days.
After going through the information given above, we hope that you can understand the importance of sales receipts and how to increase sales with receipts. In addition to this, you can also know about the benefits of sales receipts with the help of the information given here.