Chances are, regardless of the kind of business you run, you have to deal with receipts.
It doesn’t matter if you’re a retailer, a restaurant owner, or own an IT firm; receipts are inevitable in business. This is because, with receipts, you can track your finances, and avoid losing the finances you wish to track.
Furthermore, the importance of receipts on every transaction cannot be overemphasized. This why it is advised to customers to ask business establishments to print a receipt (พิมพ์ใบเสร็จ, which is the term in Thai)
Some of the benefits of always demanding for an official receipt of Your Purchases include:
This is the most significant benefit of demanding an official receipt as it serves as hard evidence to backup already existing transaction records. This comes handy in the long run of the business, especially during Government audit or BIR.
Claim as Deduction or Refund
Demanding for an official receipt on your transactions enables you to validly claim it as an expense and use it as a deduction or refund.
Decreases Tax Payments
Having an official receipt for your transactions helps to reduce or minimize tax payables legally. Since the official receipt serves as proof for expenses, which is deducted to sales, in turn, it will reduce your company’s tax payments as a result of lower net income.
Completeness of Records
One of the main advantages of demanding an official receipt is the completeness of accounting records to backup existing transaction records. Your accounting records are incomplete without an official receipt, and this can later prove to be risky.
It can be said that one of the main reasons for an audit is poor documentation, such as official receipts. To prove the existence of the transaction, demanding official receipts and proper documentation of receipts will decrease the risk involving audits.