IntroducingDifferences Between Invoice and Receipt

As early business owners, you might question yourself: "What's the difference between an invoice and a receipt?" particularly when needed to provide to your customer when it comes to the payment process. In general, both of these two documents work as evidence for a business to operate. 

When it comes to confirming the payment, the only difference is an invoice is to be sent before the payment, and a receipt is to be sent after the payment. 
 

Invoice: Term and Usage

An invoice is a document or a list of a set of goods or services that are included with information of the buyer and seller, a description of the goods and services, quantity, price, and the amount to be paid. 

The invoice is sent by the seller as a form of requesting/demanding the payment to be paid for the goods or services the seller provided to the buyer. 

Receipt: Term and Usage 

Similar to an invoice, a receipt contains important information about the delivery of the product/service, but it is only issued from the business to the customer right after the payment/delivery. 

A receipt is the act of proof of the payment, to show that the payment and the deliverable has been made, and by then, both parties have agreed upon. In a compliant receipt, the customer should find important details of the delivery of the product/service, especially the VAT-tax, to make sure you are paying the right amount of tax for the product/service you paid for.

Common Problems with Receipt and Invoice: 

• Lack of information for the invoice and receipt 
• Do not provide enough payment option
• Incompliant invoice leads to auditing problems 
• Adding additional fees without confirmation from both sides
• Unclear payment terms and policies. 

Create Compliant Invoice and Receipt with Polymer Invoice

Polymer Invoice exists to help SMEs automate repetitive tasks, reduce manual work, decrease human errors and save valuable time for SMEs to focus on important revenue-generating tasks.

• Instant Invoice Generator: Effortlessly generate tax/commercial invoices with our platform, saving SMEs valuable time.
• Seamless Invoice Delivery: Send invoices through Telegram or email for quick and effective communication.
• Insightful Dashboard: Access a real-time dashboard for analytics and insights on invoicing, payments, and financial performance, enabling informed decision-making.