A buyer or consumer always gets a bill or receipt for almost everything that they buy. Preserving all those bills seems a hassle for many. Some store them in spare cardboard boxes, while others trash them promptly. Once filed, we do not even look at those bills, finding them of no use, or only to see the ink vanish in few weeks. Little did we all know the use of these bills and what role they play in our life? Here are top 7 reasons why you should retain your bills:
1. Tells your average expenses
We usually do not calculate what we spend in the entire month. From eating out to purchasing vegetables, we barely get to know where all did we spend our hard-earned money. Retaining the bills would give you a fair idea of the average expenses from your pocket and curb the unnecessary expenses if required. An efficient bill management system is hence the need of the hour.
2. Helps in resolving billing disputes
Imagine you bought monthly grocery or clothes from supermarket. You return home to discover an item missing or wrongly billed product. You can only claim for reimbursement or open a dispute if you keep the original bill. Fretting over the bills you lost? Well, we can only suggest you to get an adept invoice solution to help you solve such disputes in a jiffy.
3. Serves as proof of ownership
Ever had a tough time explaining your TV manufacturer that you were the buyer, and product is under warranty, just because you didn’t have the original bill? Or faced the same challenge while getting your AC under warranty serviced because you misplaced the bill? If only you had a good bill management in place, your life would have been simpler. Don’t lose your proof of ownership. Retain those little pieces of documents.
4. Helps while resale
Want to sell your old refrigerator or laptop? Besides telling your buyer the features of the product on sale, you also need to reproduce the bill of purchase. The buyer would get to know the date of the original acquisition, price and taxes that you had paid, basis which the items could be priced for resale. Hence it is of utmost importance to retain your bills.
5. You can compare the price hike and taxes
Post GST implementation, prices of all products have shot through the sky, though the Government claims against it. Retention of old bills would help you know the difference in the prices and the taxes that you paid. Those who opted for an invoice solution to manage their bills hassle free would be able to do this comparison easily.
6. Tells you how much to save
At some point in time we admit we were carefree and never bothered to know our expenses or retain our bills. Month-end used to strike us with poverty, literally! The realization must have dawned upon us how extravagantly we had spent on shoes or clothes, half of which we did not wear or even require. Showroom sale and discounts drained us of all our savings. To retain and manage those bills is of paramount importance henceforth.
7. Hassle free audit
During audits of financial books, the accountants or auditors keep asking for bills to verify the transactions. In absence of bills, the records look suspicious and audit report goes hay wire. Save yourself from this embarrassment. If you are an entity that bought services or goods from another entity, it goes without saying, retain the bill documents.
8. Claim reimbursement
What you spend from your pocket for a company/firm if is liable for reimbursement, you naturally need to retain the bills. Be it taxi fare, expense incurred on food, or goods purchased, you can claim for refund only if you have the original bill. A very common example is the bill of medical store which you present to your employer for reimbursement. No-bill simply means no-refund.
These pieces of paper which many of us, may find unworthy play a crucial role in managing the finances. Preserve these in one place for future reference. Be it an individual or a company, retention of the bill is important for all.