If you want to reduce time spent on admin, you can download the best contractor receipt templates from BILL. We have a great choice of fully editable templates that are available in pdf, excel, or word format. Simply download, customize and use as needed.
The simple answer to this is yes; contractors should always provide receipts. For the reasons outlined above, contractors and their clients are in a much better position to present their points of view should a dispute arise, and have all the necessary documents organized for accounting purposes.
Of course, the contractor receipt needs to be clear and contain all necessary information. This is much easier if you are working from a professional contractor invoicing software that takes care of invoices and receipts like BILL Accounts Receivable.
A contractor receipt template is a base document that includes the information you want to have on every contractor receipt you issue. Contractor receipts detail all of the services that a contractor has performed and how much they charged and are proof that these services have been completed and paid for.
Ensure your construction project runs more smoothly. Contractor receipts are vital for both parties to keep their financial records up-to-date. They are certainly something that IRS auditors will want to see, and your accountant will be much happier if they can see complete records that include contractor receipts.
Another critical use of contractor receipts comes to the fore in the event of a dispute after the job is complete. Should a client be unhappy and claim that work was not done, receipts showing exactly what they were billed for will be very useful in court. Conversely, if there is no receipt, this makes it very hard to decide a case and may cause it to drag on with extra legal fees.
Providing a contractor receipt gives clarity for the client and contractor. This is a net benefit as it keeps both parties on the same page, each knowing what to expect. It’s also a helpful document should the client wish to enquire about the same or similar services again at a later date.
Another benefit that you shouldn’t underestimate is providing a professional look to customers. For example, a contractor that doesn’t offer contractor receipts might not be seen as a reputable and trustworthy business to deal with; contractors who don’t want a paper trail may be attempting to avoid scrutiny in the event of a dispute.
Using a contractor receipt template has many benefits for your business, including:
Depending on your preference, you can write a service invoice using software packages such as Excel, Word, Adobe PDF, or Google Sheets. It’s essential to include enough information for the client to know precisely what they are paying for.
However, don’t go into too much unnecessary detail, as this could result in a document that’s hard to understand. Should you need to include complete technical or contractual information, this can be referenced within the receipt and sent as separate documents.
You can produce your contractor receipts by writing a new document for every job, but why go through a needlessly time-consuming and unnecessary process? Instead, you can make your life easier by downloading BILL’s easy-to-use service invoice templates.
Take a look at all of the other free receipt templates we have to offer. If you are looking for contractor invoice templates, we also have those available.
As with any other commercial document detailing a financial transaction, there are some basic details that you need to include on every contractor receipt. These are:
Additional details that you might need in a “notes” section could include contractual information such as warranty periods or service agreements.
Editing one of BILL's contractor receipt templates is an easy process.