Sole Trader Invoice Example for Life Sciences Made Easy

Sole trader invoice example for Life Sciences

um hello again it's georgia roland of the financial gym the only place where someone else does the working out for you not long ago i was working with someone and i noticed that the format of their sales invoices were inconsistent now i tactfully of course mentioned that i noticed the invoices seemed to change and they asked them why that was as it was affecting how we did their bookkeeping and how we entered the sales transactions it was another lesson to me in not assuming that because i know something and it seems simple that everyone else does if we call the person jane smith and assume she has given her business the name smith and company consulting legally her full business name would be jane smith trading as smith and company consulting because she and the business are one in the same unlike with a limited company where you are treated as separate to the company whatever name she uses it still relates to her however problems come about if she is not consistent in the use of a name to use banking as an example if jane was using her personal bank account for business reasons she would have to make sure that it was clear to her customers that if they wrote checks to her it would have to say jane smith and not smith and company otherwise she can't bank them now i know checks are being phased down but they have had a stay of execution and many people still do use them regularly if however she's using a business account when she opens the account she needs to let the bank know what trading name she will be using whether it's just jane smith or she'll be using james smith trading as because again if the check is sent in the wrong name she cannot bank it though if done properly using a business count is the most flexible option with vat though she's a sole trader she may get to the point where she needs to register for vat and again she needs to use a name she uses all the time otherwise any supporting documentation that she sends when registering will not be able to be verified even though she and the business are one paperwork with the business name on it does make it easier to justify and track transactions that were wholly business related to avoid having any expenses disallowed by your accountant because there could be an assumption that they were there for personal use thank you for spending time at the financial gym dedicated to helping you be the financial leader in your business without having to be a financial expert now for more information that could affect your business and your business finances make sure you go over to .financialgymforbusiness.com and get my free downloadable booklet tip sheets and other resources that could be useful to you in the meantime subscribe to my youtube channel share this on facebook twitter linkedin google plus and more leave a comment we would love to hear from you and don't forget fess up or mess up this is georgette roland saying have an amazing week