1. File invoices in number order.
2. Post invoices in the sales batch in number order. Include information following the example below. The software should credit sales, debit individual customer accounts and debit the customer control account with a batch total. Some packages have a setting to post individual amounts instead, but it makes the general ledger too bulky to print.
3. The software will produce a list of individual customer accounts in a separate report called ‘debtors’ aged analysis’.
4. Make sure to print the batch when the software prompts you to do so. Keep it in a file as a record of detail supporting the batch totals automatically generated by the software.
Note
on VAT
Gross
includes VAT. Net is before VAT is added on. If your business is not registered
for VAT or there is no VAT due on the sale or expense, then VAT is ignored and
net will be the same amount as gross.
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Sales invoices |
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Invoice Date |
Customer Name |
Customer Account number |
Invoice number |
Gross £ |
VAT £ |
Net £ |
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Spot
checks |
1. Agree the net sales to amounts posted to the sales account.
2. Agree the total of the VAT in the sales batch to the batch total posted to the VAT control account in the balance sheet section of the trial balance.
3. Agree total gross sales to the batch total posted to the customer control account in the balance sheet section of the trial balance.
4. Agree the sum of the VAT and net column totals to the Gross column total in the sales batch.
5. It is a good idea to add up the sales invoices manually and compare them to the batch total to ensure sales have not been under- or overstated.
Requested topics
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Sales performance is a key part of business development and a business growth strategy. Directors and sales management must target markets, distribution channels, prices and consumer products and services carefully to achieve maximum sales performance. Marketing should be a constant effort and requires management time which should be allocated efficiently. Focus on developing major customers, but also diversify sales, distribution channels and new markets to ensure ongoing success.
Selling is a specialist skill. Recruiting interim or permanent sales specialists can be very beneficial for project management and change management at specific points in the business life cycle. Specialists can be invaluable when setting terms and conditions of sales, systems for dealing with client enquiries, detemining the extent of after sales service and determining optimal marketing and selling techniques.
Results linked remuneration is an effective way of encouraging others to market the business by word of mouth. Client testimonials should be used to provide 'evidence' of good performance and constructive criticism for poor performance. Watching competitor reaction and behaviour is key to ensuring long term success.
Under-performing sales need to be continually evaluated to decide whether to continue with individual sales channels. Before deciding to discontinue with a product or service, the exact cause for underperformance should be determined and evaluated. Therefore, it is important to have accurate sales information with sufficient detail and summaries of individual channels to perform such assessments. The most effective way to grow a business is to improve profit by growing sales and keeping costs under control.
Marketing can inititally be achieved free of charge. Start by listing your business in directories such as UK Small Business Directory . Search the internet for websites with free marketing advice, issuing free press releases and obtaining free webspace. For useful sites, include the following words in your search: Chris Cardell, PRWeb and linkreferral.com. Make sure to include all forms of communication in your marketing effort, for example email, telephone, mail, internet, press and public events. Keep testing your sales to see what works and stick with it. Obtain feedback to identify what your clients need, and try not to sell them what you think they need.
Promotional products such as pens can be inexpensive but leave a lasting impression.
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