Why should a business have proof of payments for all transactions?

[Min George]

A payment proof is important for every transaction to show that the transaction was actually done. For every business that does financial transactions, it is expected that they should have a payment proof.

What is the need for a payment proof for a business to have for all transactions?

 

[Suba]

A business must have and store all proof of payment, especially to avoid typos, record and compile financial reports, ensure that transaction evidence is original and not duplicated, and make it easier for accountants to audit financial reports.

 

[Augusta]

This is the best form of evidence you would be able to let people see your payments made to others

 

[Trush Jodie]

It is important to have proof of payments in case discrepancies arise from any end of the transaction.

 

[Augusta]

It is important to have proof of payments in case discrepancies arise from any end of the transaction.

Yes you can always easily sort out financial difference with the right payments documents. So it is good to always get and store them

 

[King Belieal]

I have paid for a transaction and the woman told me few days later that I didn't pay, I just brought out my payment receipt from my mobile banking app. Payment proofs eliminates arguments about payment.

 

[Augusta]

Sure with payment proof there can't he argument. it is good to always get evidence of payment for both goods and services

 

[Starmix]

It is also done for taxation. It's happening here, customers and owners must have proofs of payments. Who knows for a reimbursement in case a need arises.