Customer’s Business Name on the Invoice in Singapore
This is the legal name of the business that is buying the goods or paying for services. The invoice is generated in their name and it helps to serve the following purposes:
Identification and bookkeeping
The customer’s name on the invoice helps to allocate buyers of particular goods and services. This is crucial as it helps to accurately record sales in the accounting system while appropriately tracking receivables.
Compliance purposes
As an invoice is a legal document, all the components detailed on the invoice must be in line with applicable regulations. For example, the law requires that the customer’s name be written on the invoice and non-compliance may result in financial repercussions and or penalties.
Taxation purpose
The tax authorities need to be able to see the buyer’s name on the invoice to verify tax calculations.
Personalization and professionalism (P&P)
By having the customer name written on the invoice, this adds to personalization and professionalism. This will leave the customer with the impression that the invoice data has been personalised in line with the trade between the seller and buyer.
Invoicing tools for Singapore: