Issuing invoices in the informal sector

Informal sector: Vendors

APPLYING the matching concept of money. To receipt one million dollars (in any currency) payment, your productivity must offer value for money. A total of hundred thousand dollars, in any currency, is carried with a holder, who has that image or invoice. If you want a certain amount, then you need to have the ascertainable image and invoice.

Big numbers are involved in the informal sector. Branding must be inclusive of this market. Zimbabwe’s informal businesses need to formalise their operations using systematic branding tools.

Introducing a sequential brand register in the informal and formal sectors will promote Zimbabwean products, people and places. The issuance of registration certificates and assigning serial numbers to all brands is important.

Each brand needs a serial number and an invoice number for every transaction. A few household names have trademark registration numbers. Assigning a serial number to our brands in the formal and informal sector, helps the branding industry to grow systematically. The success of vehicle licensing, parking and toll fees; ascertain the feasibility in the theory of branding licences further demonstrated by trademark registrations. The serial numbers will ensure that each brand is registered and accountable.

You need papers. Pythagoras said: “All things are numbers”. Truly everything is a number. Branding involves everything. Branding must have a number. Image is the factor of a number. Money is a symbol of a number. Production is measured by the number of your output. Great understanding produces greater numbers.

Numbers connect branding, image and money. Numbers are symbolic representations of the abstract expression of a widely acceptable rule. As Zimbabwe, we need our nation to symbolise our values embedded in our branding, image and money.

When a friendship has evolved it includes family. As a person becomes a family friend, that is a matured friendship. Zimbabwe’s growth will include elements such as branding, image and money in the family.

It is an expected ideal to begin with Zimbabwean families to maintain and develop values that are embedded in the national values. The Zimbabwean background is coming from totems eulogised in poetry since time immemorial. In the modern times, Zimbabwean families are expected to behave according to family vision, mission and value statements.

Branding means the cultural aspect; image means the social aspect and money means the economic aspect in Zimbabwe. These elements are all conditional, and certainly favourable conditions are possible for economic growth and development of the economy. The industry stakeholders suggest a brand directory listing logos and brand names in Zimbabwe or operating in the diaspora. Brand image must be developed by events and programmes for customers, tourists and investors to interact with representatives.

Branding licences and invoices provide the opportunity to audit and review brands. Issuance of branding licenses supported by invoices is efficient. Conducting market research, a tax registered operator claims an allowable deduction from continued membership subscriptions, such as the Marketers Association of Zimbabwe and Zimbabwe Brand Association. The association may engage a brand consultancy to design and print tax invoices for their members. The brand consultancy generates taxable income from the design and printing business.

A tax registered operator claims input tax only as a holder of a valid tax invoice. The difference in output tax a business charges in relation to the input tax from the supplies, lowers the VAT payable or income in VAT refundable.

Inspections must be conducted in the informal sector to ensure tax compliance. Zimbabweans and business operators must encourage a favourable attitude towards business documentation. Developing a culture of documenting helps us to have historical evidence.

Brand leadership from totems eulogised in poetry to franchising. The Zimbabwean cultural background involves oral tradition. This is also a business custom. Productive Zimbabweans need commitment to strategic planning and written records.

As an industry best practice, issuing invoices helps in auditing and reviewing the performance of the business. The seller must supply and invoice and the Buyer must demand an invoice.

Let us make it a rule in all sectors, no one buys without receiving an invoice and no one sells without giving an invoice. Workshops need to be conducted to raise awareness for invoices.

Having a continuous conversation on invoices. Asking the question how do we formalise the informal sector? The simple answer is using a correct form. Develop an industrial revolution with appropriate invoice formats.

A valid tax invoice must have authorisation. The word tax invoice in a prominent place. The date on which the invoice is issued. The name, address and tax number of the supplier. The name, address and tax number of the purchaser.

A description, quantity and price of the goods and services supplied. The amount charged on all the goods — the VAT charged. The total amount charged including VAT.

Invoices ensure more informed decisions and measure customer satisfaction through analysing trends and seasons using information systems.

 To solve the informal sector problem, every business transaction must be matched with an invoice, using solutions, such as electronic fiscal devices linked to Zimbabwe Revenue Authority (Zimra) and audit paper based manual systems.

Chikwenhere is the author of Affirmative 21 Laws: How to Confess.


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