Procedures Manual for Personal Finances
1. Procedure for Invoicing
Goal: To guarantee prompt and accurate invoicing for goods sold or services provided.Sep:
Make a template for an invoice.
Make use of a standard format and include the following information:
Your name and contact details
The invoice number
Date of publication
An explanation of the products or services
Price per unit and quantity
Total sum
Terms of payment (such as “Due in 7 days”)
Methods of payment (bank account information, PayPal, etc.)
Send Out the Invoice Right Away
As soon as the service or delivery is complete, send the invoice.
Organize physical or digital copies according to the month
Monitor Unpaid Invoices
To keep track of payment status, use a spreadsheet or invoicing software (such as Wave, Zoho, or PayPal).
To follow up on outstanding invoices, set reminders.
One to three days after the due date, send courteous reminders.
If payment is not received within 7–14 days, escalate with a final notice.
2. Payroll Process (individually or in small groups)
Goal: To guarantee accurate and law-abiding wage payments.
Keep track of your work and payments.
Record your daily or weekly hours worked.
Take note of the fixed wage or hourly rate.
Compute Payroll
Multiply hours worked by rate on a weekly or monthly basis.
Take out any agreed-upon deductions or costs.
Include any reimbursements or bonuses.
Pay Salary
Pay your employees or yourself using your preferred bank transfer method.
Pay stubs might be as basic as hours, rate, gross, deductions, and net.
Maintain Payroll Documents
Keep a payroll log that includes names, dates, and your gross and net pay.
Keep copies of all transfers and pay stubs.
Compliance & Tax (if appropriate)
Set aside a certain amount each month for income and self-employment taxes
Keep track of any legal payroll requirements in your area.
Author: Mohamed Yasin
