As a business owner, you need to determine what the best record-keeping method is for your organization. Most companies use a combination of receipts and invoices to record transactions for themselves and their customers, and it's likely that you'll have to do the same. Although these two documents have similar functions, they are incredibly different from each other. To keep your business running as smoothly, it's important to know how these two documents differ, what information to include in each one, and when it's better to issue a receipt or an invoice to your customers.