If you’re running a business and have customers who pay late, you may want to consider issuing a statement of account. This helps you track all of the activities related to your customer’s account. Also, you can be sure that you’ll receive the right payments, as well as catch errors and omissions that might be causing your customer to miss a payment.
The statement of accounts is a great tool for maintaining good relations with your customers. It helps you to see who is paying, how much they’re paying, and even what’s owed to you. Moreover, if you have a number of customers, you can also use the statement to make a list of invoices that you’ll be sending to them.
For example, if you provide a service that involves frequent billings, you can use an account statement to remind your customers to make their payments in advance. In this way, you’ll avoid unnecessary delays in your cash transfer process. However, it’s important to remember that your statement needs to be easy to navigate, as well as accurate. Fortunately, there are a number of software options that can automate your statement production.
One of the easiest ways to create an account statement is to use an accounting program. Alternatively, you can print or email the document to your customer. But remember, this is not a replacement for a paper invoice. A statement should also be written in a firm but friendly tone. Make sure to include your contact information as well as the relevant contact numbers of your business.
You can also use an online portal to generate your statement of accounts. For instance, Zoho Books allows you to generate an account statement. By using this online tool, you’ll be able to find out what your customer has spent on you in the last month.
The most important thing to do is to keep a record of the transactions related to your customer’s account. That way, you can identify whether or not you’ve been charging them for something that they didn’t really need. And if you have a few recurring customers, you can send them a monthly summary of their transactions.
As far as the details are concerned, an account statement is not too complicated to put together. Generally, you’ll need to list the customer’s name and full address on the top half of the statement, while the bottom half will contain the important details of the financial transactions. Among the things you should include are the customer’s name, account number, a list of invoices, and the date on which you’ve issued the first invoice. Of course, you may wish to include a few comments messages as well, such as a thank you note or a special message for a particular customer.
Finally, the most exciting part of creating a statement is seeing the final result. It’s also helpful to have a template or spreadsheet you can use to create the documents.