QS Study

Sending the statement of account Letter: Statement of account is the first notification that the customer receives after purchasing goods on credit. Companies usually send the statement before the due date of payment. Sending the statement of account has become a common business practice. Its purpose is to inform the customer about the due amount and due date of payment. It also acts as means of maintaining contact with customers. To manage the finances of your company in an organized manner and to keep your accounts in place, you must send monthly or quarterly statements to your customers, asking them to make the due payments and settle their account from time to time.

A statement of account is an outline of all sales made to a consumer throughout the month. It is typically only issued to consumers whom the seller has formerly approved to have an account with them, and who have signed the sales/purchases terms of the agreement. You require remaining track of the goods or services you supply. A Statement of Account can facilitate you cross those it’s. When charges are piling up and you’re also giving credit to consumers, it’s simple to make a slip. One transaction mistake can cost you money – or a consumer. Keeping a Statement of Account for each client helps you keep away from mistakes.