The Basics of Credit Control - The 8 Steps to look out for: 5 – Statements
Customer Account Statement helps you to setup visibility and clarity with customers, to reduce incoming customer’s queries and to improve your cash flow. You must include statements as part of your Collections Process.
Send statements regularly to reminder client about payment time. Make sure that the process of payment is in progress, if there is further issue about bills, react rapidly, solve the problem and make sure that customer is satisfy and the payment process will take progress.
Things to consider:
A - Be sure to select the "Day of the Month" the statement should go out, generally the end of month.
B - Make sure about customer balance is cleared, check your bank statement, your mail, check also with treasury department if they receive unapplied payments.
C - Applying payments should be done on a daily basis.
D - You can include all unpaid invoices current, due, past due…
E - Do not sent invoices already paid.
F - Always remember the customer about the terms and about your acceptable payment methods.
G - Always use your letterhead, stamp and signature.