Invoices are documents sent from a vendor to a buyer that list the items in a delivery and the amount owed. Statements, on the other hand, are broad statements that give the buyer a broad overview of the balance due on one or more invoices. While an invoice typically has information on the name of the vendor, invoice numbers, and customer numbers, a statement contains more specific information.
Before sending invoices and statements, you must make sure that all the relevant information is included in them. Depending on the method of payment, you may need to include the business name, address, and account and routing numbers. For check payments, you will need a customer's mailing address and order form. Generally, you should send out invoices within 48 hours of finishing a job. If a client fails to pay, it is a good idea to send a reminder. This way, you won't have to chase a late payer. You can also choose to send out invoices automatically by using accounting software. These services can be beneficial to your business. If your company is using an invoice processing system, you should understand that it can be time-consuming to process invoices manually. While invoices that do not have any problems can be processed quickly, those that have exceptions can take hours or days to resolve.
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