How it works
You need to keep track of the goods or services your provide. A Statement of Account can help you cross those t's. When charges are piling up and you're also giving credit to customers, it's easy to make a slip. One transaction mistake can cost you money - or a customer. Keeping a Statement of Account for each customer helps you avoid mistakes.
It's important to provide an itemized transaction list to your customers. This is where a Statement of Account comes in handy. The more transactions you deal with, the higher chance an issue can rear its ugly head. What if a customer's check doesn't add up? What if your customer isn't a very good bookkeeper, and asks for a list of purchases for the past year? You don't want to be scrambling to pull together important information. And if you're the customer, you can make your life easier by asking the business who provides you with goods or services to keep track. You'll also get a paper trail for any tax write-off purposes. After all, if you're eligible to write off office supplies for your business, having an itemized purchase list is critical. Help keep things in order with a Statement of Account.
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