Keeping tabs on your finances is a must for business owners. When running a company, you need to ensure that you regularly update or remind your clients or customers regarding unpaid purchases. Documents like invoices and statements are necessary items that are used to formally inform a client of the transactions that he/she needs to pay for. More so, these documents are not only used to remind clients and customers of unpaid balances but can also be used by the business or company as a formal record of the transactions that happen regularly within the business’s operations.There are various types of statements that can be used for various purposes. One example of this is a billing statement.
What is a billing statement? A billing statement is a document that contains a list of information, particularly a collection of previous unpaid invoices, including partially paid invoices, and the payments that a client has made for a specific period of time. A billing statement also contains the same information that can be found on an invoice although it is less detailed. Listed below is a guide to help you learn more about a billing statement, specifically its importance, the steps on how to create one, the differences between an invoice and a billing statement, and other useful information. Furthermore, you can download the samples that you will find below so you can create an effective billing statement that you can use to bill your clients.
Health Insurance Billing Statement Sample
Sample Student Loan Billing Statement Template
Sample University Billing Statement Outline
Merchant Billing Statement Sample
Sample Attorney’s Monthly Billing Statement
What Is the Difference between an Invoice and a Billing Statement?
Many business owners may often think that an invoice and a billing statement are a similar document. Although both documents are used for business transactions, particularly for the purchase and payment of goods and services, an invoice and a billing statement are both different documents. The difference between an invoice and a billing statement are as follows:
- An invoice is a document that is sent by the business to their clients after a purchase has been made. The main purpose of an invoice is for the business to request for payment from their customer/s for the products and services that have been purchased. A billing statement, on the other hand, is a document that provides a summary of information to clarify to the customer or client the amount that he/she owes the business. Check out more statement formats and templates available in our website.
- An invoice contains a more detailed description of the transaction. It includes the items or services purchased, a description of these items, the item number, quantity of goods purchased, the due date, as well as the total amount that needs to be paid for that particular transaction while a billing statement only shows a summary which includes a number of invoices and the total unpaid balance that the customer owes. Payments made are also listed on a billing statement to ensure that the client or customer clearly understands the status of his/her account. Make use of our free statement templates to help you make your own billing statement.
These are just some of the differences between an invoice and a billing statement. You can download a blank invoice sample in PDF, as well as the billing statement samples and templates available on this page so you can compare both documents. Downloading the billing statement samples will allow you to have a reference so you can outline or create an effective and organized document for your business.
Healthcare Billing Statement Sample
Sample Full-Page Billing Statement Format
Student Loan Monthly Billing Statement Sample
Semester Undergrad Billing Statement Sample
Blank Billing Statement Template
Creating Your Own Billing Statement
Knowing how to create a billing statement is essential especially since it is an important document for businesses in order to prevent having a pile of unpaid invoices. To help you create your own billing statement, listed below are the steps on how you can develop a highly usable billing statement.
The steps are as follows:
- In your blank document, write the name of the business, address, and contact information. You can customize the design of your billing statement, as well as add a logo in the document that you will be creating to make it look professional.
- Include a title in the document by writing “Billing Statement” below the section where the company information is written.
- Write the name of the client or business, including their mailing address, and the unique account number.
- Specify the date when the billing statement is created, the statement due date, and the billing period.
- Gather all the invoices that you will be outlining on your billing statement and create a summary of the information in your document. Ensure that you include the invoice number and the amount that the client or customer owes the business.
- Write the total amount of the payments received by the business from the client/s. Deduct the received payments from the unpaid invoice amount, including other charges and fees.
- Calculate and write the total amount that is due to be paid by the client.
Now that you have read the steps for creating your own billing statement, ensure that you have all the necessary documents and information, as well as the templates in order to make the process easier for you. You can also add a list of information at the bottom of your billing statements such as the payment terms, rebates, and other information. Additionally, you can download the samples available in this article so you can properly format your document. For other documents, you can browse through this website which contains a selection of different samples and templates such as a business financial statement, a sales receipt sample, or an income statement.
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