In various industries, sending statement of account emails to customers is an important way to keep track of transactions within a period of time. Companies would need to keep track and issue statement of account for an overview of paid and unpaid transactions. However, processing these statement of account to hundreds or even thousands of customers can become timely and tedious.
What is a statement of account?
A statement of account consists a list of transaction details between the issuer and receiver in a given period of time. Unlike an invoice, a statement of account will include all paid and unpaid amount of financial transactions. Usually information such as dates, invoice numbers and payment amount will be listed in a statement of account. These will be sent as emails periodically ( usually one a month ) to customers, therefore companies can keep track of any payment or outstanding balance.
Why is statement of account important?
A statement of account is a crucial tool for company to inform clients when their accounts have not been paid yet. As for the customers, this can serve as a reminder and help avoid any late fees that might be charged for not paying on time.
In cases such as bank statement, banks also use this to help keep track of all financial transactions for their customers. With more and more banks using modern technology to digitise bank statement processing, customers are able to access and view their transaction details online with out needing a physical paper form of bank statement.
Please refer to the video below on how cognitive automation is applied when extracting bank statement:
How can Gleematic help?
Gleematic uses cognitive automation technology to help companies streamline their work processes. Generating and distributing statement of account can be incredibly time consuming and repetitive. Gleematic will be able to extract customer’s information and organise them into desired files, while maintaining high accuracy and productivity.
If companies have their own systems, Gleematic will be able to log-in and access data through system to collect important information. Once a customer’s statement of account is generated, it will then be automatically sent to the designated customer’s email. These email can be automated to be sent out monthly.
Written By: Reiko Anjani