Invoice versus statement
An invoice bills a single job, with the repair lines, parts, labor and terms. A statement does not replace invoices. It summarizes the account: each open invoice with its date, number, purchase order number and amount, payments and credits received, and the balance by age.
Why fleets like statements
A fleet with many units may receive many invoices a month from one shop. A statement lets the accounts payable team match invoices to purchase orders, spot anything missing and pay in one batch. Some fleets ask vendors for a monthly statement as a condition of net terms.
Why shops use them
- Collections: a statement is a polite, regular reminder of past-due invoices.
- Fewer disputes: the customer sees every open item and can raise questions early.
- Cash flow: regular statements help keep days sales outstanding from creeping up. The FDIC's Money Smart for Small Business cash flow module treats the time it takes to collect after a sale as a key part of managing cash flow.
Good practices
- Send statements on the same day each month.
- Show aging buckets, matching your accounts receivable aging report.
- Include purchase order and unit numbers for each invoice.
- Include a payment link and contact for questions.
- Keep sending individual invoices the same day the work is done. Statements supplement invoices; they do not replace them.
Records
Statements and the invoices they list are business records. The IRS says you should keep records as long as they may be needed for federal tax purposes; ask your accountant for a retention policy.
Related: net 30, how to invoice fleet customers.
MetaFleet supports invoicing with statements and per-customer terms, payments with pay links, and QuickBooks sync. Get a walkthrough.