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3 Reasons to Use Statements Rather Than Receipts for Financial Communication

Statements are a powerful ally in your organisational admin life that can help build stronger relations with your communities, customers, and donors, as well as save you potential headaches down the track when it is time to do your full end-of-year receipting.

Wednesday 30th October 2019

GOOD COMMUNICATION IS GOOD FOR BUSINESS

Sending out Statements is a great way to keep in touch with the people donating to your organisation. Open and consistent communication builds trust, keeps them thinking about you, and results in more donations being made.

Now, you could just send them a Statement summarising their giving, and be done with it. But you have an opportunity to also encourage them into further action - whether that is making another donation, or perhaps signing up for a newsletter or even an upcoming event. There is a higher chance a person will open and view emails relating to money than other subjects. So having this information on the Statements themselves is a golden billboard that is very effective.


CATCH POTENTIAL ISSUES EARLY

Sending out Statements may seem like extra work you just don’t have time for, but the truth is spending the time now could dramatically save you time later by highlighting any issues that may have occurred over the last period that may have been missed. This could be as small as a single donation that has not been processed, or as big as identifying a change in process that has caused errors in dozens of your transactions.

Catching these issues early means you have less to rectify and prevent future instances cropping up again. It also means that when the time comes to send out your official receipts, you have a much quicker and easier task ahead of you, with less or even no problems to deal with.


WHERE DID MY RECEIPT GO?

A common problem at the end of the year is donors re-requesting their donation receipts that you issued during the year. Why not wait until the donor is ready to process that receipt - and send it at the end of the year. Replace that receipt process during the year with statements to inform them of progress and thank them for the donations they have made, and reassure them they will receive an official receipt at the appropriate time?


USING INFOODLE FOR YOUR STATEMENTS

With infoodle, you have a helping hand to produce statements quickly and accurately, and send them out in a few clicks to your database of donors. For more information on infoodle, get in touch here. Or if you would like more information on creating statements in infoodle, you can view our Online Help Documentation here.