Automatically Schedule Sending of Statements to customers Merged

I would like to automatically email customers with their up to date statement on X day of each month. Ideally this feature needs to parameters:

1) Choose the day of the month you wish to send statements on

2) Ability to choose which customers are included in receiving automatic statements (I suggest via a checkbox on their account)

This would be really helpful, save a lot of time and allow us to provide even better customer service for our customers.