Staying on top of delinquent accounts is essential to good cash management. Make sure your process for following up with slow paying customers is clear and consistently enforced with a flow chart. Start with SmartDraw's late payments process map template and modify it to reflect the steps in your late payment process. Link to customer lists and other pertinent information to help make your collections team as efficient as possible.
Accounting Assistant Calls Customer for Payment
Forward Payment to Payment Processing
Payment Received within 1 Week?
Payment $1,000?
Payment Received?
Collect Late Payments
End
Send Collection Letter
Write Off Invoice as Closed
Contact Collection Agency
