A streamlined collections process is a key to good cash flow for any organization. Make sure your collections team has a clear understanding of the process by using this collections workflow example to illustrate the steps they should be following. You can easily customize it by adding or deleting steps-you can even link to your customer list, aging report or contact information for the collection agencies you use most frequently.
Collections
Send Collection Letter
Forward Payment to Payment Processing
Accounting Assistant Calls Customer for Payment
Payment $1,000?
Payment Received within 1 Week?
Payment Received?
Collections Process
End
Write Invoice Off
Contact Collection Agency
