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.
Text in this Example:
Send Collection Letter
Forward Payment to Payment Processing
Accounting Assistant Calls Customer for Payment
Payment Received within 1 Week?
Write Invoice Off
Contact Collection Agency