How to Collect Late Paying Customers Template

This how to collect late paying customers template has 2 pages and is a MS Word file type listed under our business plan kit documents.

Sample of our how to collect late paying customers template:

Collecting Late-Paying Customers Standard Operating Procedure Department: Finance/Accounting Purpose: Collecting effectively on the receivable is a key element in generating healthy cash flow. It's important to be committed to getting paid, because late-paying customers will have all kinds of excuses. Frequency: When needed Procedure: Implement a system to track receivables. Send reminder letters to late payer. If client doesn't respond, be prepared before making any call. Never threaten the client or get angry. Focus on a win-win solution. Send a certified written letter. At last resort, take customer to the court or hire a collection agency. Definition/Explanation: Track receivable: Use the accounting software to review the receivables at least once a week