This checklist is designed to ensure that all outstanding accounts receivable are followed up systematically to improve cash flow and minimize overdue accounts.
List all invoices that are outstanding and categorize them by age (e.g., 0-30 days, 31-60 days, 61+ days).
Identify high-value invoices and those that are significantly overdue for immediate follow-up.
Reach out to customers through email or phone to remind them of overdue invoices.
Record any commitments made by customers regarding payment dates and amounts during follow-up communications.
Schedule reminders for follow-up communications based on customer responses and payment commitments.
If necessary, discuss and establish payment plans for customers unable to pay the full amount immediately.
Evaluate the overall status of accounts receivable and prepare a report for management review, identifying trends and potential issues.