Payment Collection for Accounting & Finance
Tracks outstanding invoices and manages the collection process from initial reminder to final resolution.
Built with ASIC regulatory requirements, AML/CTF compliance, Tax Practitioners Board obligations, and APES standards in mind.
Workflow Stages
Pre-Due-Date Reminder
Send a courtesy reminder to the customer before the invoice due date to prompt timely payment.
Inputs
- Invoice record
- Customer billing contact
- Reminder email template
Outputs
- Reminder sent confirmation
- Customer acknowledgment if received
- Activity logged in CRM
Overdue Notice
Issue a formal overdue notice when payment has not been received by the due date.
Inputs
- Unpaid invoice record
- Aging report
- Overdue notice template
Outputs
- Overdue notice sent
- Invoice flagged as past due
- Escalation timer started
Direct Outreach
Contact the customer directly by phone or email to understand the delay and negotiate a resolution.
Inputs
- Overdue invoice details
- Customer relationship history
- Contact information
Outputs
- Communication log
- Payment commitment or dispute details
- Updated expected payment date
Decision Points
- • Is the customer disputing the invoice?
- • Has a payment plan been agreed?
Escalation to Management
Escalate persistently overdue accounts to management for strategic intervention.
Inputs
- Collection activity history
- Account relationship value
- Outstanding balance summary
Outputs
- Management action plan
- Customer escalation communication
- Hold or continue service decision
Decision Points
- • Should services be suspended?
- • Is a write-off or settlement appropriate?
Resolution and Closure
Process the received payment, settlement, or write-off and close the collection case.
Inputs
- Payment receipt or settlement agreement
- Write-off approval if applicable
- Invoice record
Outputs
- Payment applied to invoice
- Collection case closed
- Accounts receivable ledger updated
Frequently Asked Questions
Can a payment plan be arranged?
Yes, the collections specialist can negotiate a payment plan with installments, subject to finance manager approval.
When does an invoice move to collections?
Invoices are escalated to active collections when they are 15 days past due and the customer has not responded to the initial overdue notice.
How are disputed invoices handled?
Disputed invoices are placed on hold while the billing team investigates. The collection clock pauses until the dispute is resolved.
Ready to implement this workflow in your business?
Our team can implement this workflow into your business operations with custom tools and training.