Workflow Templates: Credit and Collections checklist

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Credit and Collections checklist

Credit Policy Review

Verify that the credit policy is up to date with current regulations and business objectives

Ensure all staff members are aware of and trained on the credit policy

Review the credit policy for potential improvements based on recent credit and collections experiences

Credit Application Process

Review the credit application form for completeness and legal compliance

Ensure that the credit application process includes a thorough check of references and credit history

Confirm that all new credit applications are approved by a designated authority before extending credit

Account Monitoring and Risk Assessment

Regularly review aging reports to monitor outstanding receivables

Assess the credit risk of each customer periodically and adjust credit limits accordingly

Implement a system for early detection of potential non-payment issues

Collections Strategy

Develop a tiered collection strategy based on the age and amount of outstanding receivables

Create template letters and scripts for collections communications to ensure consistency

Schedule regular follow-ups for overdue accounts and document all communications

Legal and Compliance

Ensure collections practices comply with all applicable laws and regulations

Keep records of all collections activities to provide evidence of compliance if required

Stay informed about changes in collections laws and update practices as necessary

Customer Communication

Maintain open lines of communication with customers regarding their accounts

Train staff on customer service excellence to preserve customer relationships during collections

Provide customers with clear information on payment options and consequences of non-payment

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