ChecklistGuro Accounts Receivable Management Process
Streamline your cash flow and eliminate payment delays with our comprehensive Accounts Receivable Management Process. Master the full credit-to-cash lifecycle, from automated invoicing and credit risk assessment to efficient collections and dispute resolution. Optimize your working capital, reduce DSO (Days Sales Outstanding), and ensure seamless revenue recognition with this scalable accounting workflow designed for modern finance teams.
Start
Start of the Workflow/Process.
1. Fetch Overdue Invoices
Retrieve all entries from the Invoices data model where status is 'unpaid' and due date is passed.
2. Calculate Total Outstanding Balance
Sum the 'amount_due' property of all retrieved overdue invoices.
3. Create Collections Batch
Create a new entry in the Collections Batch data model containing the total amount and date.
4. Assign Collector to Task
Create a task for the Accounts Receivable Clerk to review the identified overdue batch.
5. Send Payment Reminder
Send an automated email to the customer's contact email address regarding the overdue invoice.
6. Calculate Late Fee
Calculate the late fee amount by multiplying the invoice amount by the predefined late fee percentage.
7. Update Invoice Status
Update the status of the specific invoice entry to 'Under Collection'.
8. Send SMS Alert
Send an SMS notification to the customer's registered mobile number for high-priority overdue amounts.
9. Verify Payment Receipt
Check the Payments data model for any new entries matching the invoice reference number.
10. Mark Invoice as Paid
Update the invoice entry status to 'Paid' and record the payment date.
11. Remove Duplicate Payment Entries
Delete any identified duplicate entries in the Payments data model.
12. Generate Weekly AR Aging Report
Create a formal report summarizing all overdue, pending, and paid invoices for the weekly management review.
End
End of the Workflow/Process.
Start of the Workflow/Process.
Retrieve all entries from the Invoices data model where status is 'unpaid' and due date is passed.
Sum the 'amount_due' property of all retrieved overdue invoices.
Create a new entry in the Collections Batch data model containing the total amount and date.
Create a task for the Accounts Receivable Clerk to review the identified overdue batch.
Send an automated email to the customer's contact email address regarding the overdue invoice.
Calculate the late fee amount by multiplying the invoice amount by the predefined late fee percentage.
Update the status of the specific invoice entry to 'Under Collection'.
Send an SMS notification to the customer's registered mobile number for high-priority overdue amounts.
Check the Payments data model for any new entries matching the invoice reference number.
Update the invoice entry status to 'Paid' and record the payment date.
Delete any identified duplicate entries in the Payments data model.
Create a formal report summarizing all overdue, pending, and paid invoices for the weekly management review.
End of the Workflow/Process.
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