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Accounts Receivable Process in MS Word
1. ACCOUNTS RECEIVABLE PROCESS
SAMPLE
1. Receive confirmation to begin new project or assignment via signed contract.
2. Collect half or 50% of the estimated cost upfront. Checks and
credit cards are accepted.
PROCESS DASHBOARD
3. Deposit initial payment into banking account (for checks). Note
TECHNOLOGY TOOLS: (enter name of
to make sure that post was made into banking account for credit
Accounting software, logging / journaling
card payments. system as well as merchant company (if
a. If the check bounces or the credit card is declined, applicable) here).
proceed to step #3c.
b. If the payment received is fully legitimate, proceed to KPIs: KEY PERFORMANCE INDICATORS
step #4. (these are the metrics used to monitor the
c. Bounced Check: discontinue work immediately and try to performance of these processes. Enter them
secure an alternate form of payment. here).
d. Declined Credit Card: call client and attempt to collect 1.
new or correct information. 2.
3.
e. If payment is processed, proceed to step #4. Otherwise,
go back to step #3a and repeat until payment is received.
PROCESS OWNER: (Enter name of person
4. Begin design work. responsible for maintaining and distributing
the process here.)
5. Check in with client on progress of work.
FREQUENCY TO UPDATE: (Enter the time
period during which to review the process
6. Submit an invoice to collect the final payment once all work is
and make necessary updates/changes).
complete.
7. Receive payment within 30 days of sending invoice.
a. If payment is received on time, proceed to step #8.
b. If payment is not received on time, then proceed to
Collections process.
8. For projects that involve production, send a quote with proper markup to the client. Otherwise, end
the process at step #7.
9. Collect payment so that all materials can be ordered for production.
a. If payment is received on time, proceed to step #10.
b. If payment is not received on time, then discontinue work until client makes full payment.
10. Deposit or process payment.
Your Company Name Here. Confidential. Revision # ___ By: _____________________ Page 1 of 1
More processes available at The Process ShopTM @ www.EQBsystems.com/smallbusinessprocesses
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