Collecting customer payments—like sales—requires constant attention. The company that persists is the one that regularly collects payment. The situation is further compounded by a customer in financial distress. Under those circumstances, the company that reaches the customer before other creditors do is more likely to collect payment. 

The ultimate goal of accounts receivable/collections is to collect payment from customers in a timely manner, while also maintaining positive relationships. This requires a delicate balance of the need for timely payment with the need to provide excellent customer service, and it also requires regular monitoring of the entire process. 

This tool contains two sample work programs that provide general steps organizations should use when facilitating an accounts receivable/collections audit.