Debtor chasing process
.When quoting for business, it is essential that account managers are aware of current best practice for payment terms within the territory.
.On receipt of an order, the terms and conditions should be checked and agreed with the account managers before an order is accepted. This is crucial if accepting purchase terms and conditions as these may describe different payment terms. Check any other outstanding debt / ongoing orders with the same company prior to acceptance.
.Debtor management personnel should confirm receipt of invoice, checking that all appropriate paperwork correct at customer. To be done by phone within 2 weeks after sending invoice. Confirm expectation of payment with customer. If there is an anticipated problem, ensure the account manager is informed and action initiated.
.Payment date plus 1 week, debtor management personnel should ensure contact has been made with the customer to establish cause of delay.
.Payment date plus 2 weeks, contact account manager to initiate personal contact