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A collections policy is a set of guidelines that govern the accounts receivable team’s procedures and helps to create a more consistent, systematic treatment strategy.
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The business landscape across many industries has been changing rapidly, and as a result, collections policies and procedures can become outdated.
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Periodically review guidelines and procedures so that they change with the times.
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In light of current economic conditions, businesses should consider a nuanced approach to collections management.
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Revising your collections strategy to acknowledge an uncertain environment and to create more transparency for both customers and collections team members is crucial for protecting accounts receivable, maintaining strong customer relationships, and motivating employees.
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The purpose of having a collections policy in place is simple – to protect accounts receivable. Efficiently collecting payment on current accounts receivable and past-due accounts while maintaining positive customer relationships is the main goal of the collections department.
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On a practical level, businesses should be proactive with collections and transparent regarding goals and expectations. A thorough collections policy should embody these goals and expectations.
