Cash Receipts and Collections Leading Practices

This checklist can be used to determine the extent to which various best business practices are being followed in the areas of collections and cash applications. Completing this checklist will help an organization determine areas for improvement within these processes.

Sample practices assessed include: create a single point of contact for all incoming customer calls regarding payments; implement lockboxes for receipt of all cash and consolidate lockboxes to manage processing and maintenance fees; and outsource cash remittance processing to banks whose remittance processing information can be easily uploaded to the company’s billing and collections system.