Accounts receivable can be a tricky subject. It’s important to keep track of all invoices, payments, and other transactions to ensure proper cash flow. With ClickUp’s Accounts Receivable Action Plan Template, you can easily organize and store all accounts receivable information in one place. This template provides you with the tools you need to:
- Identify aging receivables
- Create an action plan for collecting past-due payments
- Track invoices and payments for accurate cash flow forecasting
Benefits of an Accounts Receivable Action Plan Template
An Accounts Receivable Action Plan Template will help you keep track of your company's progress in terms of receivables. This will help you:
- Identify and correct any systemic issues that may be causing your receivables to lag
- Develop and implement a plan to collect outstanding receivables
- Determine when it is appropriate to file for bankruptcy protection
Main Elements of a Action Plan Template for Accounts Receivable
You need a good accounts receivable action plan if you want to keep your business afloat. This template will help you create a plan that includes:
- Identifying the bank account and associated routing numbers
- Developing an action plan for collecting outstanding invoices
- Updating contract details
- Preparing bank statements
- Contacting customers in arrears
How to Use an Accounts Receivable Action Plan Template
Keeping track of accounts receivable can be difficult, but by following these steps you'll be able to create an action plan that puts you in a better position to manage your finances.
1. Gather the necessary information.
Before creating an action plan, it's important to have all the necessary information at hand. This includes total invoices sent, amounts paid, amounts outstanding and any additional notes about payment status. Use custom fields in ClickUp to track each key data point for each invoice.2. Identify delinquent accounts.
Look for accounts that are overdue in order to start tracking them more closely and initiate corrective action as needed. Create tasks in ClickUp to flag any delinquent account for further review and follow-up action.3. Set up reminders and payment plans.
Set up automated reminders for overdue payments, as well as payment plans if needed, such as installment plans or early-payment discounts. Set recurring tasks in ClickUp to remind yourself when payment deadlines are coming up or when payment plan agreements need to be revisited/adjusted over time.4. Monitor progress regularly.
Keep an eye on your receivables and make sure payments are coming through on time according to agreements made with customers or clients during negotiations. Make adjustments if needed and take any corrective measures if payments fall behind schedule again. Enable notifications in ClickUp so you're alerted whenever a customer makes a late or partial payment on their account balance due—or whenever an invoice is overdue by a certain amount of days set by you.Related Action Plan Templates
- Infection Control Action Plan Template
- Wellness Recovery Action Plan Template
- Volunteer Action Plan Template
- Food Cost Action Plan Template
- Community Engagement Action Plan Template
