Example SOPs: Accounts Receivable Assistant

Accounts Receivable Assistant SOPs

Creating Standard Operating Procedures for your Accounts Receivable Assistant work can be difficult and take time. That’s why we’ve created these example Accounts Receivable Assistant SOPs so you can jumpstart your SOP creation process. We want to help you set up your Finance systems and processes by taking these sample SOPs and building out your own SOPs template library. By having all your Finance procedures in one place, your team will have the information they need at all times. Let’s look at some Accounts Receivable Assistant SOP examples.

Accounts Receivable Assistant SOP Examples

1. Invoice Generation and Distribution SOP: This SOP outlines the process of generating and distributing invoices to customers. The purpose is to ensure accurate and timely billing, reducing the risk of payment delays. The scope includes creating invoices, verifying invoice details, and distributing them to customers. The Accounts Receivable Assistant is responsible for this SOP. References to other SOPs may include the Credit Approval SOP and the Sales Order Processing SOP.

2. Payment Processing SOP: The Payment Processing SOP details the steps involved in receiving and processing customer payments. Its purpose is to ensure efficient and accurate recording of payments, reducing errors and improving cash flow management. The scope includes receiving payments, verifying payment details, and updating customer accounts. The Accounts Receivable Assistant is responsible for this SOP. References to other SOPs may include the Cash Application SOP and the Bank Reconciliation SOP.

3. Collections Management SOP: The Collections Management SOP outlines the procedures for managing overdue customer accounts. Its purpose is to minimize bad debt and improve cash flow by effectively communicating with customers and implementing appropriate collection strategies. The scope includes identifying overdue accounts, contacting customers, negotiating payment arrangements, and escalating collection efforts if necessary. The Accounts Receivable Assistant is responsible for this SOP. References to other SOPs may include the Credit Control SOP and the Dispute Resolution SOP.

4. Account Reconciliation SOP: The Account Reconciliation SOP provides guidelines for reconciling customer accounts to ensure accuracy and identify any discrepancies. The purpose is to maintain accurate financial records and resolve any outstanding issues promptly. The scope includes comparing customer account statements with internal records, investigating discrepancies, and taking corrective actions. The Accounts Receivable Assistant is responsible for this SOP. References to other SOPs may include the General Ledger Reconciliation SOP and the Financial Reporting SOP.

5. Credit Approval SOP: The Credit Approval SOP outlines the process for evaluating and approving credit for new and existing customers. Its purpose is to assess creditworthiness, mitigate credit risks, and establish appropriate credit limits. The scope includes reviewing credit applications, analyzing financial information, conducting credit checks, and making credit decisions. The Accounts Receivable Assistant may be involved in this SOP, but the ultimate responsibility lies with the Credit Manager. References to other SOPs may include the Credit Policy SOP and the Credit Limit Review SOP.

6. Dispute Resolution SOP: The Dispute Resolution SOP provides guidelines for handling customer disputes related to invoices or payment discrepancies. Its purpose is to address and resolve issues promptly, ensuring customer satisfaction and maintaining positive relationships. The scope includes receiving and documenting disputes, investigating the root cause, liaising with relevant departments, and providing timely resolutions. The Accounts Receivable Assistant may be involved in this SOP, but the responsibility may also extend to the Customer Service or Sales teams. References to other SOPs may include the Customer Complaint Handling SOP and the Credit Note Processing SOP

Accounts Receivable Assistant SOP Templates

Looking for SOP templates for your Accounts Receivable Assistant work? We’ve got you covered. You can build out your company SOPs using the sample SOP information above (added to our template) or our team can put together a starter SOPs template based on your Accounts Receivable Assistant work. Get in touch if you’ve got questions about the quickest way to build out your Finance SOPs library.