Tighten-Up on Your Home Business Accounts Alliance OH

With the current economic crisis, are your customers stretching out their payments or disappearing without paying off their debt to you? If so, it’s time to review the basics and art of collecting accounts receivable without damaging customer relations. First of all, remember the cardinal rule, “It’s your money and you needn’t be bashful about seeking prompt payment for your goods and services.”

Mario Giganti
Cornerstone Capital Advisors
(330) 896-6250
1507 Boettler Road, Suite G
Uniontown, OH
Expertises
Charitable Giving - Trusts & Foundations, Advising Medical Professionals, Ongoing Investment Management, Retirement Planning & Distribution Rules, Tax Planning, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, AIFA, CFP®, CPA

Mr. Edwin C. Lair, CFP®
(330) 823-7666
960 W State St
Alliance, OH
Firm
Stifel Nicolaus
Areas of Specialization
Wealth Management
Key Considerations
Average Net Worth: $250,001 - $500,000

Average Income: $50,001 - $100,000

Profession: Not Applicable

Data Provided by:
Mr. Charles E. Davis, CFP®
(330) 875-0800
5065 California Ave
Louisville, OH
Firm
THE RULE Wealth Management LLC
Areas of Specialization
Accounting, Asset Allocation, Banking, Budget Development, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning
Key Considerations
Average Net Worth: $100,001 - $250,000

Average Income: $100,001 - $250,000

Profession: Self-Employed Business Owners

Data Provided by:
Mr. Derwood S. Miller, CFP®
(330) 877-9433
700 S Prospect Ave
Hartville, OR
Firm
MJ Miller & Co. CPA's, LLC
Areas of Specialization
Accounting, Charitable Giving, Comprehensive Financial Planning, General Financial Planning, Investment Management
Key Considerations
Average Net Worth: $250,001 - $500,000

Average Income: $250,001 - $500,000

Profession: Not Applicable

Data Provided by:
Mr. Kenny W. Hoopes, CFP®
(330) 868-1140
106 N Main St
Minerva, OH
Firm
KW Hoopes & Associates

Data Provided by:
Harlan Storey
Storey & Associates
(330) 526-8944
1360 South Main Street
North Canton, OH
Expertises
Charitable Giving - Trusts & Foundations, Advising Medical Professionals, Ongoing Investment Management, Retirement Planning & Distribution Rules, Tax Planning, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, JD

Mr. Paul J. Helmuth, CFP®
1731 Edmar St
Louisville, OH
Firm
Paul J. Helmuth, CFP
Areas of Specialization
Banking, Charitable Giving, Employee and Employer Plan Benefits, Estate Planning, Investment Management, Retirement Income Management, Social Security Planning

Data Provided by:
Steven Eric Schroll, CFP®
PO Box 1000
Hartville, OH
Firm
Everence Financial Advisors

Data Provided by:
Mr. Rodney A. Zoyhofski, CFP®
(330) 492-3586
5630 Middlebranch Ave NE
Canton, OH
Firm
Zoyhofski Financial Service, LLC

Data Provided by:
Mr. Michael J. Sobitz, CFP®
(330) 896-9575
3500 Massillon Rd Ste 490
Uniontown, OH
Firm
Sobitz & Company Inc

Data Provided by:
Data Provided by:

Tighten-Up on Your Home Business Accounts

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When Times Get Tough, Receivables Get Tougher To Collect
By Richard J. Maturi

With the current economic crisis, are your customers stretching out their payments or disappearing without paying off their debt to you? If so, it’s time to review the basics and art of collecting accounts receivable without damaging customer relations. First of all, remember the cardinal rule, “It’s your money and you needn’t be bashful about seeking prompt payment for your goods and services.”

Timely Invoices and Billing Statements
The cornerstone of your accounts receivable system is providing timely invoices and billing statements. Every day you delay, is another day you don’t get your money. It helps to know your customers’ payment cycle. If they pay once a month on the fifteenth, and you send out your invoices on the 20th, you missed their payment cycle. By timing invoicing by customer, you may receive payment early, improving cash flow dramatically. If your receivables are large enough, a bank lockbox speeds up collections by eliminating the time it takes to process receipts in-house and deliver them to your bank.

Clearly Spelled Out Terms
Make sure your terms are clearly spelled out on invoices and billing statements. The invoice establishes the existence of the debt and should contain several key bits of information to prevent any confusion should conflict arise. First of all, date your invoice. This helps your customer determine when payment should be made based on the terms (net 30, 2% discount if paid with 15 days of invoice, etc.), which should also be prominently placed on the invoice. Know the current Dun & Bradstreet industry norms for payment cycles so you do not make your terms too stringent and thus lose customers to competitors with more lenient payment terms. Make sure you provide an accurate and complete description of the goods and services received by the customer. Inventory code numbers are great for your computer but mean nothing to the customer.

Accounts Receivable Schedule
Keep a pulse on billing activity and accounts receivable. Prepare an accounts receivable schedule by customer and payment due date. When the payment does not arrive on the expected date, make a friendly call to let your customer know you appreciate their business and inquire what has delayed payment. This usually gets the check in the mail. It lets customers know that you expect payment on time and are not the one who will let things slide. It’s also a good tool to help determine if a particular customer is experiencing financial difficulty. If so, you might try to work out a payment schedule that satisfies both of you. Working with your customer through a rough patch, may make them a faithful customer for many years.

Solving Problems
Ask when you can expect payment or if there is anything you can do to help move payment along. If any problems exist, now is the time to get them solved. It may be as simple as faxing a c...

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