Tighten-Up on Your Home Business Accounts Bella Vista AR

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.”

Mr. Randall W. Roebuck, CFP®
(479) 855-5800
633 W Lancashire Blvd
Bella Vista, AR
Firm
Raymond James Financial Services, Inc.
Areas of Specialization
Investment Management, Retirement Income Management, Retirement Planning

Data Provided by:
Adam J. Kuettel, CFP®
(479) 270-4092
811 SW Raintree Ste 26
Bentonville, AR
Firm
NWA Financial Partners
Areas of Specialization
Asset Allocation, Business Succession Planning, Comprehensive Financial Planning, Education Planning, Employee and Employer Plan Benefits, Estate Planning, General Financial Planning
Key Considerations
Average Net Worth: Not Applicable



Data Provided by:
Ms. Deann G. Gann, CFP®
(479) 271-3083
405 S Walton Blvd
Bentonville, AR
Firm
Arvest Private Banking
Areas of Specialization
Investment Planning
Key Considerations
Average Net Worth: $250,001 - $500,000

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

Profession: Business Executives

Data Provided by:
Mr. Roger E. Clement, CFP®
(479) 464-5055
P.O. Box 3150
Bentonville, AR
Firm
Clement Financial Services Inc
Areas of Specialization
Comprehensive Financial Planning
Key Considerations
Average Net Worth: $250,001 - $500,000

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

Profession: Not Applicable

Data Provided by:
Mr. James F. Cross Jr., CFP®
(479) 271-1220
201 NE A St
Bentonville, AR
Firm
Arvest Asset Management

Data Provided by:
Mr. Christopher Donovan, CFP®
(479) 855-1309
2842 Bella Vista Way
Bella Vista, AR
Firm
Edward Jones
Areas of Specialization
Asset Allocation, Education Planning, Insurance Planning, Long-Term Care, Retirement Income Management, Wealth Management

Data Provided by:
Mr. Kevin M Brown, CFP®
100 SW 14th St Ste 6
Bentonville, AR
Firm
VALIC
Areas of Specialization
Asset Allocation, Banking, Budget Development, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Employee and Employer Plan Benefits
Key Considerations
Average Net Worth: $100,001 - $250,000

Average Income: Not Applicable

Profession: Not Applicable

Data Provided by:
Mr. John L. Craig, CFP®
701 NW McNelly Rd Ste 7
Bentonville, AR
Firm
Ameriprise Financial Services,
Areas of Specialization
Comprehensive Financial Planning

Data Provided by:
Mr. Kevin P. Barnes, CFP®
(479) 464-5055
2400 SE C St
Bentonville, AR
Firm
Clement Financial Service Inc

Data Provided by:
Mr. J. Mel Parks, CFP®
502 SW 12th St
Bentonville, AR
Firm
Forty Three Eighteen Advisors, LLC
Areas of Specialization
Asset Allocation, Charitable Giving, Comprehensive Financial Planning, Investment Management, Investment Planning, Retirement Planning, Risk Management

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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