Tighten-Up on Your Home Business Accounts Bluffton SC

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.”

Desmond Quigley
Quigley Financial
(678) 520-2327
254 Oak Forest Rd
Bluffton, SC
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules, Estate & Generational Planning Issues, Tax Planning, Cash Flow/Budgets/Credit Issues, Advising Employee Benefit Plan Participants
Certifications
NAPFA Registered Financial Advisor, CFP®, EA

Mr. William E Foggo, CFP®
(843) 836-3320
27 Towne Dr Ste 202
Bluffton, SC
Firm
Raymond James
Areas of Specialization
Asset Allocation, Budget Development, Employee and Employer Plan Benefits, Insurance Planning, Retirement Planning, Tax Planning, Wealth Management
Key Considerations
Average Net Worth: $250,001 - $500,000

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

Profession: Self-Employed Business Owners

Data Provided by:
Ms. Lisbeth L. Cherrington, CFP®
(843) 815-0200
75 Towne Dr
Bluffton, SC
Firm
Morgan Stanley Wealth Management
Areas of Specialization
Comprehensive Financial Planning
Key Considerations
Average Net Worth: $250,001 - $500,000

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

Profession: Not Applicable

Data Provided by:
Mr. Todd H Crutchley, CFP®
(843) 706-6150
1276 May River Rd
Bluffton, SC
Firm
Stifel Nicolaus & Company, Inc

Data Provided by:
Mr. Kent N. Thune, CFP®
(843) 214-0691
3 Cardinal Ct # 169
Hilton Head Island, SC
Firm
Atlantic Capital Investments,
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, General Financial Planning, Investment Management, Investment Planning, Retirement Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Service Professionals

Data Provided by:
Teryl Tornroos
Evergreen Financial Planning, LLC
(912) 373-6698
2 Navigator Lane
Savannah, GA
Expertises
Helping Clients Identify & Achieve Goals, Tax Planning, College/Education Planning, Hourly Financial Planning Services, Cash Flow/Budgets/Credit Issues, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFP®, EA

Ms. Jennifer A. Thompson, CFP®
(843) 757-9339
9 Oak Forest Rd Ste 200
Bluffton, SC
Firm
Oak Advisors
Areas of Specialization
Retirement Income Management

Data Provided by:
Ms. Linda Lee Davenport, CFP®
(843) 815-8566
10 Pinckney Colony Rd Ste 300
Bluffton, SC
Firm
Ameriprise Finl Advisors
Areas of Specialization
Charitable Giving, Comprehensive Financial Planning, Estate Planning, Investment Planning, Retirement Income Management, Tax Planning, Women's Finances

Data Provided by:
Ms. Elizabeth D. Loda, CFP®
(843) 681-7526
4 Dunmore Ct Ste 101
Hilton Head Island, SC
Firm
Womens Financial Network
Areas of Specialization
Asset Allocation, Divorce Issues, Estate Planning, General Financial Planning, Insurance Planning, Intergenerational Planning, Investment Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided by:
Mr. Brian R. Stertzer, CFP®
(614) 565-7199
14 Brams Point Rd
Hilton Head Island, SC
Firm
WealthStone
Areas of Specialization
Comprehensive Financial Planning, Investment Management, Retirement Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Not Applicable

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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