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Tighten-Up on Your Home Business Accounts Brandon FL

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.”

Holly Thomas
Holly P. Thomas, LLC
(813) 781-8040
1901 West Cass Street
Tampa, FL
Expertises
Planning Issues for Business Owners, Planning Concerns for Corporate Executives, Helping Clients Identify & Achieve Goals, Retirement Plan Investment Advice, Advising Employee Benefit Plan Participants, Investment Advice without Ongoing Management
Certifications
NAPFA Registered Financial Advisor, AAMS, CFP®, MBA, MS

David Frisch
Frisch Financial Group, Inc.
(813) 639-7580
2202 N. West Shore Blvd. – Suite 200
Tampa, FL
Expertises
Ongoing Investment Management, Estate & Generational Planning Issues, Tax Planning, Retirement Plan Investment Advice, Women's Financial Planning Issues
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA/PFS

Christopher Cannon
FirsTrust, LLC
(813) 874-7200
3111 West M. L. King, Jr. Blvd., Suite 100
Tampa, FL
Expertises
Ongoing Investment Management, Planning Issues for Business Owners, Estate & Generational Planning Issues, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFA

Elayne Pisarik
FirsTrust, LLC
(813) 874-7200
3111 West M. L. King, Jr. Blvd., Suite 100
Tampa, FL
Expertises
Ongoing Investment Management, Planning Concerns for Corporate Executives, Estate & Generational Planning Issues
Certifications
NAPFA Registered Financial Advisor, CFP®, ChFc, CLU

Mr. Elihu Woolfson, CFP®
(813) 914-0440
1104 Nikki View Dr
Brandon, FL
Firm
Woolfson Tax & Financial Strat
Areas of Specialization
Charitable Giving, Comprehensive Financial Planning, Elder Care, Government and Military, Retirement Income Management, Social Security Planning, Socially Responsible Investments

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Maria Erickson
Freedom Financial & Business Planning, LLC
(727) 527-0565
2202 N. Westshore Blvd.
Tampa, FL
Expertises
Hourly Financial Planning Services, Retirement Planning & Distribution Rules, Advising Entrepreneurs, Women's Financial Planning Issues, Retirement Plan Investment Advice, Planning Issues for Unmarried & Same-Sex Couples
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

Michael Koenig
FirsTrust, LLC
(813) 874-7200
3111 West M. L. King, Jr. Blvd., Suite 100
Tampa, FL
Expertises
Ongoing Investment Management, Planning Issues for Business Owners, Estate & Generational Planning Issues, Financial Issues Between Generations
Certifications
NAPFA Registered Financial Advisor, CFP®

Daniel Brownsberger
FirsTrust, LLC
(813) 874-7200
3111 West M. L. King, Jr. Blvd., Suite 100
Tampa, FL
Expertises
Ongoing Investment Management, Helping Clients Identify & Achieve Goals, Financial Issues Between Generations, Retirement Planning & Distribution Rules, Estate & Generational Planning Issues
Certifications
NAPFA Registered Financial Advisor, CIMA

David Nestrick
FirsTrust, LLC
(813) 874-7200
3111 West M. L. King, Jr. Blvd., Suite 100
Tampa, FL
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules, Socially Responsible Investments, Estate & Generational Planning Issues
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

Mr. Randall F. Greene, CFP®
(813) 777-1817
111 Barrington Dr
Brandon, FL
Firm
Greene Capital Partners, LLC

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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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