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Tighten-Up on Your Home Business Accounts Burley ID

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. Timothy F. Preston, CFP®
(208) 678-0420
1526 Overland Ave
Burley, ID
Firm
Financial Strategies

Data Provided by:
Wells Fargo - Smith'S Mini-Cassia
(208) 678-8730
937 E Main St
Burley, ID
Type
In-Store Branch
Office Hours
Mon-Fri 09:00 AM-07:00 PM
Sat 09:00 AM-04:00 PM
Sun Closed

Wells Fargo - Rupert
(208) 436-4737
602 E St
Rupert, ID
Type
Branch
Office Hours
Mon-Fri 09:30 AM-05:00 PM
Sat 09:00 AM-01:00 PM
Sun Closed

Carey McNeal
Buffington Mohr McNeal
(208) 338-5551
802 West Bannock Street, Suite 100
Boise, ID
Expertises
Helping Clients Identify & Achieve Goals, Retirement Planning & Distribution Rules, High Net Worth Client Needs, Estate & Generational Planning Issues, Planning Concerns for Corporate Executives, Advising Medical Professionals
Certifications
NAPFA Registered Financial Advisor

Michael Ling
Berkeley Inc.
(208) 853-6980
3778 Plantation River Drive, Suite 102
Boise, ID
Expertises
Ongoing Investment Management, Helping Clients Identify & Achieve Goals, Planning Concerns for Corporate Executives, College/Education Planning
Certifications
NAPFA Registered Financial Advisor, CFP®

US Bank - Burley Office
(208) 678-3591
112 E Main St
Burley, ID
Languages
Spanish
Drive Up Hours
Mon 09:30 am to 05:00 pm
Tue 09:30 am to 05:00 pm
Wed 09:30 am to 05:00 pm
Thur 09:30 am to 05:00 pm
Fri 09:30 am to 05:00 pm

Wells Fargo - Burley
(208) 678-1192
130 E Main St
Burley, ID
Type
Branch
Office Hours
Mon-Fri 09:30 AM-05:00 PM
Sat-Sun Closed

US Bank - Rupert Office
(208) 436-3141
612 5th St
Rupert, ID
Languages
Spanish
Drive Up Hours
Mon 10:00 am to 04:00 pm
Tue 10:00 am to 04:00 pm
Wed 10:00 am to 04:00 pm
Thur 10:00 am to 04:00 pm
Fri 10:00 am to 04:00 pm

Debbra Dillon
Dillon Financial Planning
(208) 336-7503
1159 E Iron Eagle Drive, Ste. 170-C
Eagle, ID
Expertises
Middle Income Client Needs, Helping Clients Identify & Achieve Goals, Retirement Planning & Distribution Rules, Newlyweds & Novice Investors
Certifications
NAPFA Registered Financial Advisor, CFP®

Katherine Stearns
Arc Advisers, LLC
(208) 350-6557
P.O. Box 488
Boise, ID
Expertises
Socially Responsible Investments, Middle Income Client Needs, Planning Issues for Unmarried & Same-Sex Couples, Women's Financial Planning Issues, Ongoing Investment Management, Helping Clients Identify & Achieve Goals
Certifications
NAPFA Registered Financial Advisor, AIF, CFP®

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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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