Tighten-Up on Your Home Business Accounts Caldwell 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.”

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®

Mr. Robert A. Lachance, CFP®
(208) 794-3888
5660 E Franklin Rd Ste 130
Nampa, ID
Firm
Wealth Dynamics Advisory, LLC

Data Provided by:
Mr. Robert A. Hiestand, CFP®
(208) 888-5508
1394 S Wampum Way
Meridian, ID
Areas of Specialization
Accounting, Asset Allocation, Banking, Budget Development, Charitable Giving, Comprehensive Financial Planning, Debt Management
Key Considerations
Average Net Worth: Not Applicable

Average Income: Not Applicable

Profession: Not Applicable

Data Provided by:
Mr. Jason R. Haas, CFP®
(208) 938-2199
439 E Shore Dr
Eagle, ID
Firm
Eagle River Financial
Areas of Specialization
Asset Allocation, Charitable Giving, Comprehensive Financial Planning, Estate Planning, Investment Management, Risk Management, Wealth Management

Data Provided by:
Mrs. Debbra A Dillon, CFP®
(208) 336-7503
1159 East Iron Eagle Drive
Eagle, ID
Firm
Dillon Financial Planning
Areas of Specialization
Retirement Planning
Key Considerations
Average Net Worth: Not Applicable

Average Income: Not Applicable

Profession: Not Applicable

Data Provided by:
Brian Burks, MBA
5660 East Franklin Rd. Suite #130
Nampa, ID
Company
Title: Managing Partner
Company: Burks Wealth Management
Type
Investment Advisor Rep: Yes
Registered Investor: Yes
Education
U of Idaho/B.S. - Marketing
Boise State University - MBA
Years Experience
Years Experience: 15
Service
Life Settlements,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Annuities,Long-Term Health Care Planning,Annuity Ideas & Strategy Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Hourly Financial Planning Engagements,401k Rollover From Employer,Income for Life/ Preserve Principal,Life Insurance,Investment & Portfolio Management,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Accumulation Planning,Individual Income

Data Provided by:
Mr. J. R. Smith, CFP®
(208) 286-0885
10368 W Altair Dr
Star, ID
Firm
Provision Financial Advisors
Areas of Specialization
Retirement Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Self-Employed Business Owners

Data Provided by:
Allen Gamel, CFP®
(208) 884-5175
1710 S Wells Ave
Meridian, ID
Firm
Edward Jones Investments
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: $500,001 - $1,000,000

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



Data Provided by:
Mr. Kirk A. Walton, CFP®
(208) 573-2537
971 E Winding Creek Dr Ste 101
Eagle, ID
Firm
Gryphon Private Wealth Management
Areas of Specialization
Asset Allocation, Charitable Giving, Comprehensive Financial Planning, Divorce Issues, Employee and Employer Plan Benefits, Estate Planning, Insurance Planning

Data Provided by:
Mr. Shawn G. Webb, CFP®
(208) 938-4197
450 W State St Ste 215
Eagle, ID
Firm
Pacific Crest Wealth Managemen

Data Provided by:
Data Provided by:

Tighten-Up on Your Home Business Accounts

Provided By: 

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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