Tighten-Up on Your Home Business Accounts Cedarburg WI

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.”

Matthew Goihl
SJA Financial Advisory, LLC
(414) 390-1499
800 Woodland Prime, Suite 100
Menomonee Falls, WI
Expertises
Retirement Planning & Distribution Rules, College/Education Planning, Cash Flow/Budgets/Credit Issues, Insurance Related Issues, including Annuities, Tax Planning, Investment Advice without Ongoing Management
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

James Cantrell
Financial Strategies Inc.
(262) 821-1664
13555 Bishops Court
Brookfield, WI
Expertises
Ongoing Investment Management, Estate & Generational Planning Issues, Retirement Planning & Distribution Rules, Planning Concerns for Corporate Executives, Planning Issues for Business Owners, High Net Worth Client Needs
Certifications
NAPFA Registered Financial Advisor, CFP®

Jay Czarapata
SVA Wealth Management, Inc.
(262) 923-5199
18650 W. Corporate Drive Ste 200
Brookfield, WI
Expertises
Retirement Planning & Distribution Rules, Ongoing Investment Management, Helping Clients Identify & Achieve Goals, High Net Worth Client Needs, Planning Concerns for Corporate Executives, Retirement Plan Investment Advice
Certifications
NAPFA Registered Financial Advisor, CFP®, CRPS

Kevin Reardon
Shakespeare Wealth Management Inc.
(262) 814-1600
N22 W27847 Edgewater Drive
Pewaukee, WI
Expertises
High Net Worth Client Needs, Ongoing Investment Management, Estate & Generational Planning Issues, Retirement Planning & Distribution Rules, Planning Issues for Business Owners, Women's Financial Planning Issues
Certifications
NAPFA Registered Financial Advisor, BS, CFP®

Mr. Scott J. Molepske, CFP®
(262) 376-2100
P.O. Box 72016
Cedarburg, WI
Firm
Schultz & Molepske

Data Provided by:
Paula Hogan
Hogan Financial Management, LLC
(414) 352-9111
250 W. Coventry Court, Suite 202
Milwaukee, WI
Expertises
Helping Clients Identify & Achieve Goals, Financial Issues Between Generations, Ongoing Investment Management, Advising Medical Professionals, College/Education Planning, Cash Flow/Budgets/Credit Issues
Certifications
NAPFA Registered Financial Advisor, CFA, CFP®, MS

Eric Korbitz
Korbitz Financial Planning LLC
(414) 979-1040
700 Pilgrim Parkway, Suite 300
Elm Grove, WI
Expertises
Tax Planning, Hourly Financial Planning Services, Investment Advice without Ongoing Management, Cash Flow/Budgets/Credit Issues, Retirement Planning & Distribution Rules, College/Education Planning
Certifications
NAPFA Registered Financial Advisor, BBA, CFP®, CPA, MS

William Baxter
Paladin Partners, LLC
(414) 202-8900
250 East Wisconsin Avenue
Milwaukee, WI
Expertises
Advising Entrepreneurs, Advising Medical Professionals, High Net Worth Client Needs, Planning Concerns for Corporate Executives, Planning Issues for Business Owners, Estate & Generational Planning Issues
Certifications
NAPFA Registered Financial Advisor, CFP®, ChFc, CLU

Mark Ziety
Shakespeare Wealth Management Inc.
(262) 814-1600
N22 W27847 Edgewater Drive
Pewaukee, WI
Expertises
Advising Medical Professionals, Estate & Generational Planning Issues, Middle Income Client Needs, High Net Worth Client Needs, Planning Issues for Business Owners, Planning Concerns for Corporate Executives
Certifications
NAPFA Registered Financial Advisor, BS, CFP®

Mr. Jeffrey C Dorward, CFP®
(262) 618-2070
W61 N306 Washington Avenue
Cedarburg, WI
Firm
Midwest Professional Planners, Ltd.
Areas of Specialization
Comprehensive Financial Planning, Investment Planning, Life Planning, Planning for Couples, Retirement Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

Average Income: Not Applicable



Data Provided by:
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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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