Tighten-Up on Your Home Business Accounts Chillicothe OH

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. Adam Christopher Halm, CFP®
(740) 772-1027
2151 Western Ave
Chillicothe, OH
Firm
Halm Investment Services LLC
Areas of Specialization
Accounting, Budget Development, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Debt Management, Education Planning

Data Provided by:
Mr. Mark H. Justice, CFP®
(740) 774-4411
Justice Financial Services
Chillicothe, OH
Firm
United Planners Financial Services of America

Data Provided by:
Ian H Webb, CFP®
(740) 474-4400
133 W Mound St
Circleville, OH
Firm
Raymond James
Areas of Specialization
Budget Development, Comprehensive Financial Planning, Education Planning, Employee and Employer Plan Benefits, Estate Planning, General Financial Planning, Investment Management

Data Provided by:
Mr. Daniel K. Eickholt, CFP®
(740) 332-2006
14216 Long Run Rd
Laurelville, OH
Firm
Daniel K. Eickholt CFP

Data Provided by:
US Bank - Waverly Office
(740) 947-2183
197 E Emmitt Ave
Waverly, OH
Drive Up Hours
Mon 08:30 am to 05:30 pm
Tue 08:30 am to 05:30 pm
Wed 08:30 am to 05:30 pm
Thur 08:30 am to 05:30 pm
Fri 08:30 am to 06:00 pm
Sat 08:30 am to 01:00 pm

Mr. Kevin Eugene Norman Jr., CFP®
(740) 773-9444
109 W Main St
Chillicothe, OH
Firm
Wells Fargo Advisors
Areas of Specialization
Asset Allocation, Budget Development, Comprehensive Financial Planning, Debt Management, Elder Care, Estate Planning, General Financial Planning

Data Provided by:
Mr. Lee Hamilton, CFP®
(740) 626-2090
334 State Route 772
Bainbridge, OH
Firm
Modern Woodmen of America

Data Provided by:
Mr. David H. Webb, CFP®
(740) 474-4400
133 W Mound St
Circleville, OH
Firm
Raymond James Financial Servic

Data Provided by:
Fifth Third Bank
(740) 774-3365
Chillicothe Downtown, 128 W Main St
Chillicothe, OH
Office Hours
M-TH 9-5; F 9-6; SA 9-12
Drive Up Hours
M-TH 8:30-5; F 8:30-6; SA 8:30-12

Fifth Third Bank
(740) 947-1102
Waverly, 303 E. Emmitt Avenue
Waverly, OH
Office Hours
M-TH 9-3:30; F 9-6; SA 9-12
Drive Up Hours
M-TH 9-4:30; F 9-6; SA 9-12

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...

Click here to read more from Home Business Magazine

© Copyright 2013 Home Business Magazine. All Rights Reserved. Privacy Policy | Terms and Conditions
Infoswell Media