Tighten-Up on Your Home Business Accounts Collingswood NJ

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.”

Robert Wilgos
Summit Financial Advisors, LLC
(215) 579-1005
1500 Market Street
Philadelphia, PA
Expertises
Middle Income Client Needs, Helping Clients Identify & Achieve Goals, Planning Issues for Business Owners, Ongoing Investment Management
Certifications
NAPFA Registered Financial Advisor, BSEE, CFP®, MBA

Neil Kauffman
Kauffman & Drebing
(215) 546-8016
230 South Broad Street, 5th Floor
Philadelphia, PA
Expertises
Retirement Planning & Distribution Rules, Advising Medical Professionals, Hourly Financial Planning Services, Helping Clients Identify & Achieve Goals
Certifications
NAPFA Registered Financial Advisor, BA, Ed.D., M.Ed., MBA

Lydia Sheckels
Wescott Financial Advisory Group LLC
(215) 979-1600
30 South 17th Street, 4th Floor
Philadelphia, PA
Expertises
Estate & Generational Planning Issues, Financial Issues Between Generations, Ongoing Investment Management, Retirement Planning & Distribution Rules, Tax Planning
Certifications
NAPFA Registered Financial Advisor, BA, CFP®, ChFc, CLU

Brent Kessel
Abacus Wealth Partners, LLC
(215) 656-4280
1818 Market Street, Suite 3740
Philadelphia, PA
Expertises
Retirement Plan Investment Advice, Ongoing Investment Management, Charitable Giving - Trusts & Foundations, Real Estate Investments, Socially Responsible Investments
Certifications
NAPFA Registered Financial Advisor, BA, CFP®

Joyce Cole
J. Cole Financial Advisers, Inc.
(518) 793-4507
1735 Market Street
Philadelphia, PA
Expertises
Ongoing Investment Management, Financial Issues Between Generations, Socially Responsible Investments, Helping Clients Identify & Achieve Goals, Hourly Financial Planning Services, Charitable Giving - Trusts & Foundations
Certifications
NAPFA Registered Financial Advisor, BS, CFP®

George Blenner
Summit Financial Advisors, LLC
(215) 579-1005
1500 Market Street
Philadelphia, PA
Expertises
Middle Income Client Needs, Helping Clients Identify & Achieve Goals, Ongoing Investment Management, College/Education Planning, Retirement Planning & Distribution Rules, Cash Flow/Budgets/Credit Issues
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

Vincent De Giovanni
Summit Financial Advisors, LLC
(215) 579-1005
1500 Market Street
Philadelphia, PA
Expertises
Middle Income Client Needs, Helping Clients Identify & Achieve Goals, Ongoing Investment Management, College/Education Planning, Retirement Planning & Distribution Rules, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

Augustine Repetto
Locust Capital Management, LLC
(215) 735-9530
1629 Locust Street
Philadelphia, PA
Expertises
Advising Medical Professionals, Advising Entrepreneurs, High Net Worth Client Needs, Helping Clients Identify & Achieve Goals, Retirement Plan Investment Advice, Estate & Generational Planning Issues
Certifications
NAPFA Registered Financial Advisor, CFP®, MST

Spencer Sherman
Abacus Wealth Partners, LLC
(215) 656-4280
1818 Market Street, Suite 3740
Philadelphia, PA
Expertises
Charitable Giving - Trusts & Foundations, Estate & Generational Planning Issues, Financial Issues Between Generations, Ongoing Investment Management, Planning Issues for Business Owners, Socially Responsible Investments
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

Mitchell Metz
Pinnacle Financial Advisors LLC
(856) 797-8082 x 224
11000 Lincoln Dr. West, Suite 8
Marlton, NJ
Expertises
Ongoing Investment Management, High Net Worth Client Needs, Retirement Planning & Distribution Rules, Advising Medical Professionals, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, AAMS, BS, CFP®

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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