Tighten-Up on Your Home Business Accounts Columbia City IN

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.”

Gregory Galecki
Galecki Financial Management, Inc.
(260) 436-8525
7743 W. Jefferson Boulevard
Ft. Wayne, IN
Expertises
Ongoing Investment Management, Advising Medical Professionals, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, BA, CFP®

Dennis Houlihan
Houlihan Asset Management LLC
(260) 422-2929
421 East Cook Road, Suite 300
Fort Wayne, IN
Expertises
Ongoing Investment Management, Estate & Generational Planning Issues, Retirement Planning & Distribution Rules, Hourly Financial Planning Services, Cash Flow/Budgets/Credit Issues, Tax Planning
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, MS

Mr. John Corbett Reimbold, CFP®
(260) 432-3235
5750 Coventry Ln Ste 110
Fort Wayne, IN
Firm
Ameriprise Financial
Areas of Specialization
Comprehensive Financial Planning, Education Planning, Estate Planning, General Financial Planning, Investment Management, Investment Planning, Retirement Income Management

Data Provided by:
Mr. Louis G. Mohlman Sr., CFP®
(260) 423-4824
6702 Pointe Inverness Way Ste 100
Fort Wayne, IN
Firm
Wellsl Fargo Advisors
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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



Data Provided by:
Mr. Jason H. Frank, CFP®
(260) 432-8913
6223 Constitution Dr
Fort Wayne, IN
Firm
Frank Financial Group
Areas of Specialization
Asset Allocation, Education Planning, Insurance Planning, Investment Management, Investment Planning, Long-Term Care, Retirement Income Management

Data Provided by:
Ian Boyce
Dickmeyer Boyce Financial Management, Inc.
(260) 436-2051
6506 Constitution Drive
Fort Wayne, IN
Expertises
Retirement Plan Investment Advice, Ongoing Investment Management, Divorce Planning, Advising Employee Benefit Plan Participants, Estate & Generational Planning Issues, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, BA, CFP®

Mr. David Weidmayer, CFP®
(866) 937-0827
6702 Pointe Inverness Way Ste 100
Fort Wayne, IN
Firm
Wells Fargo Advisors, LLC
Areas of Specialization
Asset Allocation, Charitable Giving, Insurance Planning, Intergenerational Planning, Investment Management, Investment Planning, Life Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000



Data Provided by:
Mr. Daniel K Palmer, CFP®
(260) 969-3940
6714 Pointe Inverness Way
Fort Wayne, IN
Firm
Rehmann Financial

Data Provided by:
Mr. Al P. Lindsten, CFP®
(260) 436-7006
7617 West Jefferson Blvd
Fort Wayne, IN
Firm
Shelton Financial Group
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Education Planning, General Financial Planning, Insurance Planning, Investment Management, Investment Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided by:
Mr. David M. Kolpien, CFP®
(260) 436-9219
7030 Pointe Inverness Way Ste 310
Fort Wayne, IN
Firm
Raymond James

Data Provided by:
Data Provided by:

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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