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Tighten-Up on Your Home Business Accounts Derry NH

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.”

John Dulmage
Financial Pathways
(603) 821-1450
50 Nashua Road 112 Londonderry Square
Londonderry, NH
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules, Tax Planning, Real Estate Investments, Socially Responsible Investments, High Net Worth Client Needs
Certifications
NAPFA Registered Financial Advisor, CFP®, EA

William Moeckel
WJM Financial, LLC
(603) 589-8010
2 Commerce Drive
Bedford, NH
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFA, CFP®, MS

Dorothy Cole
Dorothy J. Cole
(800) 352-6530
11 Blackstone Court
Merrimack, NH
Expertises
Planning Issues for Business Owners, Divorce Planning, Financial Issues Between Generations, Middle Income Client Needs, Advising Medical Professionals, Special Needs Planning
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA, EdM

Glenn Sweeney
SFM, LLC
(603) 625-8400
575 Front Street
Manchester, NH
Expertises
Planning Issues for Business Owners, Ongoing Investment Management, Real Estate Investments, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CFA, CPA

Maureen Demers
Demers Financial Planning LLC
(978) 494-4337
75 Merrimack Road
Methuen, MA
Expertises
Investment Advice without Ongoing Management, Middle Income Client Needs, Retirement Planning & Distribution Rules, Hourly Financial Planning Services, Helping Clients Identify & Achieve Goals, Ongoing Investment Management
Certifications
NAPFA Registered Financial Advisor, CFP®

Paul Pignone
Boston Retirement Advisors, LLC
(603) 896-6400
85 Stiles Road, Suite 202
Salem, NH
Expertises
Ongoing Investment Management, Retirement Plan Investment Advice, Retirement Planning & Distribution Rules, Hourly Financial Planning Services, High Net Worth Client Needs, Middle Income Client Needs
Certifications
NAPFA Registered Financial Advisor, AIF, CFP®, ChFc, CLU, CSA

Robert Bartley
Bartley Financial Advisors
(603) 625-9900
169 South River Road, Suite 17
Bedford, NH
Expertises
Advising Entrepreneurs, Advising Medical Professionals, Ongoing Investment Management, Planning Issues for Business Owners, Retirement Planning & Distribution Rules, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA

Jean Fullerton
WJM Financial, LLC
(603) 589-8010
2 Commerce Drive
Bedford, NH
Expertises
Ongoing Investment Management, Estate & Generational Planning Issues, Socially Responsible Investments, Retirement Planning & Distribution Rules, Tax Planning, Retirement Plan Investment Advice
Certifications
NAPFA Registered Financial Advisor, CFP®, MS

Peter Canniff
Advanced Portfolio Design, LLC
(603) 889-4300
266 Main Street
Nashua, NH
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules, High Net Worth Client Needs, Estate & Generational Planning Issues, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CFP®

Sherrill St. Germain
New Means Financial Planning
(603) 465-3485
P.O. Box 666
Hollis, NH
Expertises
Hourly Financial Planning Services, Investment Advice without Ongoing Management, Retirement Plan Investment Advice, Retirement Planning & Distribution Rules, Planning Issues for Unmarried & Same-Sex Couples
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

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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