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Tighten-Up on Your Home Business Accounts Dover DE

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. Dion L. Williams, CFP®
(302) 672-1445
270 Beiser Blvd
Dover, DE
Firm
Del-One Federal Credit Union

Data Provided by:
Mr. Jeffrey L. Gehrmann, CFP®
(302) 735-8272
139 S State St
Dover, DE
Firm
M&T Securities, Inc.

Data Provided by:
Mr. William Lawrence Corsino, CFP®
(800) 856-9412
55 Kings Hwy
Dover, DE
Firm
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Areas of Specialization
Asset Allocation, Banking, Comprehensive Financial Planning, Debt Management, Divorce Issues, Education Planning, General Financial Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Not Applicable

Data Provided by:
Mr. Jeffrey T Puglia, CFP®
(302) 265-2236
223A S Rehoboth Blvd Ste A
Milford, DE
Firm
Lpl Holdings, Inc
Areas of Specialization
Asset Allocation, Business Succession Planning, Comprehensive Financial Planning, Debt Management, Divorce Issues, Employee and Employer Plan Benefits, Estate Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

Average Income: $50,001 - $100,000

Profession: Not Applicable

Data Provided by:
Wells Fargo - Dover Parkway Remote Mb
(302) 736-2941
137 S Bradford St
Dover, DE
Type
Motor Bank
Office Hours
Mon-Thu 09:00 AM-05:00 PM
Fri 09:00 AM-06:00 PM
Sat-Sun Closed

Mr. Michael B. Gast, CFP®
(302) 735-2092
121 South State Street
Dover, DE
Firm
M & T Bank

Data Provided by:
Mr. Christopher S. Hayes, CFP®
(302) 736-7728
55 Kings Hwy
Dover, DE
Firm
Merrill Lynch
Areas of Specialization
Asset Allocation, Charitable Giving, Comprehensive Financial Planning, Divorce Issues, Education Planning, Estate Planning, General Financial Planning

Data Provided by:
Mr. Stephen R Price, CFP®
(302) 659-6783
600 Jimmy Dr
Smyrna, DE
Firm
M&T Bank
Areas of Specialization
Banking

Data Provided by:
Citizens Bank - Dover (DE)
(302) 734-0200
8 Loockerman Street
Dover, DE
Type
Branch
Office Hours
Mon: 9AM-4PM
Tue: 9AM-4PM
Wed: 9AM-4PM
Thu: 9AM-4PM
Fri: 9AM-6PM
Sat: na
Sun: na
Drive Up Hours
Mon: 8:30AM-5PM
Tue: 8:30AM-5PM
Wed: 8:30AM-5PM
Thu: 8:30AM-5PM
Fri: 8:30AM-6PM
Sat: na

TD Bank
(302) 760-4790
1035 Forrest Avenue
Dover, DE
Type
Branch
Office Hours
Mon-Wed 8:30-5:00
Th-Fri 8:30-8:00
Sat 8:30-3:00
Sun 11:00-4:00
Drive Up Hours
Mon-Fri 7:30-8:00
Sat 7:30-6:00
Sun 11:00-4:00

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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