Tighten-Up on Your Home Business Accounts Elizabeth City NC

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.”

Wells Fargo - Elizabeth City Main
(252) 331-6200
400 E Main St
Elizabeth City, NC
Type
Branch
Office Hours
Mon-Thu 09:00 AM-05:00 PM
Fri 09:00 AM-06:00 PM
Sat-Sun Closed

Thomas Tillery
Paraklete Financial, Inc.
(919) 872-0192
3120 Highwoods Blvd., Suite 207
Raleigh, NC
Expertises
Investment Advice without Ongoing Management, Planning Issues for Business Owners, Charitable Giving - Trusts & Foundations, Estate & Generational Planning Issues, Insurance Related Issues, including Annuities, High Net Worth Client Needs
Certifications
NAPFA Registered Financial Advisor, CFP®, ChFc, CLU, CRPC, MSFS, EdM

Gregory Yahn
Yahn Financial Planning
(336) 478-2363
7800 Airport Center Drive, Suite 401
Greensboro, NC
Expertises
Middle Income Client Needs, Investment Advice without Ongoing Management, Helping Clients Identify & Achieve Goals, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

Cheryl Sherrard
Rinehart Wealth Management
(704) 374-0646
521 E. Morehead Street, Suite 580
Charlotte, NC
Expertises
Estate & Generational Planning Issues, Charitable Giving - Trusts & Foundations, Women's Financial Planning Issues, Planning Concerns for Corporate Executives, High Net Worth Client Needs, Ongoing Investment Management
Certifications
NAPFA Registered Financial Advisor, AAMS, ATP, CFP®

Jon Green
Encompass Advisors, Ltd.
(828) 884-8840
10 Encompass Plaza
Brevard, NC
Expertises
Retirement Plan Investment Advice, Retirement Planning & Distribution Rules, Ongoing Investment Management, Tax Planning, Estate & Generational Planning Issues
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA/PFS, JD, MBA

Wells Fargo - Southgate
(252) 331-1402
1401 W Eringhaus St
Elizabeth City, NC
Type
Branch
Office Hours
Mon-Thu 09:00 AM-05:00 PM
Fri 09:00 AM-06:00 PM
Sat-Sun Closed

Jennifer Lazarus
Lazarus Financial Planning
(919) 321-0606
5614 Welkin Court
Durham, NC
Expertises
Socially Responsible Investments, Women's Financial Planning Issues, Planning Issues for Unmarried & Same-Sex Couples, Cash Flow/Budgets/Credit Issues, Middle Income Client Needs
Certifications
NAPFA Registered Financial Advisor, CFP®

James Miller
Woodward Financial Advisors, Inc.
(919) 929-2495 Ext: 3
1504 East Franklin Street, Suite 105
Chapel Hill, NC
Expertises
Helping Clients Identify & Achieve Goals, Retirement Planning & Distribution Rules, Retirement Plan Investment Advice, Ongoing Investment Management, Estate & Generational Planning Issues, Cash Flow/Budgets/Credit Issues
Certifications
NAPFA Registered Financial Advisor, CFP®

Barry Swaim
Wealth Management Group, Inc.
(336) 760-4829
3401 Healy Drive
Winston-Salem, NC
Expertises
Retirement Plan Investment Advice, Planning Issues for Business Owners, Retirement Planning & Distribution Rules, Investment Advice without Ongoing Management, Middle Income Client Needs, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CFP®

Edward Fulbright
Fulbright Financial Consulting, PA
(919) 544-0398
5302 NC Highway 55, Suite 104
Durham, NC
Expertises
Ongoing Investment Management, Planning Issues for Business Owners, Helping Clients Identify & Achieve Goals, Middle Income Client Needs, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CPA/PFS

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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