Tighten-Up on Your Home Business Accounts Elk River MN

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.”

Jon Govin
Summit Wealth Advocates, LLC
(763) 712-5879
227 East River Parkway
Champlin, MN
Expertises
Ongoing Investment Management, College/Education Planning, Advising Employee Benefit Plan Participants, Tax Planning
Certifications
NAPFA Registered Financial Advisor, AIF, CFP®, CPA, PFS

Roger Kruse
FFP Wealth Management
(763) 231-2760
11375 Robinson Drive Suite 210
Minneapolis, MN
Expertises
Retirement Planning & Distribution Rules, Ongoing Investment Management, Tax Planning, Planning Issues for Business Owners, Planning Concerns for Corporate Executives, Middle Income Client Needs
Certifications
NAPFA Registered Financial Advisor, CFP®, ChFc

Mr. Ronald J. Bardine, CFP®
(763) 441-5755
11070 183rd Circle, NW
Elk River, MN
Firm
Raymond James Financial Serv

Data Provided by:
Mr. Nicholas Ray Bormann, CFP®
(763) 428-6525
13510 Rogers Dr
Rogers, MN
Firm
Wells Fargo Advisors

Data Provided by:
Mr. Kenneth J. Basten, CFP®
113 Locust St
Monticello, MN
Firm
Ameriprise Financial

Data Provided by:
Tiffany Brynteson
FFP Wealth Management
(763) 231-2760
11375 Robinson Drive Suite 210
Minneapolis, MN
Expertises
Ongoing Investment Management, Cash Flow/Budgets/Credit Issues, Retirement Planning & Distribution Rules, Tax Planning
Certifications
NAPFA Registered Financial Advisor, BS, CRPC

Gregory Zandlo
North East Asset Management
(763) 785-9541
11465 Robinson Drive NW, Suite 250
Minneapolis, MN
Expertises
Retirement Planning & Distribution Rules, Retirement Plan Investment Advice, High Net Worth Client Needs, Ongoing Investment Management, Planning Concerns for Corporate Executives, College/Education Planning
Certifications
NAPFA Registered Financial Advisor, CFP®

Mr. Stephen R. Lucht, CFP®
(763) 497-9386
6583 W Laketowne Drive NE
Albertville, MN
Firm
Lucht & Associates, Inc.
Areas of Specialization
Tax Planning

Data Provided by:
Mr. David A Nordmeier, CFP®
(763) 428-0066
21025 Commerce Blvd
Rogers, MN
Firm
Midwest Wealth Advisors
Areas of Specialization
General Financial Planning, Investment Management, Retirement Planning
Key Considerations
Average Net Worth: $250,001 - $500,000

Average Income: $250,001 - $500,000

Profession: Medical/Dental Professionals

Data Provided by:
Mr. Daniel M. Wickman, CFP®
(763) 295-3275
PO Box 175
Monticello, MN
Firm
Ameriprise Financial Services
Areas of Specialization
Comprehensive Financial Planning, Estate Planning, Retirement Planning
Key Considerations
Average Net Worth: $250,001 - $500,000

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

Profession: Not Applicable

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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