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Tighten-Up on Your Home Business Accounts Ephrata PA

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.”

Michael Helveston
Rodgers & Associates Ltd.
(717) 560-3800
647 E. Roseville Road
Lancaster, PA
Expertises
Ongoing Investment Management, Tax Planning, Insurance Related Issues, including Annuities, Estate & Generational Planning Issues, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, CRPC

Rick Rodgers
Rodgers & Associates Ltd.
(717) 560-3800
647 E. Roseville Road
Lancaster, PA
Expertises
Ongoing Investment Management, Estate & Generational Planning Issues, Retirement Planning & Distribution Rules, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CFP®, CRC, CRPC

William Heidig
FiscalWise, Inc.
(610) 891-7760
1756 Columbia Avenue
Lancaster, PA
Expertises
Retirement Planning & Distribution Rules, Advising Entrepreneurs, Women's Financial Planning Issues, Advising Medical Professionals, Planning Issues for Business Owners, Ongoing Investment Management
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, MBA

Mr. Joseph J. Howe, CFP®
(717) 721-5294
47 E Main St
Ephrata, PA
Firm
Ephrata National Bank

Data Provided by:
Mr. Emerson L. Paul, CFP®
(717) 336-3801
PO Box 610
Reamstown, PA
Firm
Weinhold Nickel & Company LLP
Areas of Specialization
Accounting, Education Planning, General Financial Planning, Retirement Income Management, Retirement Planning, Tax Preparation
Key Considerations
Average Net Worth: $100,001 - $250,000

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



Data Provided by:
Lita "Lee" Pelko
Rodgers & Associates Ltd.
(717) 560-3800
647 E. Roseville Road
Lancaster, PA
Expertises
Ongoing Investment Management, Charitable Giving - Trusts & Foundations, Retirement Planning & Distribution Rules, Women's Financial Planning Issues
Certifications
NAPFA Registered Financial Advisor, CFP®, CRPC

Timothy Decker
ISI Financial Group, Inc.
(717) 393-3353
26A East Roseville Road
Lancaster, PA
Expertises
Retirement Planning & Distribution Rules, High Net Worth Client Needs, Helping Clients Identify & Achieve Goals, Ongoing Investment Management, Estate & Generational Planning Issues, Retirement Plan Investment Advice
Certifications
NAPFA Registered Financial Advisor, AIF

Mr. Stephen F. Schlissel, CFP®
(717) 721-5238
47 E Main St
Ephrata, PA
Firm
Money Management Group-Ephrata National Bank
Areas of Specialization
Asset Allocation, Charitable Giving, Comprehensive Financial Planning, Elder Care, Estate Planning, Healthcare Planning, Insurance Planning
Key Considerations
Average Net Worth: $250,001 - $500,000

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

Profession: Not Applicable

Data Provided by:
Mrs. Lindsey Borgese, CFP®
(717) 738-1532
47 E Main St
Ephrata, PA
Firm
Ephrata National Bank

Data Provided by:
Mr. David D Schairer, CFP®
(248) 444-5562
369 Wheatfield Dr
Lititz, PA
Firm
Thrivent Financial for Luthera

Data Provided by:
Data Provided by:

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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