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Tighten-Up on Your Home Business Accounts Girard OH

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.”

Ms. Paulette Cook Pasquale, CFP®
(330) 759-0890
1601 Motor Inn Dr
Girard, OH
Firm
Pasquale Financial
Areas of Specialization
Asset Allocation, Elder Care, Estate Planning, General Financial Planning, Healthcare Planning, Intergenerational Planning, Life Planning
Key Considerations
Average Net Worth: $100,001 - $250,000

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



Data Provided by:
Ms. Jill B. Mccullough, CFP®
Lariccia School of Accounting & Finance Rm 3331
Youngstown, OH
Firm
Youngstown State University
Areas of Specialization
Comprehensive Financial Planning, Employee and Employer Plan Benefits, Life Transitions, Retirement Planning, Wealth Management, Women's Finances, Young Professionals
Key Considerations
Average Net Worth: $5,000,001 or more

Average Income: $500,001 - $1,000,000



Data Provided by:
Mr. Russell W Spitz Jr., CFP®
(330) 759-6776
5048 belmont ave
youngstown, OH
Firm
MorganStanley SmithBarney
Areas of Specialization
Comprehensive Financial Planning, Employee and Employer Plan Benefits, Insurance Planning, Investment Management, Retirement Income Management, Retirement Planning, Risk Management
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000



Data Provided by:
Mr. Richard H. J. Sheridan, CFP®
(330) 394-1346
PO Box 217
Vienna, OH
Firm
Small Business Management Inc

Data Provided by:
Mr. J. Bryan Redmond, CFP®
(330) 856-7069
8886 E Market St
Warren, OH
Firm
Ameriprise Financial Services, Inc.
Areas of Specialization
Asset Allocation, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Divorce Issues, Education Planning, Elder Care

Data Provided by:
Dr. R. Wayne Counts, CFP®
(330) 941-7149
1 University Plz
Youngstown, OH
Firm
Youngstown State University

Data Provided by:
Mr. George E. Mowrey, CFP®
(330) 759-3444
4964 Belmont Ave
Youngstown, OH
Firm
G. Earl Mowrey & Co. L.L.C.
Areas of Specialization
Investment Management
Key Considerations
Average Net Worth: Not Applicable

Average Income: Not Applicable

Profession: Not Applicable

Data Provided by:
Laurie J Gerdy, CFP®
(330) 539-9000
972 Youngstown Kingsville Rd SE
Vienna, OH
Firm
Emery Financial Group
Areas of Specialization
Asset Allocation, Budget Development, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Debt Management, Divorce Issues
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided by:
Mr. Thomas J. Hannon, CFP®
(330) 792-9011
47 Westchester Dr
Youngstown, OH
Firm
Hannon & Associates

Data Provided by:
Mr. Richard C. Morrow Jr., CFP®
(330) 758-8613
7620 Market St
Youngstown, OH
Firm
HBKS Wealth Advisors

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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