Tighten-Up on Your Home Business Accounts Glenshaw 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.”

Louis Stanasolovich
Legend Financial Advisors, Inc.
(412) 635-9210
5700 Corporate Drive, Suite 350
Pittsburgh, PA
Expertises
Ongoing Investment Management, High Net Worth Client Needs, Advising Entrepreneurs, Advising Medical Professionals, Alternative or Private Investments, Helping Clients Identify & Achieve Goals
Certifications
NAPFA Registered Financial Advisor

Steve Templeton
Templeton Financial Planning
(724) 695-1087
651 Holiday Drive, Suite 300
Pittsburgh, PA
Expertises
Tax Planning, Advising Medical Professionals, Retirement Plan Investment Advice, Cash Flow/Budgets/Credit Issues, College/Education Planning, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, CFP®, EA

Edward J. Aufman
Aufman Associates Inc.
(724) 934-5600
2200 Georgetown Drive, Suite 401
Sewickley, PA
Expertises
Estate & Generational Planning Issues, Ongoing Investment Management, Tax Planning
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, RFP

Steve Templeton
Templeton Financial Planning
(724) 695-1087
850 Beaver Grade Road
Moon Township, PA
Expertises
Tax Planning, Advising Medical Professionals, Retirement Plan Investment Advice, Cash Flow/Budgets/Credit Issues, College/Education Planning, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, CFP®, EA

Mr. Eric D. Kondrit, CFP®
(412) 782-5003
400 Loop St
Pittsburgh, PA
Firm
Woodbury Financial Services inc

Data Provided by:
Diane Pearson
Legend Financial Advisors, Inc.
(412) 635-9210
5700 Corporate Drive, Suite 350
Pittsburgh, PA
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules, College/Education Planning, Women's Financial Planning Issues, Estate & Generational Planning Issues, Divorce Planning
Certifications
NAPFA Registered Financial Advisor, CDFA, CFP®

Robert Choiniere
Plans to Prosper, LLC
(724) 935-5553
109 Gateway Avenue, Suite 201
Wexford, PA
Expertises
Helping Clients Identify & Achieve Goals, Ongoing Investment Management, Advising Medical Professionals, College/Education Planning, Estate & Generational Planning Issues, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, BS, CFP®

Edward B. Aufman
Aufman Associates Inc.
(724) 934-5600
2200 Georgetown Drive, Suite 401
Sewickley, PA
Expertises
Estate & Generational Planning Issues, Ongoing Investment Management, Tax Planning
Certifications
NAPFA Registered Financial Advisor, BS, CFP®

C. Bradley Bond
C. B. Bond Financial Planning, Inc.
(724) 733-2280
5808 Glenwood Ct.
Export, PA
Expertises
Retirement Planning & Distribution Rules, Middle Income Client Needs, Investment Advice without Ongoing Management, Newlyweds & Novice Investors, College/Education Planning, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CFA, CFP®

Mr. Herman L. Kahn, CFP®
(412) 781-7100
17 Brilliant Ave Ste 302
Pittsburgh, PA
Firm
Wealth Management Strategies I
Areas of Specialization
Business Succession Planning, Charitable Giving, Divorce Issues, Estate Planning, Real Estate, Retirement Income Management, Wealth Management
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

Average Income: Not Applicable

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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