Tighten-Up on Your Home Business Accounts Great Bend KS

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.”

Mrs. Shirley B. Flick, CFP®
(620) 793-9999
1618 Main St
Great Bend, KS
Firm
Shirley Fick, CFP
Areas of Specialization
Divorce Issues, Education Planning, General Financial Planning, Insurance Planning, Retirement Income Management, Wealth Management, Women's Finances

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Bank of America
(620) 792-4522
2223 Broadway Avenue
Great Bend, KS
Type
Banking Center

Richard Salmen
GTrust
(913) 451-0900
11225 College Boulevard, Suite 410
Overland Park, KS
Expertises
Helping Clients Identify & Achieve Goals, Middle Income Client Needs, Tax Planning, Estate & Generational Planning Issues, Planning Issues for Unmarried & Same-Sex Couples
Certifications
NAPFA Registered Financial Advisor, CFA, CFP®, CTFA, EA, MBA

Randy Clayton
Clayton Financial Services, Inc.
(785) 232-3266
716 S. Kansas Avenue
Topeka, KS
Expertises
Ongoing Investment Management, Advising Employee Benefit Plan Participants, Helping Clients Identify & Achieve Goals
Certifications
NAPFA Registered Financial Advisor, CFP®, CLU

John Seitzer
Everest Wealth Management
(913) 387-2017
4901 W. 136 Street, Suite 1
Leawood, KS
Expertises
Ongoing Investment Management, Alternative or Private Investments, High Net Worth Client Needs, Retirement Planning & Distribution Rules, Tax Planning, Estate & Generational Planning Issues
Certifications
NAPFA Registered Financial Advisor, CFA, CFP®, CPA, MBA

Bank of America - Great Bend
(620) 792-1761
2006 Broadway, Suite 100
Great Bend, KS
Type
Banking Center
Services
Banking Center Services: Change Order, Commercial Deposits, Night Deposits
Outdoor ATM Services: Open 24 Hours, Braille, Accepts Deposits
Languages
English, Spanish, Chinese, Korean, French, Russian, Portuguese
Office Hours
Monday 9-4
Tuesday 9-4
Wednesday 9-4
Thursday 9-4
Friday 9-4
Saturday Closed
Sunday Closed

Edward Jones
(888) 891-1446
1904 Broadway Ave
Great Bend, KS

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Lynn Garrison
Legacy Wealth Partners, LLC
(913) 338-4530
11011 King Street
Overland Park, KS
Expertises
Helping Clients Identify & Achieve Goals, Ongoing Investment Management, Financial Issues Between Generations, Estate & Generational Planning Issues, Charitable Giving - Trusts & Foundations, Alternative or Private Investments
Certifications
NAPFA Registered Financial Advisor, BSEE, CFP®

Matthew Syverson
Syverson & Company, LLC
(913) 317-6000
7500 College Blvd., Suite 140
Overland Park, KS
Expertises
High Net Worth Client Needs, Estate & Generational Planning Issues, Charitable Giving - Trusts & Foundations, Special Needs Planning, Retirement Planning & Distribution Rules, Ongoing Investment Management
Certifications
NAPFA Registered Financial Advisor, CAP, CFP®

Daniel Weeks
Syverson & Company, LLC
(913) 317-6000
7500 College Blvd., Suite 140
Overland Park, KS
Expertises
Advising Medical Professionals, High Net Worth Client Needs, Charitable Giving - Trusts & Foundations, Helping Clients Identify & Achieve Goals, Planning Issues for Business Owners, Ongoing Investment Management
Certifications
NAPFA Registered Financial Advisor, CFP®

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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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