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Tighten-Up on Your Home Business Accounts Gretna LA

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.”

Keith Deane
Deane Retirement Strategies, Inc.
(504) 582-2345
1100 Poydras Street, Suite 2065
New Orleans, LA
Expertises
Retirement Plan Investment Advice, Retirement Planning & Distribution Rules, Ongoing Investment Management, Advising Employee Benefit Plan Participants, High Net Worth Client Needs, Advising Medical Professionals
Certifications
NAPFA Registered Financial Advisor, CFP®, CRC

Shelley Ferro
Ferro Financial LLC
(504) 831-1813
2121 N. Causeway Blvd Suite 160
Metarie, LA
Expertises
Retirement Planning & Distribution Rules, Ongoing Investment Management, Helping Clients Identify & Achieve Goals, Advising Medical Professionals
Certifications
NAPFA Registered Financial Advisor, CFP®, EA

Mr. Gregory J. Hildebrand, CFP®
(504) 367-6174
405 Gretna Blvd
Gretna, LA
Firm
Transamerica Financial Advisors, Inc.

Data Provided by:
Mr. Benjamin H. Maynard, CFP®
(504) 299-3428
650 Poydras St Ste 1426
New Orleans, LA
Firm
Maynard Investment Management
Areas of Specialization
Asset Allocation, Budget Development, Comprehensive Financial Planning, Estate Planning, Government and Military, Intergenerational Planning, Investment Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

Average Income: $100,001 - $250,000



Data Provided by:
Ms. Lisa A. Schewe, CFP®
(504) 299-3413
650 Poydras St Ste 1413
New Orleans, LA
Firm
Ameriprise Financial Services,
Areas of Specialization
Asset Allocation, Budget Development, Charitable Giving, Comprehensive Financial Planning, Employee and Employer Plan Benefits, Investment Management, Long-Term Care
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

Average Income: $100,001 - $250,000

Profession: Legal Professionals

Data Provided by:
Linda Deane
Deane Retirement Strategies, Inc.
(504) 582-2345
1100 Poydras Street, Suite 2065
New Orleans, LA
Expertises
Retirement Plan Investment Advice, Retirement Planning & Distribution Rules, Ongoing Investment Management, Advising Employee Benefit Plan Participants, High Net Worth Client Needs, Advising Medical Professionals
Certifications
NAPFA Registered Financial Advisor, AIF, CEA, CFP®, CRC, RFC

Michael Zabalaoui
Resource Management, Inc.
(504) 833-5378
3300 West Esplanade Avenue, Suite 509
Metairie, LA
Expertises
Ongoing Investment Management, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA/PFS, MS

Mr. Joseph P. Stephens, CFP®
(504) 362-5570
3528 Holiday Dr Ste A
New Orleans, LA
Firm
Stephens Financial Services LLC
Areas of Specialization
Comprehensive Financial Planning, Investment Planning, Retirement Income Management, Tax Preparation
Key Considerations
Average Net Worth: $250,001 - $500,000

Average Income: $100,001 - $250,000

Profession: Not Applicable

Data Provided by:
Ms. Jennifer B. Gerarve, CFP®
(504) 586-7742
601 Poydras St Ste 2500
New Orleans, LA
Firm
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Areas of Specialization
Comprehensive Financial Planning, Employee and Employer Plan Benefits, Retirement Planning

Data Provided by:
Mr. Robert R. Steinfeld, CFP®
(504) 483-9782
2006 Prytania St
New Orleans, LA
Firm
MetLife
Areas of Specialization
Business Succession Planning, Comprehensive Financial Planning, Estate Planning, Investment Planning, Retirement Income Management, Small Business Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

Average Income: $100,001 - $250,000

Profession: Not Applicable

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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