Tighten-Up on Your Home Business Accounts Grovetown GA

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.”

Bill Cleveland
Preston & Cleveland Wealth Management, LLC
(706) 855-0170
3740 Executive Center Drive
Augusta, GA
Expertises
Charitable Giving - Trusts & Foundations, Planning Issues for Business Owners, Ongoing Investment Management, Helping Clients Identify & Achieve Goals, High Net Worth Client Needs, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA/PFS, MBA

Mr. Will Rogers, CFP®
(706) 312-2000
601 N Belair Sq Ste 29
Evans, GA
Firm
Ameriprise Financial Inc.
Areas of Specialization
Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Government and Military, Intergenerational Planning, Life Planning, Life Transitions
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Government Employees

Data Provided by:
Mr. Graham C Hill, CFP®
(706) 855-8811
2924 Professional Pkwy
Augusta, GA
Firm
Northwestern Mutual Financial
Areas of Specialization
General Financial Planning
Key Considerations
Average Net Worth: Not Applicable

Average Income: Not Applicable

Profession: Not Applicable

Data Provided by:
Mr. Jeff Fehrman, CFP®
(706) 922-3590
2908 Professional Pkwy
Augusta, GA
Firm
Fehrman Investment Group-Raymond James
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Employee and Employer Plan Benefits, Investment Management, Retirement Income Management, Retirement Planning, Wealth Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Self-Employed Business Owners

Data Provided by:
Mr. John W. Phelan, CFP®
586 Bay Hl
Augusta, GA
Firm
Morgan Keegan

Data Provided by:
Jennifer Noah
The Monitor Group, Inc.
(706) 854-8040
537 Blackburn Drive
Martinez, GA
Expertises
Middle Income Client Needs, Helping Clients Identify & Achieve Goals, Retirement Plan Investment Advice, Retirement Planning & Distribution Rules, Divorce Planning
Certifications
NAPFA Registered Financial Advisor, CDFA, CFP®

Ms. Robin L. Jones, CFP®
(706) 860-2488
3015 Allen Dr
Evans, GA
Firm
First Command Financial Services, Inc

Data Provided by:
Mr. Paul B. Mcnair, CFP®
(706) 854-8040
537 Blackburn Dr
Martinez, GA
Firm
The Monitor Group, Inc.
Areas of Specialization
Asset Allocation, Budget Development, Comprehensive Financial Planning, Education Planning, Employee and Employer Plan Benefits, Estate Planning, Investment Management

Data Provided by:
Mr. Broadus William Cleveland Iii, CFP®
(706) 855-0170
3740 Executive Center Dr
Augusta, GA
Firm
Preston & Cleveland Wealth Man
Areas of Specialization
Asset Allocation, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Divorce Issues, Education Planning, Employee and Employer Plan Benefits

Data Provided by:
David William Turnbull, CFP®
(706) 868-8020
4210 Columbia Rd Ste 1B
Martinez, GA
Firm
Ameriprise Financial Services, Inc.
Areas of Specialization
Comprehensive Financial Planning, Divorce Issues, Education Planning, Elder Care, Estate Planning, Government and Military, Insurance Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

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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