Tighten-Up on Your Home Business Accounts Harriman TN

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.”

Mr. Jeffrey Mark King, CFP®
(865) 481-0385
687 Emory Valley Rd
Oak Ridge, TN
Firm
Coulter & Justus Financial Ser

Data Provided by:
Mr. Paul T. Whitmire, CFP®
(865) 482-4211
675 Emory Valley Rd
Oak Ridge, TN
Firm
H.D. Vest Financial Services
Areas of Specialization
Comprehensive Financial Planning, Debt Management, Education Planning, Elder Care, Estate Planning, General Financial Planning, Insurance Planning
Key Considerations
Average Net Worth: Not Applicable

Average Income: Not Applicable

Profession: Not Applicable

Data Provided by:
Mr. T. Lee Sherbakoff, CFP®
(865) 777-2479
9721 Cogdill Rd
Knoxville, TN
Firm
Patriot Investment Management
Areas of Specialization
Comprehensive Financial Planning, Estate Planning, General Financial Planning, Investment Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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



Data Provided by:
Charles Patrick Mattingly, CFP®
(865) 777-2479
9721 Cogdill Rd Ste 101
Knoxville, TN
Firm
Patriot Investment Management
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Debt Management, Employee and Employer Plan Benefits, Investment Management
Key Considerations
Average Net Worth: Not Applicable

Average Income: Not Applicable



Data Provided by:
Mr. Jeffrey B. Dortch, CFP®
(615) 400-8791
608 Mabry Hood Road
Knoxville, TN
Firm
Local Government Federal Credit Uniion

Data Provided by:
Mrs. Mary Lynne Yoder, CFP®
(865) 481-0045
100-C E Tennessee Ave
Oak Ridge, TN
Firm
Hobson Yoder Financial Group
Areas of Specialization
Charitable Giving, Comprehensive Financial Planning, Elder Care, Estate Planning, Investment Management, Investment Planning, Life Planning
Key Considerations
Average Net Worth: $100,001 - $250,000

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

Profession: Media/Arts Professionals

Data Provided by:
Ms. Ellen E. Coppinger, CFP®
(865) 481-4962
501 Lafayette Dr
Oak Ridge, TN
Firm
CUNA Mutual Group
Areas of Specialization
Business Succession Planning, Comprehensive Financial Planning, Divorce Issues, Education Planning, Elder Care, Estate Planning, General Financial Planning
Key Considerations
Average Net Worth: $250,001 - $500,000

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

Profession: Not Applicable

Data Provided by:
Mr. Adam Brock, CFP®
9721 Cogdill Rd Ste 101
Knoxville, TN
Firm
Patriot Investment Management

Data Provided by:
Mr. Steven S. Hall, CFP®
(865) 220-9311
9729 Cogdill Road
Knoxville, TN
Firm
Retirement Planning Services, LLC
Areas of Specialization
General Financial Planning, Investment Management, Investment Planning, Life Planning, Life Transitions, Long-Term Care, Planning for Couples
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Not Applicable

Data Provided by:
Ms. Kathleen S. Parks, CFP®
(865) 777-2479
9721 Cogdill Rd Ste 101
Knoxville, TN
Firm
Patriot Investment Management
Areas of Specialization
Comprehensive Financial Planning, Intergenerational Planning, Life Transitions, Planning for Couples, Wealth Management, Women's Finances

Data Provided by:
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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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