Tighten-Up on Your Home Business Accounts Holly Springs MS

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.”

Regions Bank - Ashland Center
(662) 224-6233
56 Main Street South
Ashland, MS
Type
Branch
Office Hours
M-Th 9:00-4:00
F 9:00-5:00
S CLOSED
Su NA
Drive Up Hours
M-S CLOSED
Su NA

John Bergland, Jr.
Bergland Wealth Management, Inc.
(601) 956-5181
PO Box 1318
Ridgeland, MS
Expertises
Helping Clients Identify & Achieve Goals, Retirement Planning & Distribution Rules, Estate & Generational Planning Issues, Advising Medical Professionals, Ongoing Investment Management, High Net Worth Client Needs
Certifications
NAPFA Registered Financial Advisor, AIF, CFP®, M.Div.

Mr. Reginald Cornell Thompson, CFP®
(769) 257-0010
1880 Lakeland Dr Ste C
Jackson, MS
Firm
Thompson Wealth Advisors
Areas of Specialization
Budget Development, Comprehensive Financial Planning, Debt Management, General Financial Planning, Insurance Planning, Investment Planning, Life Planning

Data Provided by:
Mr. Harold J. Hicks, CFP®
(601) 364-9337
4450 Old Canton Rd.
Jackson, MS
Firm
ING Financial Advisors LLC

Data Provided by:
Mr. David S. Morse, CFP®
(601) 965-0116
1667 Lelia Dr
Jackson, MS
Firm
Coker and Palmer
Areas of Specialization
Education Planning, General Financial Planning, Investment Planning, Retirement Income Management, Risk Management, Securities, Wealth Management
Key Considerations
Average Net Worth: $250,001 - $500,000

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

Profession: Service Professionals

Data Provided by:
Tiffany Ballard
Bergland Wealth Management, Inc.
(601) 956-5181
PO Box 1318
Ridgeland, MS
Expertises
Cash Flow/Budgets/Credit Issues, Advising Medical Professionals, Ongoing Investment Management, Retirement Planning & Distribution Rules, Helping Clients Identify & Achieve Goals, Estate & Generational Planning Issues
Certifications
NAPFA Registered Financial Advisor, AIF, CFP®

Martin Mesecke
Self Worth Financial Planning LLC
(662) 452-0525
2206 Anderson Road
Oxford, MS
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFP®

Mr. James C Langley, CFP®
(662) 236-1510
607 South Lamar
Oxford, MS
Firm
Edward Jones Investments
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Debt Management, Education Planning, Employee and Employer Plan Benefits, Estate Planning, General Financial Planning

Data Provided by:
Ms. Rita B. Parker, CFP®
(601) 607-7206
1062 Highland Colony Pkwy Ste 100
Ridgeland, MS
Firm
Raymond James and Associates
Areas of Specialization
Retirement Income Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

Profession: Not Applicable

Data Provided by:
Mr. Matthew P. Brown, CFP®
(601) 925-8099
205 E Main St
Clinton, MS
Firm
Mascagni Wealth Management

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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