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Tighten-Up on Your Home Business Accounts Holyoke MA

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.”

Douglas Wheat
Family Wealth Management, Inc.
(413) 313-0030
330 Whitney Avenue, Suite 750
Holyoke, MA
Expertises
Retirement Planning & Distribution Rules, Ongoing Investment Management, Advising Medical Professionals, Estate & Generational Planning Issues, Socially Responsible Investments, Special Needs Planning
Certifications
NAPFA Registered Financial Advisor, CFP®

Richard Chase
Family Wealth Management, Inc.
(413) 313-0030
1 Monarch Place
Springfield, MA
Expertises
Retirement Planning & Distribution Rules, Ongoing Investment Management, Tax Planning, Estate & Generational Planning Issues, High Net Worth Client Needs, Advising Medical Professionals
Certifications
NAPFA Registered Financial Advisor, CPA/PFS

David Martula
Fee-Only Financial Planning
(413) 586-8002
277 Bay Road
Hadley, MA
Expertises
Middle Income Client Needs, Newlyweds & Novice Investors
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

Michael Potito
Singer Potito Associates, Inc.
(413) 256-1225
116 Harkness Road
Amherst, MA
Expertises
Ongoing Investment Management, Planning Issues for Business Owners, Cash Flow/Budgets/Credit Issues, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, AVA, BA

Mr. Jason A. Cutler, CFP®
(860) 930-4255
330 Whitney Ave Ste 600
Holyoke, MA
Firm
Mass Mutual Life Insurance Company
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Education Planning, Employee and Employer Plan Benefits, Estate Planning, General Financial Planning, Insurance Planning
Key Considerations
Average Net Worth: $250,001 - $500,000

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



Data Provided by:
Richard Chase
Family Wealth Management, Inc.
(413) 313-0030
330 Whitney Avenue, Suite 750
Holyoke, MA
Expertises
Retirement Planning & Distribution Rules, Ongoing Investment Management, Tax Planning, Estate & Generational Planning Issues, High Net Worth Client Needs, Advising Medical Professionals
Certifications
NAPFA Registered Financial Advisor, CPA/PFS

Douglas Wheat
Family Wealth Management, Inc.
(413) 313-0030
1 Monarch Place
Springfield, MA
Expertises
Retirement Planning & Distribution Rules, Ongoing Investment Management, Advising Medical Professionals, Estate & Generational Planning Issues, Socially Responsible Investments, Special Needs Planning
Certifications
NAPFA Registered Financial Advisor, CFP®

John Perkins
John Perkins
(413) 303-0422
38 Mulberry Street, Suite 104 PO Box 487
Northhampton (Leeds), MA
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules, Cash Flow/Budgets/Credit Issues, Planning Issues for Unmarried & Same-Sex Couples, Socially Responsible Investments, Helping Clients Identify & Achieve Goals
Certifications
NAPFA Registered Financial Advisor, CFP®

Howard Singer
Singer Potito Associates, Inc.
(413) 256-1225
116 Harkness Road
Amherst, MA
Expertises
Ongoing Investment Management, Helping Clients Identify & Achieve Goals, Retirement Planning & Distribution Rules, High Net Worth Client Needs, Socially Responsible Investments
Certifications
NAPFA Registered Financial Advisor, BA, CFP®, MFA

Mr. Douglas J Wheat, CFP®
(413) 313-0030
330 Whitney Ave Ste 750
Holyoke, MA
Firm
Family Wealth Management, Inc.
Areas of Specialization
Comprehensive Financial Planning, Investment Management, Investment Planning, LGBT Individuals and Couples, Retirement Income Management, Socially Responsible Investments, Special Needs Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

Profession: Service Professionals

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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