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Tighten-Up on Your Home Business Accounts Juneau AK

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.”

Ms. Amy L. Volz, CFP®
(907) 463-5511
119 Seward St Ste 7
Juneau, AK
Firm
Samuel D Skaggs Investments
Areas of Specialization
Asset Allocation, Budget Development, Comprehensive Financial Planning, Divorce Issues, General Financial Planning, Investment Management, Investment Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000



Data Provided by:
John Morgan Brantner, CFP®
(907) 523-3422
8800 Glacier Hwy Ste 222
Juneau, AK
Firm
Wells Fargo Advisors, LLC
Areas of Specialization
Asset Allocation, Business Succession Planning, Comprehensive Financial Planning, Employee and Employer Plan Benefits, Estate Planning, Insurance Planning, Investment Management

Data Provided by:
Wells Fargo - Juneau
(907) 586-3324
123 Seward St
Juneau, AK
Type
Branch
Office Hours
Mon-Fri 09:30 AM-05:00 PM
Sat-Sun Closed

Morgan Stanley Smith Barney
(907) 790-9500
3031 Clinton Dr
Juneau, AK
 
Cemerlang Financial Services LLC
(907) 463-2543
418 Park St
Juneau, AK
 
Collin Todd, CFP®
(907) 209-6196
114 S Franklin St Ste 202
Juneau, AK
Firm
New Outlook Financial, LLC
Areas of Specialization
Asset Allocation, Budget Development, Comprehensive Financial Planning, Debt Management, Education Planning, Employee and Employer Plan Benefits, Estate Planning

Data Provided by:
Wells Fargo - Lemon Creek
(907) 780-5299
1610 Anka St
Juneau, AK
Type
Branch
Office Hours
Mon-Fri 09:00 AM-06:00 PM
Sat-Sun Closed

Wells Fargo - Glacier Valley
(907) 789-9550
9150 Glacier Hwy
Juneau, AK
Type
Branch
Office Hours
Mon-Fri 09:00 AM-06:00 PM
Sat 10:00 AM-05:00 PM
Sun Closed

Hauber & James Tax & Financial Services Inc
(907) 789-3091
9340 Glacier Hwy Ste 43b
Juneau, AK
 
Financial Planning Concepts for Living
(907) 463-3000
517 6th St
Juneau, AK
 
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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