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Tighten-Up on Your Home Business Accounts Keene NH

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.”

Carl Amos Johnson
Ames Planning Associates, Inc.
(800) 258-9939
P.O. Box 396
Peterborough, NH
Expertises
Planning Issues for Business Owners, Estate & Generational Planning Issues, Financial Issues Between Generations, Ongoing Investment Management, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, AIF, CFP®, MBA

Mr. Carl J. Gravina, CFP®
(603) 357-1100
171 W Street
Keene, NH
Firm
Wells Fargo Advisors
Areas of Specialization
Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Education Planning, Employee and Employer Plan Benefits, Investment Management, Long-Term Care
Key Considerations
Average Net Worth: $500,001 - $1,000,000



Data Provided by:
Mr. Jedediah D Liebert, CFP®
(603) 357-6300
196 Washington St
Keene, NH
Firm
Commonwealth Financial Network

Data Provided by:
Mr. Harvey M.J. Ames, CFP®
(603) 924-9939
9 Vose Farm Rd Ste 130
Peterborough, NH
Firm
Ames Planning Associates, Inc
Areas of Specialization
Asset Allocation, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Divorce Issues, Education Planning, Elder Care
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Not Applicable

Data Provided by:
Mr. R. Gregg Alexander, CFP®
(603) 924-3306
20 Grove St
Peterborough, NH
Firm
RBC Wealth Management
Areas of Specialization
Asset Allocation, Budget Development, Business Succession Planning, Comprehensive Financial Planning, Education Planning, Estate Planning, General Financial Planning

Data Provided by:
Mr. Michael J. Rafferty, CFP®
(603) 352-0863
255 West St
Keene, NH
Firm
The NH Trust Co

Data Provided by:
Mr. Jeffrey D. Rubin, CFP®
(603) 357-2707
85 Washington St
Keene, NH
Firm
IPIC Inc

Data Provided by:
Mr. Donald T. Ladd, CFP®
(603) 357-1280
82 Washington St
Keene, NH
Firm
Ameriprise Financial
Areas of Specialization
Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Estate Planning, Intergenerational Planning, Investment Management, Retirement Income Management

Data Provided by:
Mr. Carl Amos Johnson, CFP®
(603) 924-9939
9 Vose Farm Road
Peterborough, NH
Firm
Ames Planning Associates
Areas of Specialization
Comprehensive Financial Planning, Education Planning, Estate Planning, Intergenerational Planning, Investment Management, Social Security Planning, Tax Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

Average Income: Not Applicable



Data Provided by:
Mr. Joseph D. Durell, CFP®
(800) 543-2035
20 Grove Street
Peterborough, NH
Firm
RBC Wealth Management
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Education Planning, Estate Planning, General Financial Planning, Insurance Planning, Investment Management
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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



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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