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Tighten-Up on Your Home Business Accounts Lahaina HI

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.”

Paul Sutherland
Financial & Investment Management Group
(808) 871-1006
444 Hana Hwy. Suite D
Kahului, HI
Expertises
Ongoing Investment Management, Planning Issues for Business Owners, Advising Medical Professionals, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, AAMS, CFP®, CRPC, MBA

Ms. Janis D. Casco, CFP®
(808) 667-5599
50 Puu Anoano St. #707
Lahaina, HI
Firm
CASCO WEALTH MANAGEMENT, LLC
Areas of Specialization
Asset Allocation, Budget Development, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Divorce Issues, Education Planning
Key Considerations
Average Net Worth: $5,000,001 or more

Average Income: $250,001 - $500,000



Data Provided by:
Mr. James Makoto Moriyasu, CFP®
(808) 871-2249
33 Lono Ave Ste 330
Kahului, HI
Firm
Morgan Stanley
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Education Planning, Estate Planning, Insurance Planning, Investment Management, Investment Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

Average Income: $500,001 - $1,000,000

Profession: Medical/Dental Professionals

Data Provided by:
Mr. F. Dennis De Stefano, CFP®
(808) 879-0454
44 Kanani Rd Apt 2-205
Kihei, HI
Firm
De Stefano Wealth Management
Areas of Specialization
Comprehensive Financial Planning, Investment Management, Retirement Planning, Wealth Management
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Not Applicable

Data Provided by:
Primerica Financial Services
(808) 661-5770
930 Wainee St Ste 7
Lahaina, HI
 
F. Dennis De Stefano
De Stefano Wealth Management
(808) 879-0454
P.O. Box 1141
Kihei, Maui, HI
Expertises
Helping Clients Identify & Achieve Goals, Ongoing Investment Management, Retirement Planning & Distribution Rules, Advising Medical Professionals
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA, CRC

Mr. J. Michael Vaughn, CFP®
(808) 667-6848
845 Wainee St
Lahaina, HI
Firm
Edward D Jones & Company
Areas of Specialization
Employee and Employer Plan Benefits, General Financial Planning, Insurance Planning, Investment Management, Long-Term Care, Retirement Income Management, Retirement Planning
Key Considerations
Average Net Worth: $100,001 - $250,000

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



Data Provided by:
Mr. Michael B. Sherrill, CFP®
(808) 856-2541
3950 Kalai Waa St Apt U202
Kihei, HI
Firm
Bank of Hawaii

Data Provided by:
www.morizonoinc.com
(808) 218-1030
45 hakuhale Place
Lahaina, HI
 
Barry Brown-Re/Max Maui
(808) 661-1800
PO Box 11782
Lahaina, HI
 
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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