Tighten-Up on Your Home Business Accounts Lithonia GA

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.”

Norris Edmonson
Beacon Financial Advisers, Inc.
(678) 750-1700
1429 Business Center Drive
Conyers, GA
Expertises
Ongoing Investment Management, Tax Planning, Retirement Plan Investment Advice, Retirement Planning & Distribution Rules, Estate & Generational Planning Issues, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, BS, CPA/PFS

Helga Cuthbert
Cuthbert Financial Guidance
(404) 633-6420
836 Sycamore Street
Decatur, GA
Expertises
Helping Clients Identify & Achieve Goals, Middle Income Client Needs, Ongoing Investment Management, Women's Financial Planning Issues, Retirement Planning & Distribution Rules, Retirement Plan Investment Advice
Certifications
NAPFA Registered Financial Advisor, CFP®

Houston Smith
Smith and Raab CPA Financial Planners, PC
(404) 377-9500
2302 Parklake Drive, Suite 100
Atlanta, GA
Expertises
Helping Clients Identify & Achieve Goals, Estate & Generational Planning Issues, Middle Income Client Needs, Retirement Planning & Distribution Rules, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CPA/PFS, MBA

Micah Porter
Minerva Planning Group, Inc.
(877) 881-5379
1170 Peachtree St NE, Suite 1200
Atlanta, GA
Expertises
Ongoing Investment Management, Retirement Plan Investment Advice, High Net Worth Client Needs, Women's Financial Planning Issues, Hourly Financial Planning Services, Investment Advice without Ongoing Management
Certifications
NAPFA Registered Financial Advisor, CFA, CFP®

Eleanor Burton
Sanders Financial Management, Inc.
(770) 448-5111
3455 Peachtree Road NE
Atlanta, GA
Expertises
Helping Clients Identify & Achieve Goals, Women's Financial Planning Issues, Newlyweds & Novice Investors
Certifications
NAPFA Registered Financial Advisor, CFP®

Sandra Porter
Sandy Porter, LLC
(404) 377-4577
10 Candler Grove Drive
Decatur, GA
Expertises
Hourly Financial Planning Services, Helping Clients Identify & Achieve Goals, Retirement Planning & Distribution Rules, Investment Advice without Ongoing Management, Women's Financial Planning Issues, Planning Issues for Unmarried & Same-Sex Couples
Certifications
NAPFA Registered Financial Advisor, BA, CFP®, CRPC, MA

Robert Hockett
Cambridge Southern Financial Advisors
(770) 506-7377
505 Corporate Center Drive, Suite 105
Stockbridge, GA
Expertises
High Net Worth Client Needs, Advising Medical Professionals, Planning Issues for Business Owners, Planning Concerns for Corporate Executives, Retirement Planning & Distribution Rules, Ongoing Investment Management
Certifications
NAPFA Registered Financial Advisor, BA, CFP®

Warren Wick
Lesesne Capital Management
(404) 231-3414
3630 Peachtree Road NE, Suite 940
Atlanta, GA
Expertises
Ongoing Investment Management, Estate & Generational Planning Issues, Retirement Planning & Distribution Rules, High Net Worth Client Needs, Planning Concerns for Corporate Executives, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, BA, CFP®, CLU, CPA, MBA

Melissa Hallmark
Sanders Financial Management, Inc.
(770) 448-5111
3455 Peachtree Road NE
Atlanta, GA
Expertises
Helping Clients Identify & Achieve Goals, Retirement Plan Investment Advice, Women's Financial Planning Issues
Certifications
NAPFA Registered Financial Advisor, BBA, CFP®, MBA

Brian O'Neill
Cahaba Wealth Management, Inc.
(404) 549-7678
999 Peachtree Street NE, Suite 790
Atlanta, GA
Expertises
Planning Concerns for Corporate Executives, Ongoing Investment Management, Advising Employee Benefit Plan Participants, Estate & Generational Planning Issues, High Net Worth Client Needs, Alternative or Private Investments
Certifications
NAPFA Registered Financial Advisor, CFP®

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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