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Tighten-Up on Your Home Business Accounts London KY

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.”

Mr. James D. Norvell Jr., CFP®
(606) 528-8070
113 N Main St
Corbin, KY
Firm
Northwestern Mutual Financial
Areas of Specialization
Asset Allocation, Divorce Issues, Education Planning, Estate Planning, General Financial Planning, Insurance Planning, Investment Planning
Key Considerations
Average Net Worth: $250,001 - $500,000

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

Profession: Self-Employed Business Owners

Data Provided by:
Gregory Curry
Pillar Financial Advisors, LLC
(502) 384-3890
3046 Breckenridge Lane
Louisville, KY
Expertises
Planning Concerns for Corporate Executives, High Net Worth Client Needs, Ongoing Investment Management, Retirement Plan Investment Advice, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CFA, CPA/PFS

Melody Townsend
Townsend Financial Planning
(859) 498-2020
124 N. Maysville Street, Suite B
Mount Sterling, KY
Expertises
Hourly Financial Planning Services, Ongoing Investment Management, Retirement Planning & Distribution Rules, Estate & Generational Planning Issues, Cash Flow/Budgets/Credit Issues, Insurance Related Issues, including Annuities
Certifications
NAPFA Registered Financial Advisor, CFP®

W. Michael Cooper
Cooper Management Service, Inc.
(859) 259-0063
106 W. Vine Street. Ste 700
Lexington, KY
Expertises
High Net Worth Client Needs, Planning Issues for Business Owners, Estate & Generational Planning Issues, Ongoing Investment Management, Retirement Plan Investment Advice, Helping Clients Identify & Achieve Goals
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, CFS

Jerome Zimmerer
D. Scott Neal, Inc.
(502) 459-7199
950 Breckenridge Lane, Suite 115
Louisville, KY
Expertises
Ongoing Investment Management, Investment Advice without Ongoing Management, Retirement Plan Investment Advice, Retirement Planning & Distribution Rules, Advising Medical Professionals
Certifications
NAPFA Registered Financial Advisor, BA, CFP®, CPA/PFS

Edward Jones
(888) 891-1446
111 Union St
Barbourville, KY

Data Provided by:
Scott Neal
D. Scott Neal, Inc.
(859) 254-3036
1999 Richmond Road
Lexington, KY
Expertises
Ongoing Investment Management, Helping Clients Identify & Achieve Goals, Retirement Plan Investment Advice, Cash Flow/Budgets/Credit Issues, Planning Issues for Business Owners, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA/PFS, M.Div., MBA

Melody Townsend
Townsend Financial Planning
(859) 299-2020
2716 Old Rosebud Road, Suite 180
Lexington, KY
Expertises
Hourly Financial Planning Services, Ongoing Investment Management, Retirement Planning & Distribution Rules, Estate & Generational Planning Issues, Cash Flow/Budgets/Credit Issues, Insurance Related Issues, including Annuities
Certifications
NAPFA Registered Financial Advisor, CFP®

Jerome Zimmerer
D. Scott Neal, Inc.
(800) 344-9098
PO Box 2010
Lexington, KY
Expertises
Ongoing Investment Management, Investment Advice without Ongoing Management, Retirement Plan Investment Advice, Retirement Planning & Distribution Rules, Advising Medical Professionals
Certifications
NAPFA Registered Financial Advisor, BA, CFP®, CPA/PFS

Lisa Archer
Archer Financial Planning, LLC
(502) 403-1085
8401 Shelbyville Road, Suite 108
Louisville, KY
Expertises
Hourly Financial Planning Services, Retirement Planning & Distribution Rules, Investment Advice without Ongoing Management, College/Education Planning, Insurance Related Issues, including Annuities, Cash Flow/Budgets/Credit Issues
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

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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