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Tighten-Up on Your Home Business Accounts Lowell MA

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.”

Robert Ryan
Resolute Financial, LLC
(978) 463-8771
21 Alpine Lane #2
Chelmsford, MA
Expertises
Ongoing Investment Management, Estate & Generational Planning Issues, Insurance Related Issues, including Annuities, Advising Medical Professionals, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CEBS, CFP®, ChFc, JD, MSFP

George Paquin
Resolute Financial, LLC
(978) 463-8771
21 Alpine Lane #2
Chelmsford, MA
Expertises
Insurance Related Issues, including Annuities, Ongoing Investment Management, Socially Responsible Investments, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CFP®, EA, MBA

Robert Bartley
Bartley Financial Advisors
(877) 474-8811
68 Park Street
Andover, MA
Expertises
Advising Entrepreneurs, Advising Medical Professionals, Ongoing Investment Management, Planning Issues for Business Owners, Retirement Planning & Distribution Rules, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA

Gayle Colman
Colman Knight Advisory Group LLC
(978) 371-2015
18 Audubon Lane
Carlisle, MA
Expertises
Cash Flow/Budgets/Credit Issues, Estate & Generational Planning Issues, Helping Clients Identify & Achieve Goals, High Net Worth Client Needs, Investment Advice without Ongoing Management, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, CFP®

Jennifer Davidson
Milestone Financial Planning, Inc.
(978) 649-8875
733 Main Street
Dunstable, MA
Expertises
Ongoing Investment Management, Middle Income Client Needs, Women's Financial Planning Issues, Retirement Planning & Distribution Rules, Retirement Plan Investment Advice, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA

Charles Johnson
Resolute Financial, LLC
(978) 463-8771
21 Alpine Lane #2
Chelmsford, MA
Expertises
Planning Issues for Business Owners, Helping Clients Identify & Achieve Goals, Retirement Plan Investment Advice, Real Estate Investments, College/Education Planning, Socially Responsible Investments
Certifications
NAPFA Registered Financial Advisor, CFP®

Stephen Ahern
Sullivan Bille/Wealth Management Advisors
(978) 970-2900 X 260
600 Clark Road
Tewksbury, MA
Expertises
Ongoing Investment Management, Estate & Generational Planning Issues, Tax Planning, Advising Entrepreneurs, Advising Medical Professionals, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, BBA, CFP®, CPA, CPA/PFS, MS, MST

Kathryn Lund
Mosaic Financial Advisors, LLC
(978) 692-4475
6 Crusade Road
Westford, MA
Expertises
Tax Planning, Ongoing Investment Management, Retirement Plan Investment Advice, Retirement Planning & Distribution Rules, Women's Financial Planning Issues, Estate & Generational Planning Issues
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA, MBA, MSFP, MST

Maureen Demers
Demers Financial Planning LLC
(978) 494-4337
75 Merrimack Road
Methuen, MA
Expertises
Investment Advice without Ongoing Management, Middle Income Client Needs, Retirement Planning & Distribution Rules, Hourly Financial Planning Services, Helping Clients Identify & Achieve Goals, Ongoing Investment Management
Certifications
NAPFA Registered Financial Advisor, CFP®

Lea Ann Knight
Garrison Knight Financial Planning LLC
(781) 275-0674
12 Great Road
Bedford, MA
Expertises
Hourly Financial Planning Services, Cash Flow/Budgets/Credit Issues, College/Education Planning, Retirement Plan Investment Advice, Women's Financial Planning Issues, Ongoing Investment Management
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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