Tighten-Up on Your Home Business Accounts Maineville OH

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 Gerstemeier
Gerstemeier Financial Group, LLC
(513) 898-9973
6851 Clubside Drive
Loveland, OH
Expertises
Retirement Planning & Distribution Rules, Ongoing Investment Management, Retirement Plan Investment Advice, Planning Issues for Business Owners, Planning Concerns for Corporate Executives, College/Education Planning
Certifications
NAPFA Registered Financial Advisor, CEA, CFP®, MBA

Robert Grossheim
Family Wealth Advisory Group
(513) 469-8100
7359 E. Kemper Rd, Ste A
Cincinnati, OH
Expertises
Planning Concerns for Corporate Executives, Planning Issues for Business Owners, Investment Advice without Ongoing Management, Tax Planning, Retirement Planning & Distribution Rules, Estate & Generational Planning Issues
Certifications
NAPFA Registered Financial Advisor, CFP®, CLU

Michael Chasnoff
Truepoint, Inc.
(513) 792-6648
4901 Hunt Road, Suite 200
Cincinnati, OH
Expertises
Ongoing Investment Management, Estate & Generational Planning Issues, Advising Medical Professionals, Alternative or Private Investments, High Net Worth Client Needs, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, CFP®

David Wilder
Financial Management Group, Inc.
(513) 984-6696
4665 Cornell Road Suite #160
Cincinnati, OH
Expertises
Ongoing Investment Management, Retirement Plan Investment Advice, Insurance Related Issues, including Annuities, High Net Worth Client Needs, Alternative or Private Investments, Charitable Giving - Trusts & Foundations
Certifications
NAPFA Registered Financial Advisor, CFP®, CTFA, MST

Allen Osgood
Financial Freedom, LLC
(513) 697-6400
8044 Montgomery Road, Suite 700
Cincinnati, OH
Expertises
Ongoing Investment Management, Retirement Plan Investment Advice, Retirement Planning & Distribution Rules, Estate & Generational Planning Issues, Helping Clients Identify & Achieve Goals, High Net Worth Client Needs
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

J. Brock Dexter
Trinity Wealth Management, LLC
(513) 508-7467
11714 Darbyshire Court
Loveland, OH
Expertises
High Net Worth Client Needs, Planning Issues for Business Owners, Retirement Planning & Distribution Rules, Estate & Generational Planning Issues, Insurance Related Issues, including Annuities, Planning Concerns for Corporate Executives
Certifications
NAPFA Registered Financial Advisor, CFP®

Timothy Grout
Clear Perspectives Financial Planning, LLC
(513) 469-8400
9545 Kenwood Road
Cincinnati, OH
Expertises
Ongoing Investment Management, Retirement Plan Investment Advice
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

Robert Lemmons
Financial Management Group, Inc.
(513) 984-6696
4665 Cornell Road Suite #160
Cincinnati, OH
Expertises
Helping Clients Identify & Achieve Goals, High Net Worth Client Needs, Planning Concerns for Corporate Executives, Planning Issues for Business Owners, Retirement Planning & Distribution Rules, Tax Planning
Certifications
NAPFA Registered Financial Advisor, AIF, CFP®, CPA

John Discepoli
Discepoli Financial Planning, LLC
(513) 771-7526
18 Village Square
Glendale, OH
Expertises
Middle Income Client Needs, Tax Planning, Helping Clients Identify & Achieve Goals, Cash Flow/Budgets/Credit Issues, Newlyweds & Novice Investors, Investment Advice without Ongoing Management
Certifications
NAPFA Registered Financial Advisor, CPA/PFS

Lucas Hail
Foster & Motley, Inc.
(513) 561-6640 Ext: 14
7755 Montgomery Road, Suite 100
Cincinnati, OH
Expertises
Ongoing Investment Management, Estate & Generational Planning Issues, Retirement Planning & Distribution Rules, Advising Medical Professionals, High Net Worth Client Needs, Planning Concerns for Corporate Executives
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

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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