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Tighten-Up on Your Home Business Accounts Mankato MN

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.”

Alan W. Bennett, CFP®
(507) 995-0004
1921 Premier Dr
Mankato, MN
Firm
Lookout Ridge Consulting
Areas of Specialization
Business Succession Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Self-Employed Business Owners

Data Provided by:
Mr. Thomas B. Sernett, CFP®
(507) 625-3127
112 South Riverfront Drive
Mankato, MN
Firm
Stifel Nicolaus
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Estate Planning, Insurance Planning, Investment Management, Long-Term Care, Retirement Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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



Data Provided by:
Mr. Harold A. Hunt, CFP®
(507) 625-9050
1930 Premier Dr
Mankato, MN
Firm
Ameriprise Financial

Data Provided by:
Mr. Lawrence M. Maruska, CFP®
(507) 625-3127
112 S Riverfront Dr
Mankato, MN
Firm
Stifel Nicolaus
Areas of Specialization
Investment Management
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Self-Employed Business Owners

Data Provided by:
Brady Schmidt, CFP®
(507) 625-6545
3 Civic Center Plz Ste 200
Mankato, MN
Firm
Coulter, Schmidt & Klein Private Wealth Advisors
Areas of Specialization
Business Succession Planning, Comprehensive Financial Planning, Investment Management, Retirement Planning, Wealth Management, Young Professionals
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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



Data Provided by:
Mr. Anthony J. Workman, CFP®
(507) 625-4133
150 Saint Andrews Ct Ste 500
Mankato, MN
Firm
Workman Retirement Planning, LLC
Areas of Specialization
Asset Allocation, Business Succession Planning, Estate Planning, General Financial Planning, Insurance Planning, Investment Management, Retirement Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided by:
Dr. Kwang Woo Park, CFP®
(213) 820-6777
Morris Hall 150
Mankato, MN
Firm
Minnesota State University

Data Provided by:
Mr. Matthew R. Norland, CFP®
(507) 388-6262
1203 Caledonia St
Mankato, MN
Firm
LPL Financial
Areas of Specialization
Comprehensive Financial Planning, Retirement Planning, Small Business Planning, Wealth Management

Data Provided by:
Mr. Thomas A. Woodward, CFP®
(507) 387-6678
150 Saint Andrews Ct Ste 100
Mankato, MN
Firm
Thomas A. Woodward, CPA, CFP®
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Education Planning, Insurance Planning, Investment Management, Retirement Planning, Small Business Planning

Data Provided by:
Mr. Anthony Daniel James, CFP®
(507) 625-9050
1930 Premier Dr
Mankato, MN
Firm
Ameriprise Financial
Areas of Specialization
Asset Allocation, Education Planning, Insurance Planning, Investment Management, Investment Planning, Long-Term Care, Retirement Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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



Data Provided by:
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Tighten-Up on Your Home Business Accounts

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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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