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Tighten-Up on Your Home Business Accounts Marion IA

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.”

Eric Mote
Mote Wealth Management, LLC
(319) 393-4020
4300 Northwood Drive NE
Cedar Rapids, IA
Expertises
Helping Clients Identify & Achieve Goals, Ongoing Investment Management, College/Education Planning, Retirement Plan Investment Advice, Retirement Planning & Distribution Rules, Women's Financial Planning Issues
Certifications
NAPFA Registered Financial Advisor, CFP®

Craig Adamson
1000 Lindale Drive
Marion, IA
Company
Title: President
Company: Adamson Financial Planning
Type
Investment Advisor Rep: Yes
Education
BS Iowa State University 1996
Years Experience
Years Experience: 14
Service
Life Insurance,Investment & Portfolio Management,Long-Term Health Care Planning,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Individual Income Tax Planning,Wealth Engineering,401k Rollover From Employer,Income for Life/ Preserve Principal,Medicare Planning,Health Care Insurance,Retirement Planning,Real Estate Investment Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Plan

Data Provided by:
Mr. Edward K. Meissner, CFP®
(319) 395-7394
820 N. Compton Drive
Hiawatha, IA
Firm
FDIC

Data Provided by:
Mrs. Julie M. Cole, CFP®
(319) 310-8128
1900 1st Ave NE
Cedar Rapids, IA
Firm
Western Fraternal Life Assn

Data Provided by:
Mr. John T. Mack, CFP®
(319) 365-6983
3037 Center Point Road NE
Cedar Rapids, IA
Firm
AXA Advisors LLC

Data Provided by:
Jean Mote
Mote Wealth Management, LLC
(319) 393-4020
4300 Northwood Drive NE
Cedar Rapids, IA
Expertises
Women's Financial Planning Issues, Helping Clients Identify & Achieve Goals, High Net Worth Client Needs, Retirement Planning & Distribution Rules, Planning Concerns for Corporate Executives, Ongoing Investment Management
Certifications
NAPFA Registered Financial Advisor, CFP®

Ms. Jean K. Mote, CFP®
(319) 393-4020
4300 Northwood Dr NE
Cedar Rapids, IA
Firm
Mote Wealth Management, LLC
Areas of Specialization
Charitable Giving, Life Planning, Planning for Couples, Retirement Income Management, Social Security Planning, Wealth Management, Women's Finances
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000



Data Provided by:
Mr. Eric A. Mote, CFP®
(319) 393-4020
4300 Northwood Dr NE
Cedar Rapids, IA
Firm
Mote Wealth Management, LLC
Areas of Specialization
Asset Allocation, Charitable Giving, Comprehensive Financial Planning, Education Planning, Investment Management, Retirement Planning, Wealth Management
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

Average Income: Not Applicable



Data Provided by:
Mr. William D. Kirkpatrick, CFP®
(319) 377-2625
5250 NORTH PARK PL NE
CEDAR RAPIDS, IA
Firm
PRUDENTIAL FINANCIAL

Data Provided by:
Mr. Brian P. Bock, CFP®
(319) 395-6453
1150 42nd St NE
Cedar Rapids, IA
Firm
Members Financial Services
Areas of Specialization
Retirement Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Business Executives

Data Provided by:
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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