Tighten-Up on Your Home Business Accounts Marysville WA

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.”

William Eichenberger
Harbour Pointe Financial Advisors, LLC
(425) 493-6788
12199 Village Center Place, Ste 201
Mukilteo, WA
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, BA, CFP®

Roger Werner
Werner, O'Meara & Company,PLLC
(425) 774-8888
P.O. Box 6100
Lynnwood, WA
Expertises
Newlyweds & Novice Investors, Planning Issues for Business Owners, Retirement Planning & Distribution Rules, Tax Planning, College/Education Planning
Certifications
NAPFA Registered Financial Advisor, CPA/PFS, MBA

Mr. Ryan A. Blume, CFP®
(425) 303-3009
2707 Colby Ave
Everett, WA
Firm
Moss Adams, LLP

Data Provided by:
Mr. Peter Michael Lee, CFP®
(425) 258-5000
2731 Wetmore Ave Ste 203
Everett, WA
Firm
Thrivent Financial
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Insurance Planning, Investment Management, Life Transitions, Long-Term Care, Planning for Couples
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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



Data Provided by:
Richard F Bardue Ii, CFP®
(425) 609-8705
9623 32nd St SE Ste D103
Lake Stevens, WA
Firm
Wells Fargo Advisors Financial Nework
Areas of Specialization
Asset Allocation, Divorce Issues, Education Planning, Employee and Employer Plan Benefits, Estate Planning, Insurance Planning, Investment Management
Key Considerations
Average Net Worth: $250,001 - $500,000

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

Profession: Not Applicable

Data Provided by:
Kirk Schwarz
Harbour Pointe Financial Advisors, LLC
(425) 493-6788
12199 Village Center Place, Ste 201
Mukilteo, WA
Expertises
Ongoing Investment Management, Advising Employee Benefit Plan Participants, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

Mr. Keith R. Whitman, CFP®
(425) 304-6407
1604 Hewitt Ave Ste 408
Everett, WA
Firm
Wells Fargo Advisors, LLC
Areas of Specialization
Elder Care
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Not Applicable

Data Provided by:
Mr. Michael W. White, CFP®
(425) 789-1363
2722 Colby Ave Ste 631
Everett, WA
Firm
MultiFinancial

Data Provided by:
Mr. A. Sean Bailey, CFP®
(425) 252-4032
2722 Colby Ave
Everett, WA
Firm
LPL Financial
Areas of Specialization
Comprehensive Financial Planning, Estate Planning, Insurance Planning, Investment Management, Investment Planning, Long-Term Care, Retirement Income Management

Data Provided by:
Mr. Lars I. Landrie, CFP®
(425) 303-3032
2707 Colby Avenue
Everett, WA
Firm
Moss Adams Wealth Advisors LLC
Areas of Specialization
Asset Allocation, Business Succession Planning, Comprehensive Financial Planning, Education Planning, Insurance Planning, Investment Management, Retirement Income Management
Key Considerations
Average Net Worth: Not Applicable

Average Income: Not Applicable

Profession: Not Applicable

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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