Tighten-Up on Your Home Business Accounts Millsboro DE

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.”

Christine Falvello
Navigate Financial Advisors
(302) 537-2207
36358 Redstart Court, Bay Forest
Ocean View, DE
Expertises
Retirement Planning & Distribution Rules, Ongoing Investment Management, Planning Issues for Unmarried & Same-Sex Couples, Estate & Generational Planning Issues
Certifications
NAPFA Registered Financial Advisor, BA, CFP®, MS, EdM

Mr. Theodore A. Fischer Ii, CFP®
(302) 841-9812
33695 Baylis Dr
Lewes, DE
Firm
Fischer & Hutchinson Wealth Advisors, LLC

Data Provided by:
Mr. Donald C. Birch, CFP®
(302) 644-6623
18344 Coastal Hwy
Lewes, DE
Firm
Morgan Stanley Wealth Management
Areas of Specialization
Estate Planning, General Financial Planning, Investment Planning, Securities
Key Considerations
Average Net Worth: $250,001 - $500,000

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

Profession: Not Applicable

Data Provided by:
Ms. Kathleen M. Ryan, CFP®
(302) 856-6664
13 Bridgeville Road
Georgetown, DE
Firm
KMR Financial Network, LLC

Data Provided by:
Mr. Steven E Cooper, CFP®
(302) 227-5148
19535 Camelot Drive
Rehoboth Beach, DE
Firm
Merrill Lynch
Areas of Specialization
Asset Allocation, Estate Planning, Investment Management, Retirement Planning, Special Needs Planning, Wealth Management
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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



Data Provided by:
Burwell Hutchinson
Fischer & Hutchinson Wealth Advisors, LLC
(302) 644-3540
404 E. Savannah Road
Lewes, DE
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules, Planning Concerns for Corporate Executives, Real Estate Investments, Estate & Generational Planning Issues, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA

Mr. John D. Simeone, CFP®
(302) 645-8592
34346 Carpenters Way
Lewes, DE
Firm
Fulton Financial Advisors
Areas of Specialization
Estate Planning, General Financial Planning, Investment Planning, Long-Term Care, Retirement Income Management, Retirement Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000



Data Provided by:
Mr. Robert E. Bunting, CFP®
(302) 841-1027
PO Box 862
Selbyville, DE
Firm
M & T Bank
Areas of Specialization
Accounting, Banking, Budget Development, Comprehensive Financial Planning, Debt Management, General Financial Planning, Mortgages
Key Considerations
Average Net Worth: Not Applicable

Average Income: Not Applicable

Profession: Business Executives

Data Provided by:
Mr. William A Brooks Sr., CFP®
(302) 258-4668
7 Green Haven Ct
Rehoboth Beach, DE
Firm
CUProsper
Areas of Specialization
Accounting, Asset Allocation, Banking, Budget Development, Comprehensive Financial Planning, Debt Management, Divorce Issues

Data Provided by:
Mr. Alexander G. Yearley, CFP®
(302) 227-2939
39 Baltimore Ave
Rehoboth Beach, DE
Firm
Community Pride Financial
Areas of Specialization
Comprehensive Financial Planning
Key Considerations
Average Net Worth: $100,000 or less

Average Income: $50,000 or less

Profession: Not Applicable

Data Provided by:
Data Provided by:

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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