Tighten-Up on Your Home Business Accounts Mount Pleasant SC

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 Prewitt
Charleston Financial Advisors, LLC
(843) 722-3331
4 North Atlantic Wharf, Suite 200
Charleston, SC
Expertises
Ongoing Investment Management, Women's Financial Planning Issues, Cash Flow/Budgets/Credit Issues, Helping Clients Identify & Achieve Goals, Advising Medical Professionals, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFP®, MS

Mr. Edward Nelson Portelles, CFP®
(888) 277-2914
1571 Capel St
Mount Pleasant, SC
Firm
PlanMember Securities
Areas of Specialization
Asset Allocation, Budget Development, Comprehensive Financial Planning, Education Planning, Employee and Employer Plan Benefits, General Financial Planning, Intergenerational Planning
Key Considerations
Average Net Worth: Not Applicable

Average Income: Not Applicable

Profession: Not Applicable

Data Provided by:
Mr. Joseph M. Baker, CFP®
(877) 452-0899
1305 Pleasant Walk Ct
Mt Pleasant, SC
Firm
ALCUS Financial Group, LLC
Areas of Specialization
Estate Planning, Investment Management, Investment Planning, Retirement Income Management, Retirement Planning, Risk Management, Securities
Key Considerations
Average Net Worth: $100,001 - $250,000

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

Profession: Self-Employed Business Owners

Data Provided by:
Dr. James B. Jackson, CFP®
(803) 881-3434
PO Box 1008
Mount Pleasant, SC
Firm
The Jackson Financial Company

Data Provided by:
Mr. James D Sharp Jr., CFP®
(843) 971-0982
709 Long Point Rd Ste A
Mount Pleasant, SC
Firm
Ameriprise Financial

Data Provided by:
Helen Berenyi
Red Triangle, LLC
(843) 573-7277
210 Coming Street, Suite C
Charleston, SC
Expertises
High Net Worth Client Needs, Financial Issues Between Generations, Divorce Planning, Charitable Giving - Trusts & Foundations, Estate & Generational Planning Issues, Alternative or Private Investments
Certifications
NAPFA Registered Financial Advisor, CDFA, CFP®

James Ullrich, CFP®
(843) 534-0016
3080 Ironclad Aly
Mt Pleasant, SC
Firm
Wells Fargo Advisors, LLC
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Estate Planning, Insurance Planning, Investment Management, Investment Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000



Data Provided by:
Mr. Timothy J. Green, CFP®
(843) 324-4482
2676 N Highway 17
Mount Pleasant, SC
Firm
First Citizens Bank & Trust

Data Provided by:
Mr. Jason M. Peroni, CFP®
(603) 315-9683
3301 Salterbeck Ct
Mount Pleasant, SC
Firm
Faith-Based Investor
Areas of Specialization
Asset Allocation, Charitable Giving, Comprehensive Financial Planning, Employee and Employer Plan Benefits, Investment Management, Socially Responsible Investments

Data Provided by:
Mr. Marc W. Levy, CFP®
(843) 216-2194
238 Mathis Ferry Road suite 104
Mt Pleasant, SC
Firm
Levy Financial Group
Areas of Specialization
Budget Development, Comprehensive Financial Planning, Divorce Issues, Education Planning, Elder Care, Insurance Planning, Investment Management

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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