Tighten-Up on Your Home Business Accounts Murfreesboro TN

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.”

Mr. John B. Phillips, CFP®
(615) 216-1217
209 Castlewood Drive
Murfreesboro, TN
Firm
Northwestern Mutual Financial
Areas of Specialization
Asset Allocation, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Education Planning, Estate Planning, Insurance Planning

Data Provided by:
Mr. Patrick Eric Poole, CFP®
237 Castlewood Dr Ste E
Murfreesboro, TN
Firm
Edward D. Jones & Co., L.P.

Data Provided by:
Mr. Michael J. Hull, CFP®
(615) 896-1181
PO Box 12122
Murfreesboro, TN
Firm
Investment & Retirement Advisors
Areas of Specialization
Asset Allocation, Investment Management, Investment Planning, Retirement Income Management, Retirement Planning, Wealth Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

Average Income: $250,001 - $500,000

Profession: Not Applicable

Data Provided by:
Mr. Tracey Alan Binkley, CFP®
(615) 764-4473
804 N Thompson Ln Ste 2A
Murfreesboro, TN
Firm
Morgan Stanley Smith Barney

Data Provided by:
Mr. Martin Hunter Mcfarlin, CFP®
(615) 890-1070
119 N. Maple Street
Murfreesboro, TN
Firm
McFarlin Financial Partners, LLC

Data Provided by:
Ms. Jennifer A. Sexton, CFP®
(615) 890-9411
745 S Church St Ste 401
Murfreesboro, TN
Firm
Ameriprise Financial Services,
Areas of Specialization
Asset Allocation, Budget Development, Comprehensive Financial Planning, Education Planning, Insurance Planning, Investment Management, Long-Term Care
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided by:
Mr. Ralph F. Weber, CFP®
(805) 277-0741
2441Q Old Fort Pkwy Ste 329
Murfreesboro, TN
Firm
Route Three Life Health Disability

Data Provided by:
Ms. Regina Embry, CFP®
(615) 962-9122
716A S Church St
Murfreesboro, TN
Firm
Quest Financial Group
Areas of Specialization
General Financial Planning, Insurance Planning, Investment Management, Long-Term Care, Retirement Planning, Socially Responsible Investments, Women's Finances

Data Provided by:
Dr. John Thomas Lee, CFP®
(615) 904-6373
710 NW Broad St
Murfreesboro, TN
Firm
Wilson Bank and Trust
Areas of Specialization
Comprehensive Financial Planning, Investment Planning, Retirement Planning
Key Considerations
Average Net Worth: Not Applicable

Average Income: Not Applicable

Profession: Not Applicable

Data Provided by:
Mr. Brian Coleman, CFP®
(615) 890-5122
1608 Williams Dr Ste 100
Murfreesboro, TN
Firm
Edward Jones
Areas of Specialization
Comprehensive Financial Planning, Education Planning, Estate Planning, Insurance Planning, Investment Planning, Long-Term Care, Retirement Planning

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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