Tighten-Up on Your Home Business Accounts North Tonawanda NY

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.”

Joseph Raimond
Raimond Financial Planning
(716) 692-8648
1876 Niagara Falls Boulevard, Suite 2
Tonawanda, NY
Expertises
Cash Flow/Budgets/Credit Issues, Helping Clients Identify & Achieve Goals, Insurance Related Issues, including Annuities, Ongoing Investment Management, Retirement Plan Investment Advice
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, MS

Mr. Thomas R. Huisgen, CFP®
(716) 693-6302
3200 Niagara Falls Blvd
North Tonawanda, NY
Firm
LPL Financial Services

Data Provided by:
Edward Lisowski, CFP®
(716) 691-0301
3065 Niagara Falls Blvd
Amherst, NY
Firm
M&T Bank
Areas of Specialization
Asset Allocation, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Education Planning, Employee and Employer Plan Benefits, Estate Planning
Key Considerations
Profession: Self-Employed Business Owners

Data Provided by:
Mr. Richard K. Schroeder, CFP®
(716) 634-6113
1412 Sweet Home Road
Amherst, NY
Firm
Schroeder Braxton & Vogt Inc
Areas of Specialization
General Financial Planning, Investment Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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



Data Provided by:
Mr. James P. Trueman, CFP®
(716) 204-3550
100 Sylvan Pkwy Ste 101
Amherst, NY
Firm
Trueman & Malin Wealth Managem
Areas of Specialization
Investment Management
Key Considerations
Average Net Worth: $250,001 - $500,000



Data Provided by:
Anthony Ogorek
Ogorek Wealth Management, LLC
(716) 626-5000
6400 Sheridan Drive Suite 224
Williamsville, NY
Expertises
Ongoing Investment Management, Estate & Generational Planning Issues, Retirement Planning & Distribution Rules, Helping Clients Identify & Achieve Goals, Advising Medical Professionals, High Net Worth Client Needs
Certifications
NAPFA Registered Financial Advisor, CFP®, Ed.D.

Mr. Edgar H. Huber, CFP®
(716) 695-2200
3571 Niagara Falls Blvd Ste 13
North Tonawanda, NY
Firm
Thrivent Financial for Lutherans

Data Provided by:
Mr. Michael J. Birenbach, CFP®
(716) 691-4288
1404 Sweet Home Rd. Suite 8
Amherst, NY
Firm
Orchestral Financial Group Inc

Data Provided by:
Mr. Gregory J. Lewis, CFP®
(716) 636-7526
646 N. French Rd., Suite 6
Amherst, NY
Firm
Independent Retirement Advisors, Ltd.
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Employee and Employer Plan Benefits, Healthcare Planning, Investment Management, Retirement Planning, Tax Preparation

Data Provided by:
Mr. D. Jeffrey Buckley, CFP®
(716) 636-2525
65 Bryant Woods South
Amherst, NY
Firm
Moshides Financial Group
Areas of Specialization
Business Succession Planning, Comprehensive Financial Planning, Employee and Employer Plan Benefits, Long-Term Care, Small Business Planning, Wealth Management

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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