Tighten-Up on Your Home Business Accounts Puyallup 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.”

Troy Sapp
Commencement Financial Planning, LLC
(253) 820-6432
611 N. Fife Street
Tacoma, WA
Expertises
Helping Clients Identify & Achieve Goals, Estate & Generational Planning Issues, Tax Planning, Ongoing Investment Management, High Net Worth Client Needs, College/Education Planning
Certifications
NAPFA Registered Financial Advisor, CFP®

Mr. Robert B. Gulrajani, CFP®
(253) 435-4485
9204 150th Street Ct E
Puyallup, WA
Firm
Robert B Gulrajani, CPA
Areas of Specialization
Accounting, Comprehensive Financial Planning, Debt Management, Estate Planning, General Financial Planning, Retirement Planning, Tax Planning
Key Considerations
Average Net Worth: $100,000 or less

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



Data Provided by:
Modern Woodmen of America
(253) 256-1575
12303 Meridian ESuite 103
Puyallup, WA
 
Mr. Frank Vincent Gallo, CFP®
(253) 770-8118
2832 S Meridian
Puyallup, WA
Firm
Financial Planners Northwest
Areas of Specialization
Charitable Giving, Comprehensive Financial Planning, Education Planning, Estate Planning, General Financial Planning, Investment Management, Real Estate
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Medical/Dental Professionals

Data Provided by:
Mr. Joseph R Cilley, CFP®
(253) 435-4943
222 39th Ave SW
Puyallup, WA
Firm
US Bancorp Investments, Inc.
Areas of Specialization
Asset Allocation, Banking, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Education Planning, Employee and Employer Plan Benefits
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided by:
Mr. Peter John Laney, CFP®
(253) 848-1642
11627 62nd Ave E
Puyallup, WA
Firm
Mountain View Financial Planni
Areas of Specialization
General Financial Planning
Key Considerations
Average Net Worth: Not Applicable

Average Income: Not Applicable

Profession: Not Applicable

Data Provided by:
Mr. Scott P. Hurst, CFP®
(253) 770-1113
2832 S Meridian
Puyallup, WA
Firm
Scott P. Hurst & Associates
Areas of Specialization
Charitable Giving, Comprehensive Financial Planning, Divorce Issues, Education Planning, Estate Planning, Investment Management, Long-Term Care

Data Provided by:
Ms. Jeanette Wheeler, CFP®
(253) 446-1957
3021 Meridian Ave E
Edgewood, WA
Firm
Financial Network
Areas of Specialization
Comprehensive Financial Planning
Key Considerations
Average Net Worth: $250,001 - $500,000

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

Profession: Service Professionals

Data Provided by:
Mr. Donald W. Coplin, CFP®
(253) 848-2840
315 39th Ave SW
Puyallup, WA
Firm
Edgecombe & Coplin Wealth Stra
Areas of Specialization
Asset Allocation, Budget Development, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Debt Management, Education Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided by:
Mr. Matthew Scott Weber, CFP®
(253) 445-2423
2921 5th Ave NE Ste 150
Puyallup, WA
Firm
Thrivent Financial
Areas of Specialization
Charitable Giving, Comprehensive Financial Planning, Education Planning, Estate Planning, General Financial Planning, Insurance Planning, Investment 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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