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Tighten-Up on Your Home Business Accounts Renton 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.”

Heidi Davis
Columbia Financial Planning, LLC
(425) 943-0001
8 Columbia Key
Bellevue, WA
Expertises
Retirement Plan Investment Advice, Investment Advice without Ongoing Management, Retirement Planning & Distribution Rules, Planning Concerns for Corporate Executives, Women's Financial Planning Issues, College/Education Planning
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

Robert Abbott
Harvest Capital Advisors, Inc.
(425) 827-6236 Ext: 107
11000 NE 33rd Place, Suite 301
Bellevue, WA
Expertises
Helping Clients Identify & Achieve Goals, Planning Issues for Business Owners, Estate & Generational Planning Issues, Ongoing Investment Management, Retirement Planning & Distribution Rules, Women's Financial Planning Issues
Certifications
NAPFA Registered Financial Advisor, ChFc, CLU, MSFS

David Lamp
BBJS Financial Advisors, LLC
(206) 682-4840
1501 Fourth Avenue, Suite 2880
Seattle, WA
Expertises
High Net Worth Client Needs, Alternative or Private Investments, Hourly Financial Planning Services, Planning Concerns for Corporate Executives, Ongoing Investment Management, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFP®

Eric Turloff
Turloff Financial Consulting, Inc.
(206) 842-1422
701 5th Ave
Seattle, WA
Expertises
Ongoing Investment Management, Retirement Plan Investment Advice, Tax Planning, Advising Entrepreneurs, Planning Issues for Business Owners, Cash Flow/Budgets/Credit Issues
Certifications
NAPFA Registered Financial Advisor, BBA, CFA, CPA

Ben Jennings
SoundView Advisors
(360) 867-9890
1700 Seventh Avenue, Suite 2100
Seattle, WA
Expertises
Ongoing Investment Management, Advising Medical Professionals, Women's Financial Planning Issues, Retirement Planning & Distribution Rules, Insurance Related Issues, including Annuities, Estate & Generational Planning Issues
Certifications
NAPFA Registered Financial Advisor, CFP®, CLU, CPA/PFS

John Carmody
Carmody Investment Advisors
(206) 241-8433
1208 SW Normandy Terrace
Seattle, WA
Expertises
Ongoing Investment Management
Certifications
NAPFA Registered Financial Advisor, CFP®

Matthew Moser
Moser Wealth Advisors, PLLC
(425) 451-1850
2135 112th Avenue NE, Suite 100
Bellevue, WA
Expertises
Retirement Plan Investment Advice, Estate & Generational Planning Issues, Ongoing Investment Management, Tax Planning, Retirement Planning & Distribution Rules, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, CPA/PFS, MST

Ethan Broga
Empirical Wealth Management
(206) 923-3474
1420 Fifth Avenue, Suite 3150
Seattle, WA
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules, Tax Planning, Retirement Plan Investment Advice, High Net Worth Client Needs, Hourly Financial Planning Services
Certifications
NAPFA Registered Financial Advisor, CFP®, MS

Elaine Scoggins
Merriman, Inc
(206) 285-8877
800 5th Avenue, Suite 2900
Seattle, WA
Expertises
Ongoing Investment Management, Helping Clients Identify & Achieve Goals, Women's Financial Planning Issues
Certifications
NAPFA Registered Financial Advisor, CFP®, ChFc

Therese Govern
trueNorth Financial Services, LLC
(206) 652-4314
1411 Fourth Avenue, Suite 1500
Seattle, WA
Expertises
Ongoing Investment Management, Helping Clients Identify & Achieve Goals, Retirement Planning & Distribution Rules, Women's Financial Planning Issues
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA, MBA

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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