Tighten-Up on Your Home Business Accounts Ridgeland MS

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.”

John Bergland, Jr.
Bergland Wealth Management, Inc.
(601) 956-5181
PO Box 1318
Ridgeland, MS
Expertises
Helping Clients Identify & Achieve Goals, Retirement Planning & Distribution Rules, Estate & Generational Planning Issues, Advising Medical Professionals, Ongoing Investment Management, High Net Worth Client Needs
Certifications
NAPFA Registered Financial Advisor, AIF, CFP®, M.Div.

Mr. Casey D. Myrick, CFP®
115 W Jackson St Ste I
Ridgeland, MS
Firm
Edward Jones
Areas of Specialization
Asset Allocation, Education Planning, Estate Planning, Investment Planning, Retirement Income Management, Retirement Planning

Data Provided by:
Mr. Elton S Thomas Iii, CFP®
(662) 574-4029
625 Highland Co9lony Parkway, STE. 201
Ridgeland, MS
Firm
VALIC Financial Advisors
Areas of Specialization
Asset Allocation, Budget Development, Comprehensive Financial Planning, Debt Management, Divorce Issues, Education Planning, Employee and Employer Plan Benefits
Key Considerations
Average Net Worth: $100,001 - $250,000

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

Profession: Not Applicable

Data Provided by:
Mr. Stephen D. Miles, CFP®
(888) 398-3602
377 Rolling Meadows Rd
Ridgeland, MS
Firm
Integrated Wealth Management
Areas of Specialization
Comprehensive Financial Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Self-Employed Business Owners

Data Provided by:
Doug P. Muenzenmay, CFP®
(601) 709-4394
795 Woodlands Pkwy
Ridgeland, MS
Firm
Medley & Brown
Areas of Specialization
Asset Allocation, General Financial Planning, Investment Management, Wealth Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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



Data Provided by:
Tiffany Ballard
Bergland Wealth Management, Inc.
(601) 956-5181
PO Box 1318
Ridgeland, MS
Expertises
Cash Flow/Budgets/Credit Issues, Advising Medical Professionals, Ongoing Investment Management, Retirement Planning & Distribution Rules, Helping Clients Identify & Achieve Goals, Estate & Generational Planning Issues
Certifications
NAPFA Registered Financial Advisor, AIF, CFP®

Margaret Mclarty, CFP®
(601) 321-5000
409 W Parkway Pl
Ridgeland, MS
Firm
Wells Fargo Advisors
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Elder Care, General Financial Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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



Data Provided by:
Mr. John F. Hill, CFP®
(601) 414-4455
220 Trace Colony Park Drive
Ridgeland, MS
Firm
WealthPartners, LLP
Areas of Specialization
Asset Allocation, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Divorce Issues, Education Planning, Elder Care
Key Considerations
Average Net Worth: $5,000,001 or more

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



Data Provided by:
Mr. Albert H. Green, CFP®
(601) 982-8144
1062 Highland Colony Pkwy Ste 275
Ridgeland, MS
Firm
Raymond James & Associates Inc.

Data Provided by:
Mr. Erskine W. Wells Jr., CFP®
(601) 957-7700
P. O. Box 2789
Ridgeland, MS
Firm
Erskine Wells

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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