Tighten-Up on Your Home Business Accounts Rock Springs WY

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.”

Wells Fargo - Rock Springs
(307) 352-5506
1400 Dewar Dr
Rock Springs, WY
Type
Branch
Office Hours
Mon-Fri 08:00 AM-05:30 PM
Sat 09:00 AM-01:00 PM
Sun Closed

Wells Fargo - Green River
(307) 872-4080
125 W Flaming Gorge Way
Green River, WY
Type
Branch
Office Hours
Mon-Wed 08:00 AM-05:30 PM
Thu 08:00 AM-05:00 PM
Fri 08:00 AM-05:30 PM
Sat 09:00 AM-01:00 PM
Sun Closed

Holland Duell
Holland Duell Financial Strategies
(307) 672-6364
50 E. Loucks St,. Suite 210
Sheridan, WY
Expertises
Ongoing Investment Management, Helping Clients Identify & Achieve Goals, Divorce Planning, Estate & Generational Planning Issues, Retirement Plan Investment Advice, Socially Responsible Investments
Certifications
NAPFA Registered Financial Advisor, CFA, CFP®, MBA

Mr. Holland B. Duell, CFP®
(307) 672-6364
50 E Loucks St Ste 210
Sheridan, WY
Firm
Holland Duell Financial Strate
Areas of Specialization
Estate Planning, Investment Management, Investment Planning, Retirement Planning
Key Considerations
Average Net Worth: $250,001 - $500,000

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

Profession: Self-Employed Business Owners

Data Provided by:
Mr. Bradford C. Cary, CFP®
(307) 326-8400
PO Box 1168
Saratoga, WY
Firm
Cary Financial Services
Areas of Specialization
Comprehensive Financial Planning, Estate Planning, Retirement Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Self-Employed Business Owners

Data Provided by:
US Bank - Green River Office
(307) 875-5980
285 Uinta Dr
Green River, WY
Drive Up Hours
Mon 08:00 am to 05:00 pm
Tue 08:00 am to 05:00 pm
Wed 08:00 am to 05:00 pm
Thur 08:00 am to 05:00 pm
Fri 08:00 am to 05:00 pm

Edward Jones
(888) 891-1440
1977 Dewar Dr # H
Rock Springs, WY

Data Provided by:
Connie Brezik
Asset Strategies, Inc.
(307) 266-4525
111 West 2nd Street, Suite 608
Casper, WY
Expertises
Ongoing Investment Management, Estate & Generational Planning Issues, Advising Medical Professionals, Retirement Planning & Distribution Rules, Planning Concerns for Corporate Executives
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA, PFS

Mr. Scott A Barstad, CFP®
(307) 687-4471
P.O. Box 3004
Gillette, WY
Firm
First Interstate Wealth Management
Areas of Specialization
Asset Allocation, Business Succession Planning, Charitable Giving, Education Planning, Insurance Planning, Investment Management, Retirement Planning

Data Provided by:
Mr. Kyle D. Geffre, CFP®
(307) 633-8404
401 West 19th
Cheyenne, WY
Firm
First Interstate Bank Wealth Management
Areas of Specialization
Asset Allocation, Banking, Business Succession Planning, Comprehensive Financial Planning, Education Planning, Employee and Employer Plan Benefits, Estate Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Not Applicable

Data Provided by:
Data Provided by:

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...

Click here to read more from Home Business Magazine

© Copyright 2013 Home Business Magazine. All Rights Reserved. Privacy Policy | Terms and Conditions
Infoswell Media