Tighten-Up on Your Home Business Accounts Saint Paul MN

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.”

Jonathan Jaranson
PrairieView Partners, LLC
(651) 233-1100
413 Wacouta Street, Suite 300
St. Paul, MN
Expertises
Ongoing Investment Management, High Net Worth Client Needs, Retirement Plan Investment Advice, Estate & Generational Planning Issues, Tax Planning, Planning Concerns for Corporate Executives
Certifications
NAPFA Registered Financial Advisor, CFP®

Lauri Salverda
Clerestory Advisors, Inc.
(651) 209-2610
750 Main Street, Suite 215
Mendota Heights, MN
Expertises
Ongoing Investment Management, Middle Income Client Needs, Helping Clients Identify & Achieve Goals, Retirement Plan Investment Advice, Estate & Generational Planning Issues, Planning Issues for Unmarried & Same-Sex Couples
Certifications
NAPFA Registered Financial Advisor, CDFA, CFA, CFP®

Dana Hornquist
Hornquist Financial
(952) 856-4896
100 South Fifth Street
Minneapolis, MN
Expertises
Ongoing Investment Management, Planning Issues for Business Owners, High Net Worth Client Needs, Advising Medical Professionals, Hourly Financial Planning Services, Planning Concerns for Corporate Executives
Certifications
NAPFA Registered Financial Advisor, BA, CFP®

Robert Klosterman
White Oaks Wealth Advisors, Inc.
(612) 455-6900
80 South 8th Street, Suite 1725
Minneapolis, MN
Expertises
Planning Concerns for Corporate Executives, Ongoing Investment Management, Estate & Generational Planning Issues, High Net Worth Client Needs, Advising Medical Professionals, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, CFP®

Charles Buck
Buck Financial Advisors, LLC
(651) 330-3585
9733 Wellington Ridge
Woodbury, MN
Expertises
Retirement Planning & Distribution Rules, Retirement Plan Investment Advice, Newlyweds & Novice Investors, Helping Clients Identify & Achieve Goals, Middle Income Client Needs
Certifications
NAPFA Registered Financial Advisor, CFP®

Thomas Alf
Clerestory Advisors, Inc.
(651) 209-2610
750 Main Street, Suite 215
Mendota Heights, MN
Expertises
Retirement Planning & Distribution Rules, Ongoing Investment Management, Cash Flow/Budgets/Credit Issues, Planning Issues for Unmarried & Same-Sex Couples, Divorce Planning
Certifications
NAPFA Registered Financial Advisor, CDFA, CFP®, CPA

Robert Rogers
Rogers Financial Advisory, LLC
(612) 379-7692
143 Orlin Avenue, SE
Minneapolis, MN
Expertises
Ongoing Investment Management, College/Education Planning, Retirement Planning & Distribution Rules, Planning Issues for Unmarried & Same-Sex Couples
Certifications
NAPFA Registered Financial Advisor, BA, CFP®, MA, PhD

Michael Helffrich
PFP Advisors, Inc.
(612) 789-9671
1933 Arthur Street, NE
Minneapolis, MN
Expertises
Retirement Planning & Distribution Rules, Retirement Plan Investment Advice, Tax Planning, Planning Issues for Unmarried & Same-Sex Couples, Advising Employee Benefit Plan Participants, Estate & Generational Planning Issues
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, M.Div., MBA

Nate Wenner
Wipfli Hewins Investment Advisors, LLC
(651) 766-2869
8665 Hudson Blvd N
St. Paul, MN
Expertises
Ongoing Investment Management, Planning Issues for Business Owners, Advising Medical Professionals, Women's Financial Planning Issues, High Net Worth Client Needs, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFP®, CIMA, CPA/PFS

Dana Hornquist
Hornquist Financial
(952) 856-4896
5775 Wayzata Blvd., Suite 700
Saint Louis Park, MN
Expertises
Ongoing Investment Management, Planning Issues for Business Owners, High Net Worth Client Needs, Advising Medical Professionals, Hourly Financial Planning Services, Planning Concerns for Corporate Executives
Certifications
NAPFA Registered Financial Advisor, BA, CFP®

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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