Tighten-Up on Your Home Business Accounts Schofield WI

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.”

Thomas Batterman
Vigil Trust & Financial Fiduciaries
(715) 848-8110
501 3rd Street
Wausau, WI
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules, Estate & Generational Planning Issues
Certifications
NAPFA Registered Financial Advisor, BS, CTFA, JD

Mr. Gregory G. Brown, CFP®
(715) 842-7100
2405 Schofield Ave Ste 240
Weston, WI
Firm
GB Financial Group
Areas of Specialization
Asset Allocation, Budget Development, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Education Planning, Elder Care
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided by:
Mrs. Laura R Kuhnert, CFP®
(715) 241-6935
510 Alderson St
Schofield, WI
Firm
Bradley Whalen Financial Services
Areas of Specialization
Asset Allocation, Banking, Comprehensive Financial Planning, Insurance Planning, Investment Planning, Women's Finances
Key Considerations
Average Net Worth: $100,001 - $250,000

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



Data Provided by:
Ms. Rosemary Barnes, CFP®
(715) 842-2703
300 3rd Street, Suite 308
Wausau, WI
Firm
Rosemary Barnes, CFP

Data Provided by:
Ms. Marilyn K. Sauer, CFP®
(715) 261-4819
500 1st St Ste 6000
Wausau, WI
Firm
Robert W. Baird & Co.

Data Provided by:
Mr. Mark R. Follett, CFP®
(715) 355-8628
860 Grand Ave
Schofield, WI
Firm
Thrivent Financial for Luthera
Areas of Specialization
Comprehensive Financial Planning

Data Provided by:
Mr. Michael Frank Piel, CFP®
2405 Schofield Ave Ste 240
Weston, WI
Firm
Focus Financial

Data Provided by:
Mr. John R Andrus, CFP®
(715) 355-0605
411 Grand Ave.
Rothschild, WI
Firm
Thrivent Financial for Lutherans
Areas of Specialization
Comprehensive Financial Planning, Estate Planning, Retirement Planning
Key Considerations
Average Net Worth: $250,001 - $500,000

Profession: Service Professionals

Data Provided by:
Mr. Kevin J. Hermening, CFP®
(715) 842-1916
200 Washington St.
Wausau, WI
Firm
Hermening Financial Group LLC
Areas of Specialization
Comprehensive Financial Planning, Education Planning, Employee and Employer Plan Benefits, Estate Planning, General Financial Planning, Government and Military, Insurance Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided by:
Ms. Mary L. Duwe, CFP®
(715) 693-8002
1102 Grand Ave
Wausau, WI
Firm
Associated Retirement Planners

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...

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