Tighten-Up on Your Home Business Accounts Scottsboro AL

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 Lovejoy
Mainsail Asset Managment L.L.C.
(256) 575-0110
304 South Market Street, Suite 230
Scottsboro, AL
Expertises
Planning Issues for Business Owners, Charitable Giving - Trusts & Foundations, Middle Income Client Needs, Retirement Planning & Distribution Rules, Retirement Plan Investment Advice
Certifications
NAPFA Registered Financial Advisor, CFA, CFP®, CLU

Mr. Jon R. Bergman, CFP®
(256) 575-8160
601 E. Laurel Street
Scottsboro, AL
Firm
Charter Investment Services, LLC
Areas of Specialization
Asset Allocation, Business Succession Planning, Education Planning, Employee and Employer Plan Benefits, Estate Planning, General Financial Planning, Insurance Planning

Data Provided by:
B. Alan Gaylor
Alder Financial Group
(205) 988-5881
924 Riverchase Pkwy West
Birmingham, AL
Expertises
Retirement Plan Investment Advice, Ongoing Investment Management, Helping Clients Identify & Achieve Goals, Planning Issues for Business Owners, Planning Concerns for Corporate Executives
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

Stewart Welch
The Welch Group, LLC
(205) 879-5001
3940 Montclair Road, 5th Floor
Birmingham, AL
Expertises
Ongoing Investment Management, Planning Issues for Business Owners, Estate & Generational Planning Issues, Advising Medical Professionals, Retirement Planning & Distribution Rules, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CFP®, ChFc, CLU

Jessica Hovis
Longview Financial Advisors, Inc.
(256) 534-1196
220B Rhett Avenue
Huntsville, AL
Expertises
Retirement Planning & Distribution Rules, Insurance Related Issues, including Annuities, College/Education Planning, Cash Flow/Budgets/Credit Issues, Women's Financial Planning Issues
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, CLU

Mr. James W. Bergman, CFP®
(256) 575-8160
601 E Laurel Street
Scottsboro, AL
Firm
Raymond James Financial Services, Inc.
Areas of Specialization
Asset Allocation, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Education Planning, Elder Care, General Financial Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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



Data Provided by:
Velda Eugenias
Eugenias Advisory Group, LLC
(256) 546-3243
508 South Fifth Street
Gadsden, AL
Expertises
Women's Financial Planning Issues, Ongoing Investment Management, Planning Issues for Business Owners, Estate & Generational Planning Issues, Insurance Related Issues, including Annuities, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, BS, CFP®

Velda Eugenias
Eugenias Advisory Group, LLC
(256) 655-7333
126 Waterchase Drive
Huntsville, AL
Expertises
Women's Financial Planning Issues, Ongoing Investment Management, Planning Issues for Business Owners, Estate & Generational Planning Issues, Insurance Related Issues, including Annuities, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, BS, CFP®

Donna Gordon
Wesban Financial Consultants, P.C.
(205) 995-7778
1800 Providence Park, Suite 200
Birmingham, AL
Expertises
Helping Clients Identify & Achieve Goals, Ongoing Investment Management, Tax Planning, Cash Flow/Budgets/Credit Issues, Women's Financial Planning Issues, Retirement Plan Investment Advice
Certifications
NAPFA Registered Financial Advisor, CFP®, RFP

John Lovejoy
Mainsail Asset Managment L.L.C.
(256) 575-0110
304 South Market Street, Suite 230
Scottsboro, AL
Expertises
Planning Issues for Business Owners, Charitable Giving - Trusts & Foundations, Middle Income Client Needs, Retirement Planning & Distribution Rules, Retirement Plan Investment Advice
Certifications
NAPFA Registered Financial Advisor, CFA, CFP®, CLU

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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