Tighten-Up on Your Home Business Accounts Seabrook TX

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.”

Daniel Martucci
MWA Advisors, Inc.
(281) 488-2577
2437 Bay Area Blvd., #105
Houston, TX
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules, Planning Concerns for Corporate Executives, Women's Financial Planning Issues, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA

Mr. Wiley Preston Smith, CFP®
(281) 461-1120
PO Box 321
Seabrook, TX
Firm
S & F Tax LLC
Areas of Specialization
Accounting, Comprehensive Financial Planning, Elder Care, Estate Planning, General Financial Planning, Government and Military, Retirement Income Management
Key Considerations
Average Net Worth: $100,001 - $250,000

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

Profession: Government Employees

Data Provided by:
Ms. Traci Dvorak, CFP®
(281) 212-2789
2525 Bay Area Blvd Ste 640
Houston, TX
Firm
Ameriprise Financial Services, Inc.

Data Provided by:
Mr. Justin J. Swope, CFP®
(281) 461-2027
2525 Bay Area Blvd
Houston, TX
Firm
Ameriprise Financial
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Education Planning, General Financial Planning, Insurance Planning, Investment Management, Investment Planning

Data Provided by:
Mr. Colin Worthy, CFP®
(713) 581-0225
2525 Bay Area Blvd Ste 640
Houston, TX
Firm
Ameriprise Financial Services, Inc.
Areas of Specialization
Comprehensive Financial Planning, Retirement Planning, Young Professionals

Data Provided by:
Christine Walker
MWA Advisors, Inc.
(281) 488-2577
2437 Bay Area Blvd., #105
Houston, TX
Expertises
Retirement Planning & Distribution Rules, Ongoing Investment Management, Planning Concerns for Corporate Executives, Women's Financial Planning Issues, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA

Mr. Crawford M. Mcgill, CFP®
(281) 212-2744
2525 Bay Area Blvd Ste 640
Houston, TX
Firm
Ameriprise Financial Services, Inc.
Areas of Specialization
Asset Allocation, Banking, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Divorce Issues, Education Planning
Key Considerations
Average Income: $100,001 - $250,000



Data Provided by:
Mr. Mark N. Stubbs, CFP®
(281) 486-9720
17625 El Camino Real Ste 112
Houston, TX
Firm
Starburst Financial Group Inc

Data Provided by:
Ms. Mary Jane Dixon, CFP®
(281) 486-4144
16830 Royal Crest Dr
Houston, TX
Firm
Mary Jane Dixon, CPA, CFP
Areas of Specialization
Accounting, Comprehensive Financial Planning, Divorce Issues, Education Planning, Estate Planning, Insurance Planning, Planning for Couples
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Self-Employed Business Owners

Data Provided by:
Mr. William M. Bland Iii, CFP®
(713) 957-4293
18575 Martinique Dr
Houston, TX
Firm
Global Wealth, Inc.
Areas of Specialization
Accounting, Asset Allocation, Comprehensive Financial Planning, Debt Management, Education Planning, Employee and Employer Plan Benefits, Estate Planning

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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