Tighten-Up on Your Home Business Accounts Shippensburg PA

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.”

Ms. Phyllis A Nye, CFP®
(717) 530-2608
PO Box 250
Shippensburg, PA
Firm
Orrstown Financial Advisors
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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



Data Provided by:
Mr. Harold J. Beshaw, CFP®
(717) 572-6120
1134 Kennebec Dr
Chambersburg, PA
Firm
Rotz & Stonesifer Financial Services, LLC
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Education Planning, Elder Care, Employee and Employer Plan Benefits, Estate Planning, General Financial Planning

Data Provided by:
Mr. Thomas C. Tucker, CFP®
(717) 267-1426
425 Phoenix Dr
Chambersburg, PA
Firm
Tucker Financial Services Inc
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Education Planning, Estate Planning, General Financial Planning, Investment Management, Investment Planning

Data Provided by:
Ms. Betty Lou Carver Hawbaker, CFP®
(717) 261-1557
PO Box 364
Chambersburg, PA
Firm
AXA Advisors LLC

Data Provided by:
Mr. Kevin T. Shoemaker, CFP®
(717) 491-2438
861 N Franklin St
Chambersburg, PA
Firm
Personal Money Management, LLC
Areas of Specialization
Banking, Budget Development, Comprehensive Financial Planning, Debt Management, Disaster Recovery, Education Planning, Estate Planning
Key Considerations
Average Net Worth: Not Applicable

Average Income: Not Applicable

Profession: Not Applicable

Data Provided by:
Mr. Alfred Smith, CFP®
1108 Kennebec Dr
Chambersburg, PA
Firm
Merrill Lynch Group, Inc.

Data Provided by:
Mr. Michael W Peterson, CFP®
(717) 267-1426
425 Phoenix Drive
Chambersburg, PA
Firm
Tucker Financial Services, Inc.
Areas of Specialization
Comprehensive Financial Planning, Estate Planning, Insurance Planning, Intergenerational Planning, Investment Management, Investment Planning, Long-Term Care
Key Considerations
Average Net Worth: $250,001 - $500,000

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

Profession: Not Applicable

Data Provided by:
Ms. Denise B. Barrows, CFP®
(717) 267-3572
239 Lincoln Way E
Chambersburg, PA
Firm
The Barrows Sollenberger Group
Areas of Specialization
Accounting, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Divorce Issues, Elder Care, Employee and Employer Plan Benefits
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Business Executives

Data Provided by:
Mr. Charles E. Nelson, CFP®
(717) 262-1019
2011 Scotland Ave
Chambersburg, PA
Firm
Menno Haven Inc.

Data Provided by:
Mrs. Anne S. Johnson, CFP®
(717) 658-5643
6111 Fairway Dr W
Fayetteville, PA
Areas of Specialization
Charitable Giving, Divorce Issues, Estate Planning, Legal Advice, Tax Planning, Women's Finances

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