Tighten-Up on Your Home Business Accounts Somerville NJ

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.”

James Christie
Freedom Wealth Management, LLC
(908) 204-9299
90 Washington Valley Road
Bedminster, NJ
Expertises
Ongoing Investment Management, Charitable Giving - Trusts & Foundations, Financial Issues Between Generations
Certifications
NAPFA Registered Financial Advisor, CFP®

Constance Herrstrom
Premier Financial Planning, Inc.
(609) 924-2424
711 Executive Drive
Princeton, NJ
Expertises
Ongoing Investment Management, Cash Flow/Budgets/Credit Issues, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, MBA

Eleanore Szymanski
EKS Associates, LLC
(609) 921-1016
601 Ewing Street, Suite A-7
Princeton, NJ
Expertises
Ongoing Investment Management, Cash Flow/Budgets/Credit Issues, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, BS, CFP®

Lisa Jantorno
Jantorno Financial Advisors, LLC
(609) 919-0006
13 Roszel Road, Suite A-103
Princeton, NJ
Expertises
Ongoing Investment Management, Cash Flow/Budgets/Credit Issues, Middle Income Client Needs, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFA, CFP®, MBA

Martha Ferrari
Halberstadt Financial Consultants, Inc.
(609) 921-0180
50 North Tulane Street
Princeton, NJ
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules, High Net Worth Client Needs, Tax Planning, Hourly Financial Planning Services, Women's Financial Planning Issues
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA/PFS, MBA

Gwen Gepfert
Oaktree Financial Planning and Consulting, L.L.C.
(908) 580-0255
74 Crest Drive
Basking Ridge, NJ
Expertises
Hourly Financial Planning Services, Investment Advice without Ongoing Management, Middle Income Client Needs, Retirement Planning & Distribution Rules, Newlyweds & Novice Investors, Women's Financial Planning Issues
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA, MBA

Martin Hopkins
Hopkins Investment Management, LLC
(609) 419-1119
212 Carnegie Center, Suite 206
Princeton, NJ
Expertises
Ongoing Investment Management, Helping Clients Identify & Achieve Goals, Retirement Planning & Distribution Rules, Retirement Plan Investment Advice, Estate & Generational Planning Issues, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, CFP®

Albert Zdenek
Traust Sollus Wealth Management, LLC
(609) 779-6700
103 Carnegie Center Suite 205
Princeton, NJ
Expertises
High Net Worth Client Needs, Ongoing Investment Management, Tax Planning, Advising Medical Professionals, Planning Concerns for Corporate Executives, Helping Clients Identify & Achieve Goals
Certifications
NAPFA Registered Financial Advisor, CPA/PFS, MBA

Guy McPhail
Traust Sollus Wealth Management, LLC
(609) 779-6700
103 Carnegie Center Suite 205
Princeton, NJ
Expertises
Retirement Plan Investment Advice, High Net Worth Client Needs, Ongoing Investment Management, Tax Planning, Helping Clients Identify & Achieve Goals, Cash Flow/Budgets/Credit Issues
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA/PFS

David Walter
Halberstadt Financial Consultants, Inc.
(609) 921-0180
50 North Tulane Street
Princeton, NJ
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules, Tax Planning, Women's Financial Planning Issues
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA/PFS

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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