Tighten-Up on Your Home Business Accounts South Haven MI

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.”

Mr. Ronald L. Overhiser, CFP®
(269) 637-0222
632 Phillips St
South Haven, MI
Firm
Linsco / Private Ledger

Data Provided by:
George A. Stoutin, CFP®
45 Blue Star Hwy
Douglas, MI
Firm
Edward Jones

Data Provided by:
Fifth Third Bank
(269) 427-7931
Bangor, 101 W. Monroe Street
Bangor, MI
Office Hours
M-F 9:30-5; SA 9:30-12
Drive Up Hours
M-TH 9:30-5; F 9:30-5:30; SA 9:30-12

Edward Jones
(888) 891-1440
45 Blue Star Hwy # A
Douglas, MI

Data Provided by:
Karen Norman
Norman Financial Planning, Inc.
(248) 408-1990
802 East Big Beaver Road
Troy, MI
Expertises
Ongoing Investment Management, Cash Flow/Budgets/Credit Issues, Middle Income Client Needs, Retirement Planning & Distribution Rules, Women's Financial Planning Issues, Retirement Plan Investment Advice
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

Mr. John M. Leonard, CFP®
(269) 857-2860
201 Center St
Douglas, MI
Firm
John M. Leonard, LLC
Areas of Specialization
Asset Allocation, Employee and Employer Plan Benefits, Investment Management, Investment Planning, Retirement Income Management, Retirement Planning, Securities
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided by:
Fifth Third Bank
(269) 639-2144
South Haven, 601 Phoenix Street
South Haven, MI
Office Hours
M-F 9:30-5; SA 9:30-12
Drive Up Hours
M-TH 9:30-5; F 9:30-5:30; SA 9:30-12

Fifth Third Bank
(269) 468-3982
Coloma, 6553 Paw Paw Avenue
Coloma, MI
Office Hours
M-F 9:30-5
Drive Up Hours
M-TH 9:30-5; F 9:30-5:30

Christine Isham
Northern Financial Advisors, Inc.
(248) 985-1632
26111 West 14 Mile Road, Suite 100
Franklin, MI
Expertises
Ongoing Investment Management, High Net Worth Client Needs, Planning Issues for Business Owners, Advising Medical Professionals, Planning Concerns for Corporate Executives, Women's Financial Planning Issues
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, EA

Howard Bayliss
Core Financial Planning, LLC
(248) 758-2304
7 West Square Lake Road
Bloomfield Hills, MI
Expertises
Helping Clients Identify & Achieve Goals, Cash Flow/Budgets/Credit Issues, Middle Income Client Needs, Retirement Plan Investment Advice, Estate & Generational Planning Issues, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CFP®, CRPC

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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