Tighten-Up on Your Home Business Accounts Southington CT

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.”

Lawrence Annello
DHAS Financial Planning, LLC
(860) 255-0103
6 Executive Drive, Suite 111
Farmington, CT
Expertises
Tax Planning, Helping Clients Identify & Achieve Goals, Retirement Planning & Distribution Rules, Middle Income Client Needs, Planning Issues for Business Owners, Planning Concerns for Corporate Executives
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA/PFS

Rick Shapiro
Investment & Financial Counselors, LLC
(860) 232-4121
998 Farmington Avenue, Suite 202
West Hartford, CT
Expertises
Estate & Generational Planning Issues, Ongoing Investment Management, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFP®, CMFC, CPA/PFS, MST

Kathryn Norris
Asset Strategies, Inc.
(860) 673-5500
80 W Avon Road
Avon, CT
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules, Women's Financial Planning Issues
Certifications
NAPFA Registered Financial Advisor, BA, CFP®, MA

Mark Briggs
Briggs Wealth Management, LLC
(860) 633-8988
59 Sycamore Street
Glastonbury, CT
Expertises
Ongoing Investment Management, Helping Clients Identify & Achieve Goals, Retirement Planning & Distribution Rules, High Net Worth Client Needs, Tax Planning, Financial Issues Between Generations
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA/PFS

Barry Katz
Caratel Financial Services, Inc.
(860) 567-2567
North Street
Litchfield, CT
Expertises
Ongoing Investment Management, Cash Flow/Budgets/Credit Issues, Helping Clients Identify & Achieve Goals, Real Estate Investments, Retirement Planning & Distribution Rules, Middle Income Client Needs
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, MBA

Martha Kapouch
More For Less Financial Solutions, L.L.C.
(860) 521-7779
88 Van Buren Avenue
West Hartford, CT
Expertises
Ongoing Investment Management, Estate & Generational Planning Issues, Retirement Planning & Distribution Rules, Helping Clients Identify & Achieve Goals, Women's Financial Planning Issues, Hourly Financial Planning Services
Certifications
NAPFA Registered Financial Advisor, BA, MBA

Clifford Straub
Lifestyle Financial Strategies, LLC
(860) 344-8356
100 Riverview Center, Suite 316
Middletown, CT
Expertises
High Net Worth Client Needs, Tax Planning, Ongoing Investment Management, Planning Concerns for Corporate Executives, Retirement Plan Investment Advice, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, MBA

Alan Rothstein
Asset Strategies, Inc.
(860) 673-5500
80 W Avon Road
Avon, CT
Expertises
Planning Issues for Business Owners, Tax Planning
Certifications
NAPFA Registered Financial Advisor, BS, CPA/PFS, MS

Panfilo Guglielmi
Advanced Capital Advisors, LLC
(860) 633-5559
628 Hebron Ave., Bld. 2
Glastonbury, CT
Expertises
Ongoing Investment Management, Helping Clients Identify & Achieve Goals, Estate & Generational Planning Issues, Retirement Planning & Distribution Rules, Advising Medical Professionals, High Net Worth Client Needs
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA/PFS

Mr. Richard J. D'Amato, CFP®
(860) 628-5813
100 Queen St
Southington, CT
Firm
Ameriprise Financial
Areas of Specialization
Education Planning, Insurance Planning, Investment Management, Mortgages, Retirement Income Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided by:
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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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