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Tighten-Up on Your Home Business Accounts Sparks NV

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.”

Joseph Hollen
Hollen Financial Planning, Ltd.
(775) 827-0670
P.O. Box 6629
Reno, NV
Expertises
Ongoing Investment Management
Certifications
NAPFA Registered Financial Advisor, CFP®

William Kirby
Kirby Group, Inc.
(775) 853-4159
13375 West Saddlebow Drive
Reno, NV
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFP®, MS

Mr. Wesley W. Griffin, CFP®
(775) 356-0955
PO Box 826
Sparks, NV
Firm
Contact Employee Benefits, Inc.
Areas of Specialization
Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Education Planning, Elder Care, Employee and Employer Plan Benefits, Estate Planning
Key Considerations
Average Net Worth: $250,001 - $500,000

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

Profession: Self-Employed Business Owners

Data Provided by:
Mr. Doyle H. Brown, CFP®
(775) 829-9633
1575 Delucchi Ln Ste 222
Reno, NV
Firm
Windrose Retirement Income Planners, Inc.

Data Provided by:
Ms. Elizabeth J. Dart, CFP®
5200 Neil Rd
Reno, NV
Firm
First Wall Street Financial Advisors
Areas of Specialization
Asset Allocation, Charitable Giving, Comprehensive Financial Planning, Intergenerational Planning, Retirement Planning, Social Security Planning, Socially Responsible Investments

Data Provided by:
Vicki Schultz
Schultz Financial Group, Inc.
(775) 850-5620
10765 Double R Blvd., Suite 200
Reno, NV
Expertises
Helping Clients Identify & Achieve Goals, Retirement Planning & Distribution Rules, High Net Worth Client Needs, Ongoing Investment Management, Alternative or Private Investments, Real Estate Investments
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, MBA

Mrs. Joanna Moran, CFP®
(858) 361-0011
1310 Coachman Ct
Sparks, NV
Areas of Specialization
Comprehensive Financial Planning

Data Provided by:
Mr. Curtis W. Bickford, CFP®
(775) 829-7210
765 sienna park dr
Reno, NV
Firm
Ameriprise

Data Provided by:
Mr. Michael P. Costelloe, CFP®
(775) 825-1144
1575 Delucchi
Reno, NV
Firm
H Beck, Inc
Areas of Specialization
Comprehensive Financial Planning, Employee and Employer Plan Benefits, Investment Management, Long-Term Care, Retirement Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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



Data Provided by:
Mr. Arthur C. Lane, CFP®
(775) 824-0555
1575 Delucchi Lane
Reno, NV
Firm
Western International Securities

Data Provided by:
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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