Tighten-Up on Your Home Business Accounts Starkville MS

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. Larry E. Mullins, CFP®
(662) 323-4291
114 S Lafayette St
Starkville, MS
Firm
LPL Financial Services
Areas of Specialization
Retirement Income Management

Data Provided by:
Mr. Brian S. Lesley, CFP®
(662) 338-1210
1 Research Blvd Ste 200
Starkville, MS
Firm
Renasant Bank
Areas of Specialization
Asset Allocation, Education Planning, Estate Planning, General Financial Planning, Investment 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:
Mrs. Lynn M. Phillips-Gaines, CFP®
(662) 324-2889
104 W Lampkin St
Starkville, MS
Firm
Phillips Financial

Data Provided by:
Regions Bank - West Point Main
(662) 494-6972
551 East Main Street
West Point, MS
Type
Branch
Office Hours
M-Th 9:00-4:30
F 9:00-5:00
S CLOSED
Su NA
Drive Up Hours
M-Th 9:00-4:30
F 9:00-5:00
S CLOSED
Su NA

LPL Financial
(662) 323-4291
114 S Lafayette St
Starkville, MS

Data Provided by:
Mr. Eddie Mcneal, CFP®
(662) 323-8313
101 S Lafayette St
Starkville, MS
Firm
Ameriprise Financial Services
Areas of Specialization
Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Estate Planning, Insurance Planning, Investment Management, Life Planning

Data Provided by:
Jerry L. Toney, CFP®
(662) 324-4740
301 E Main St
Starkville, MS
Firm
Cadence Bank
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Education Planning, Employee and Employer Plan Benefits, Estate Planning, General Financial Planning, Investment Management

Data Provided by:
Mr. Robert M. Crosland Iii, CFP®
(662) 338-0023
100 Starr Ave Ste B
Starkville, MS
Firm
Crosland Wealth Management INC
Areas of Specialization
Asset Allocation, General Financial Planning, Investment Management, Investment Planning, Long-Term Care, Retirement Income Management, Retirement Planning

Data Provided by:
Wells Fargo Advisors
(662) 324-5999
301-B Academy Road
Starkville, MS

Data Provided by:
Tiffany Ballard
Bergland Wealth Management, Inc.
(601) 956-5181
PO Box 1318
Ridgeland, MS
Expertises
Cash Flow/Budgets/Credit Issues, Advising Medical Professionals, Ongoing Investment Management, Retirement Planning & Distribution Rules, Helping Clients Identify & Achieve Goals, Estate & Generational Planning Issues
Certifications
NAPFA Registered Financial Advisor, AIF, CFP®

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...

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