Tighten-Up on Your Home Business Accounts Sterling CO

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. Joel C. Nelson, CFP®
(970) 521-7800
PO Box 750
Sterling, CO
Firm
Securities America

Data Provided by:
David Forbes
Petra Financial Advisors, Inc.
(719) 636-9000
2 North Cascade, Suite 720
Colorado Springs, CO
Expertises
Ongoing Investment Management, Charitable Giving - Trusts & Foundations, Advising Medical Professionals
Certifications
NAPFA Registered Financial Advisor, BS, CFA, CFP®

Kimberly Curtis
Wealth Legacy Institute, Inc.
(303) 753-7578
950 South Cherry Street, Suite 505
Denver, CO
Expertises
Women's Financial Planning Issues, Helping Clients Identify & Achieve Goals, Retirement Planning & Distribution Rules, Ongoing Investment Management, Divorce Planning, Planning Issues for Unmarried & Same-Sex Couples
Certifications
NAPFA Registered Financial Advisor, AEP, CAP, CFP®, ChFc, CLU, MSFS

Matthew Kelley
Gold Medal Waters, Inc.
(720) 887-1299
1200 S College Ave.
Fort Collins, CO
Expertises
High Net Worth Client Needs, Advising Entrepreneurs, Ongoing Investment Management, Charitable Giving - Trusts & Foundations, Socially Responsible Investments, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, AAMS, AIF, CFP®

Matthew Kelley
Gold Medal Waters, Inc.
(720) 887-1299
4845 Pearl East Circle
Boulder, CO
Expertises
High Net Worth Client Needs, Advising Entrepreneurs, Ongoing Investment Management, Charitable Giving - Trusts & Foundations, Socially Responsible Investments, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, AAMS, AIF, CFP®

Wells Fargo - Sterling
(970) 522-1383
129 S 3Rd St
Sterling, CO
Type
Branch
Office Hours
Mon-Fri 07:30 AM-06:00 PM
Sat 09:00 AM-03:00 PM
Sun Closed

Joseph Janiczek
Janiczek & Company, Ltd.
(303) 339-4460
8400 East Crescent Parkway, Suite 160
Greenwood Village, CO
Expertises
Helping Clients Identify & Achieve Goals, Ongoing Investment Management, Professional Athletes or Entertainers, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CEBS, CFA, ChFc, JD, MBA, MSFS

Robert Schumann
Cambridge Financial Advisors, LLC
(719) 966-5221
912 South Main Street
Buena Vista, CO
Expertises
Planning Issues for Business Owners, Ongoing Investment Management, Retirement Planning & Distribution Rules, Retirement Plan Investment Advice
Certifications
NAPFA Registered Financial Advisor, CFP®, ChFc, EA, M.Div., MA, MBA

M. Shannon Lunsford
Lunsford Financial Planning, Inc.
(303) 666-6442
357 South McCaslin Blvd.,Suite 200
Louisville, CO
Expertises
Hourly Financial Planning Services, Retirement Planning & Distribution Rules, Ongoing Investment Management, Tax Planning, College/Education Planning, Middle Income Client Needs
Certifications
NAPFA Registered Financial Advisor, BSEE, CFP®, EA

Jon Moore
Moore Financial Group
(303) 225-8400
8081 Shaffer Pkwy
Littleton, CO
Expertises
Retirement Plan Investment Advice, Ongoing Investment Management, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, CFP®

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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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