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Tighten-Up on Your Home Business Accounts Tucson AZ

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.”

Patricia Raskob
Raskob Kambourian Financial Advisors, Ltd.
(520) 690-1999
4100 N. First Avenue
Tucson, AZ
Expertises
Ongoing Investment Management, Charitable Giving - Trusts & Foundations, Estate & Generational Planning Issues, Retirement Planning & Distribution Rules, Tax Planning, Retirement Plan Investment Advice
Certifications
NAPFA Registered Financial Advisor, ATA, BS, CFP®, EA

Rebecca Chacko
Chacko-Hertz Financial Solutions
(520) 743-3873
2534 E. Richards Place
Tucson, AZ
Expertises
Retirement Planning & Distribution Rules, Middle Income Client Needs, Tax Planning, High Net Worth Client Needs, Special Needs Planning, Newlyweds & Novice Investors
Certifications
NAPFA Registered Financial Advisor, BA, BS, CFP®, MBA, MS

Rebecca Chacko
Chacko-Hertz Financial Solutions
(520) 743-3873
5540 W. Placita Llanura
Tucson, AZ
Expertises
Retirement Planning & Distribution Rules, Middle Income Client Needs, Tax Planning, High Net Worth Client Needs, Special Needs Planning, Newlyweds & Novice Investors
Certifications
NAPFA Registered Financial Advisor, BA, BS, CFP®, MBA, MS

David Diesslin
Diesslin & Associates, Inc.
(520) 825-5465
65087 East Rocky Mesa Drive
Tucson, AZ
Expertises
Ongoing Investment Management, Planning Issues for Business Owners, Charitable Giving - Trusts & Foundations, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, MBA

Michael Burdick
Gordian Advisors
(520) 615-2779
2482 E River Road
Tucson, AZ
Expertises
Ongoing Investment Management, Cash Flow/Budgets/Credit Issues, Charitable Giving - Trusts & Foundations, Helping Clients Identify & Achieve Goals, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

Rebecca Chacko
Chacko-Hertz Financial Solutions
(520) 743-3873
PO Box 86711
Tucson, AZ
Expertises
Retirement Planning & Distribution Rules, Middle Income Client Needs, Tax Planning, High Net Worth Client Needs, Special Needs Planning, Newlyweds & Novice Investors
Certifications
NAPFA Registered Financial Advisor, BA, BS, CFP®, MBA, MS

William Holliday
Financial Freedom Associates, LLC
(520) 325-0769
2531 E Richards Place
Tucson, AZ
Expertises
Helping Clients Identify & Achieve Goals, Socially Responsible Investments, Retirement Plan Investment Advice, Tax Planning, Advising Employee Benefit Plan Participants, Cash Flow/Budgets/Credit Issues
Certifications
NAPFA Registered Financial Advisor, CFP®, MS

Mark Stempel
Encore Wealth Advisors
(520) 531-9977
3953 E. Paradise Falls Drive
Tucson, AZ
Expertises
Retirement Plan Investment Advice, Middle Income Client Needs, Advising Medical Professionals, Retirement Planning & Distribution Rules, Socially Responsible Investments, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CFP®, EA, MA

John Stephens
TCI Wealth Advisors, Inc.
(877) 733-1859
4011 East Sunrise Drive
Tucson, AZ
Expertises
Advising Medical Professionals, Planning Issues for Business Owners, Planning Concerns for Corporate Executives, High Net Worth Client Needs, Ongoing Investment Management, Advising Entrepreneurs
Certifications
NAPFA Registered Financial Advisor, CFA, CFP®, MBA, MD

Frank Presson
Presson Financial Associates, LLC
(520) 733-0065
7470 East Knollwood Drive
Tucson, AZ
Expertises
Retirement Planning & Distribution Rules, Retirement Plan Investment Advice, Estate & Generational Planning Issues, Divorce Planning, College/Education Planning, Alternative or Private Investments
Certifications
NAPFA Registered Financial Advisor, BA, CFP®

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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