Tighten-Up on Your Home Business Accounts Twin Falls ID

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. Tyler J Layne, CFP®
(208) 733-7611
1411 Falls Ave E Ste 1137
Twin Falls, ID
Firm
Northwestern Mutual Financial Network
Areas of Specialization
Asset Allocation, Business Succession Planning, Comprehensive Financial Planning, Estate Planning, General Financial Planning, Insurance Planning, Investment Management
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Medical/Dental Professionals

Data Provided by:
Mr. John F. Van Engelen, CFP®
(509) 385-9794
2188 Addison Ave E
Twin Falls, ID
Firm
Pollow & Moore, CPAs, Chtd

Data Provided by:
Mr. James R. Love, CFP®
(208) 734-4545
PO Box 1234
Twin Falls, ID
Firm
Professional Economic Services, Inc

Data Provided by:
Ms. Verlene Merl Claiborn, CFP®
(208) 732-0088
161 5th Ave S
Twin Falls, ID
Firm
3 Mark Financial
Areas of Specialization
Long-Term Care, Retirement Income Management, Retirement Planning
Key Considerations
Average Net Worth: $100,001 - $250,000

Average Income: $50,001 - $100,000

Profession: Self-Employed Business Owners

Data Provided by:
Bank of America - Twin Falls
(208) 733-3791
1040 Shoshone St E
Twin Falls, ID
Type
Banking Center
Services
Banking Center Services: Change Order, Commercial Deposits, Night Deposits, Drive Up
Outdoor ATM Services: Open 24 Hours, Braille, Accepts Deposits
Languages
English, Spanish, Chinese, Korean, French, Russian, Portuguese
Office Hours
Monday 10-5
Tuesday 10-5
Wednesday 10-5
Thursday 10-5
Friday 10-6
Saturday 10-1
Sunday Closed
Drive Up Hours
Monday 9-5
Tuesday 9-5
Wednesday 9-5
Thursday 9-5
Friday 9-6
Saturday 10-1
Sunday Closed

Mr. Lynn Rulon Hansen, CFP®
1126 Eastland Dr N Ste 200
Twin Falls, ID
Firm
Edward Jones

Data Provided by:
Mr. Joseph I. Shaw, CFP®
(208) 733-6019
1435 Fillmore St
Twin Falls, ID
Firm
Wells Fargo Advisors, LLC

Data Provided by:
Amy Mcmurdie, CFP®
(208) 734-8909
1025 Shoshone St N Ste 5
Twin Falls, ID
Firm
Ameriprise Financial Services, Inc.
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Education Planning, Employee and Employer Plan Benefits, Estate Planning, Insurance Planning, Investment Management
Key Considerations
Average Net Worth: $250,001 - $500,000

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



Data Provided by:
Wells Fargo - Perrine
(208) 734-1987
1864 Blue Lakes Blvd N
Twin Falls, ID
Type
Branch
Office Hours
Mon-Fri 09:00 AM-06:00 PM
Sat 09:00 AM-04:00 PM
Sun Closed

Chase Bank
(208) 735-1663
705 Blue Lakes Blvd N, Ste G
Twin Falls, ID
Type
In-store
Office Hours
Mon:9:00-7:00
Tues:9:00-7:00
Wed:9:00-7:00
Thurs:9:00-7:00
Fri:9:00-7:00
Sat:9:00-4:00
Sun:closed

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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