Tighten-Up on Your Home Business Accounts Villa Rica GA

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.”

Saeed Seyedahmadian, CFP®
(770) 363-2889
3445 Jarita Way
Douglasville, GA
Firm
MTS TAX Service, LLC

Data Provided by:
Mr. Richard Earl Prince, CFP®
(404) 376-9243
128 Newnan St
Carrollton, GA
Firm
MassMutual
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Self-Employed Business Owners

Data Provided by:
Mrs. Casaline Woods, CFP®
(770) 949-9479
PO Box 358
Douglasville, GA
Firm
ING FINANCIAL ADVISERS, LLC
Areas of Specialization
Retirement Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided by:
Mr. David S. Van Gelder, CFP®
(678) 516-0659
1045 Haddonfield Dr
Powder Springs, GA

Data Provided by:
Wells Fargo - Mirror Lake
(770) 456-4915
1997 Mirror Lake Blvd
Villa Rica, GA
Type
Branch
Office Hours
Mon-Fri 09:00 AM-05:00 PM
Sat 09:00 AM-12:00 PM
Sun Closed

Ms. Patti H Puckett, CFP®
(678) 391-0324
3133 Golf Ridge Blvd Ste 201
Douglasville, GA
Firm
Ameriprise Financial Inc
Areas of Specialization
General Financial Planning, Retirement Income Management, Retirement Planning, Small Business Planning, Women's Finances

Data Provided by:
Mr. Steven L. Holmes, CFP®
(770) 832-6837
1606 Maple St
Carrollton, GA
Firm
Holmes Financial Group
Areas of Specialization
Asset Allocation, Business Succession Planning, Comprehensive Financial Planning, Divorce Issues, Education Planning, Estate Planning, General Financial Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

Average Income: Not Applicable



Data Provided by:
Mr. John L. Grillo, CFP®
(770) 214-0714
205 Lee St
Carrollton, GA
Firm
Grillo & Associates
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Education Planning, Estate Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Self-Employed Business Owners

Data Provided by:
Mr. Mark D. Freret, CFP®
(404) 409-9055
5845 Millers Pond Ln
Powder Springs, GA
Firm
Covered Bridge Financial
Areas of Specialization
Comprehensive Financial Planning

Data Provided by:
SunTrust Bank
(770) 456-2265
1849 Villa Rica Highway
Villa Rica, GA
Type
ATM, Branch, Commercial Center, Mortgage Office, Investment Center, Drive-Thru
Office Hours
Monday: 9-5
Tuesday: 9-5
Wednesday: 9-5
Thursday: 9-5
Friday: 9-6 Weekend: Sat 9-12
Drive Up Hours
Monday: 9-5
Tuesday: 9-5
Wednesday: 9-5
Thursday: 9-5
Friday: 9-6 Weekend: 9-12

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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