Tighten-Up on Your Home Business Accounts Waterville ME

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. Roland G. Fournier, CFP®
(207) 877-9450
753 West River Rd
Waterville, ME
Firm
Prime Financial
Areas of Specialization
General Financial Planning
Key Considerations
Average Net Worth: $100,001 - $250,000

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

Profession: Self-Employed Business Owners

Data Provided by:
Ms. Suzanne I Uhl-Melanson, CFP®
(207) 859-8877
Uhl-Melanson Investor Services
Waterville, ME
Firm
Uhl-Melanson Investor Services LLC
Areas of Specialization
Budget Development, Business Succession Planning, Comprehensive Financial Planning, Education Planning, Estate Planning, Insurance Planning, Investment Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided by:
Mr. Albert J. Languet Iii, CFP®
(207) 873-2200
129 Silver Street
Waterville, ME
Firm
Golden Pond Wealth Management
Areas of Specialization
Charitable Giving, Comprehensive Financial Planning, Estate Planning, Investment Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided by:
Mr. John R. Williams Ii, CFP®
(207) 453-5300
43 Western Ave
Fairfield, ME
Firm
Cadaret Grant and Co., Inc.

Data Provided by:
Mr. Joel D. Davis, CFP®
(207) 622-9009
7 N Chestnut St
Augusta, ME
Firm
Ameriprise Financial Services,

Data Provided by:
Mr. Joseph M. Jabar Jr., CFP®
(207) 660-4100
226 Main St
Waterville, ME
Firm
LPL Financial
Areas of Specialization
Comprehensive Financial Planning, Investment Management

Data Provided by:
Mr. Alan D. Carey, CFP®
(207) 877-9450
P.O. Box 59
Waterville, ME
Firm
Prime Financial Investments &

Data Provided by:
Mr. Kenneth P. Viens, CFP®
(207) 660-4100
226 Main St
Waterville, ME
Firm
Kennebec Wealth Management
Areas of Specialization
General Financial Planning

Data Provided by:
Ms. Nina J. Mendall, CFP®
(207) 621-2626
320 Water St Fl 4
Augusta, ME
Firm
Raymond James Financial Services, Inc.
Areas of Specialization
Asset Allocation, Charitable Giving, Comprehensive Financial Planning, Estate Planning, General Financial Planning, Planning for Couples, Retirement Income Management

Data Provided by:
Dr. Carol Linker, CFP®
(207) 622-4922
137 Western Ave
Augusta, ME
Firm
Carol Linker, Inc.

Data Provided by:
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...

Click here to read more from Home Business Magazine

© Copyright 2013 Home Business Magazine. All Rights Reserved. Privacy Policy | Terms and Conditions
Infoswell Media