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Tighten-Up on Your Home Business Accounts Wayzata MN

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.”

Richard Epple
Epple Financial Advisors, LLC
(952) 470-5049
1000 Twelve Oaks Center Dr., Suite 101
Wayzata, MN
Expertises
Helping Clients Identify & Achieve Goals, Planning Issues for Business Owners, Ongoing Investment Management, Retirement Planning & Distribution Rules, Advising Medical Professionals, College/Education Planning
Certifications
NAPFA Registered Financial Advisor, BS, CFP®

Timothy Brown
Brown Wealth Management, LLC
(952) 303-6715
12100 Singletree Lane
Eden Prairie, MN
Expertises
Retirement Planning & Distribution Rules, High Net Worth Client Needs, Middle Income Client Needs, Socially Responsible Investments, Tax Planning, Hourly Financial Planning Services
Certifications
NAPFA Registered Financial Advisor, BS, CFA, CFP®, MBA

Jerry Wade
Wade Financial Group Inc.
(763) 797-9577
5500 Wayzata Blvd
Minneapolis, MN
Expertises
Ongoing Investment Management, Charitable Giving - Trusts & Foundations, Helping Clients Identify & Achieve Goals, Advising Employee Benefit Plan Participants, Planning Concerns for Corporate Executives, Tax Planning
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, CFS

Dana Hornquist
Hornquist Financial
(952) 856-4896
6046 Golden Valley Rd
Golden Valley, MN
Expertises
Ongoing Investment Management, Planning Issues for Business Owners, High Net Worth Client Needs, Advising Medical Professionals, Hourly Financial Planning Services, Planning Concerns for Corporate Executives
Certifications
NAPFA Registered Financial Advisor, BA, CFP®

Kathleen Longo
Accredited Investors, Inc.
(952) 841-2222
5200 West 73rd Street
Edina, MN
Expertises
Women's Financial Planning Issues, Helping Clients Identify & Achieve Goals, Charitable Giving - Trusts & Foundations, Advising Medical Professionals
Certifications
NAPFA Registered Financial Advisor, CAP, CFP®

Colleen Weber
Colleen Weber CPA, LLC
(952) 470-0750
470 W. 78th St. Suite 104
Chanhassen, MN
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules, Helping Clients Identify & Achieve Goals, Tax Planning, High Net Worth Client Needs, Estate & Generational Planning Issues
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, CPA

Rod Roath
Money Matters, Inc.
(952) 935-0707
5666 Lincoln Drive
Minneapolis, MN
Expertises
Retirement Planning & Distribution Rules, Ongoing Investment Management, Tax Planning, Planning Issues for Business Owners, Cash Flow/Budgets/Credit Issues, Helping Clients Identify & Achieve Goals
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA

Robert Smrekar
Wade Financial Group Inc.
(763) 797-9577
5500 Wayzata Blvd
Minneapolis, MN
Expertises
High Net Worth Client Needs, Planning Concerns for Corporate Executives, Helping Clients Identify & Achieve Goals, Retirement Planning & Distribution Rules, Ongoing Investment Management, Tax Planning
Certifications
NAPFA Registered Financial Advisor, AIF, CFP®

Dana Hornquist
Hornquist Financial
(952) 856-4896
5775 Wayzata Blvd., Suite 700
Saint Louis Park, MN
Expertises
Ongoing Investment Management, Planning Issues for Business Owners, High Net Worth Client Needs, Advising Medical Professionals, Hourly Financial Planning Services, Planning Concerns for Corporate Executives
Certifications
NAPFA Registered Financial Advisor, BA, CFP®

Laurie Laner
Financial Designs, Inc.
(952) 843-0300
5354 Parkdale Drive Suite 106
Minneapolis, MN
Expertises
High Net Worth Client Needs, Helping Clients Identify & Achieve Goals, Retirement Plan Investment Advice, Estate & Generational Planning Issues, Ongoing Investment Management, Advising Employee Benefit Plan Participants
Certifications
NAPFA Registered Financial Advisor, 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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