Tighten-Up on Your Home Business Accounts West Fargo ND

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.”

Robert P Mastel, CFP®
(701) 205-1594
616 Main Ave
Fargo, ND
Firm
RPM Advisors, LLC
Areas of Specialization
Employee and Employer Plan Benefits

Data Provided by:
Mr. Jay Charles Matthews, CFP®
(701) 241-9205
818 Main Ave
Fargo, ND
Firm
Producers Financial Group

Data Provided by:
Mr. Donald S. Meidinger, CFP®
(701) 476-8306
4310 17th Ave S
Fargo, ND
Firm
Eide Bailly LLP

Data Provided by:
Mr. James H. Sanders, CFP®
(701) 237-3453
1318 23rd St S
Fargo, ND
Firm
Century Financial Advisors Inc
Areas of Specialization
Comprehensive Financial Planning
Key Considerations
Average Net Worth: $250,001 - $500,000

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

Profession: Not Applicable

Data Provided by:
Mr. Kevin J. Dekrey, CFP®
(701) 492-2413
2000 44th St S Ste 402
Fargo, ND
Firm
MORGAN STANLEY SMITH BARNEY
Areas of Specialization
Comprehensive Financial Planning, Insurance Planning, Investment Management, Long-Term Care, Retirement Income Management, Wealth Management

Data Provided by:
Mr. Edward Oliver Samuelson Jr., CFP®
(701) 234-9009
PO Box 9196
Fargo, ND
Firm
Samuelson Planning

Data Provided by:
Ms. Shannon M. Gephart, CFP®
(701) 280-5124
3137 32nd Ave South
Fargo, ND
Firm
Alerus Financial

Data Provided by:
Ms. Ronda M Zupi, CFP®
(701) 235-9858
1900 44th Street South
Fargo, ND
Firm
AgCountry Farm Credit Services

Data Provided by:
Mr. Roger B. Johnson, CFP®
(218) 643-6995
1128 Westrac Dr S
Fargo, ND
Firm
Raymond James Financial Services, Inc.
Areas of Specialization
Asset Allocation, Business Succession Planning, Comprehensive Financial Planning, Education Planning, Elder Care, Estate Planning, General Financial Planning
Key Considerations
Average Net Worth: Not Applicable

Average Income: Not Applicable

Profession: Not Applicable

Data Provided by:
Douglas Melby, CFP®
(701) 235-2002
1202 27th St S
Fargo, ND
Firm
Heartland Trust Company
Areas of Specialization
Comprehensive Financial Planning, Employee and Employer Plan Benefits, Investment Management, Wealth Management
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:
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