Tighten-Up on Your Home Business Accounts West Palm Beach FL

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.”

Michael Pilato
Quantum Financial Advisors, Inc.
(561) 350-1632
2407 Quantum Blvd.
Boynton Beach, FL
Expertises
Hourly Financial Planning Services, College/Education Planning, Middle Income Client Needs
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA, MBA

Robert Keats
Keats, Connelly and Associates, LLC
(561) 569-7401
1880 N. Congress Avenue, Suite 302
Boynton Beach, FL
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules, Financial Issues Between Generations, Estate & Generational Planning Issues, Helping Clients Identify & Achieve Goals, Charitable Giving - Trusts & Foundations
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, MSFS

Penny Marlin
Marlin Financial
(561) 381-0867
13129 Aliso Beach Drive
Delray Beach, FL
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules, Hourly Financial Planning Services, Charitable Giving - Trusts & Foundations, Women's Financial Planning Issues, Helping Clients Identify & Achieve Goals
Certifications
NAPFA Registered Financial Advisor, CFP®, MA

Mr. Dennis S. Gelfand, CFP®
(561) 686-2252
380 Columbia Dr.
West Palm Beach, FL
Firm
Hough, Gelfand & Assoc., P.A.
Areas of Specialization
Accounting, General Financial Planning, Tax Planning, Tax Preparation

Data Provided by:
Ms. Louise B. Goldberg, CFP®
(561) 615-8585
2161 Palm Beach Lakes Blvd Ste 450
West Palm Beach, FL
Firm
H Beck
Areas of Specialization
Accounting, Asset Allocation, Budget Development, Comprehensive Financial Planning, Education Planning, Estate Planning, General Financial Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

Average Income: $250,001 - $500,000

Profession: Self-Employed Business Owners

Data Provided by:
Dale Walters
Keats, Connelly and Associates, LLC
(561) 569-7401
1880 N. Congress Avenue, Suite 302
Boynton Beach, FL
Expertises
High Net Worth Client Needs, Estate & Generational Planning Issues, College/Education Planning, Tax Planning
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, CPA/PFS

Patrick Horan
Horan Capital Management, LLC
(561) 350-1410
6111 Via Venetia N
Delray Beach, FL
Expertises
High Net Worth Client Needs, Retirement Planning & Distribution Rules, Retirement Plan Investment Advice, Ongoing Investment Management, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, CFP®, ChFc

Mr. David M. Allen, CFP®
(954) 415-1392
580 Village Blvd ste 160
West Palm Beach , FL
Firm
VALIC
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. Donald C. Jacobs, CFP®
(561) 207-3155
560 Village Blvd
West Palm Beach, FL
Firm
Prudential Financial
Areas of Specialization
Comprehensive Financial Planning, Investment Management, Social Security Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Not Applicable

Data Provided by:
Mr. Henry I. Pritchatt, CFP®
(561) 242-7990
603 Village BLVD.
West Palm Beach, FL
Firm
H I Pritchatt & Associates
Areas of Specialization
Accounting, Budget Development, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Debt Management, Divorce Issues
Key Considerations
Average Net Worth: $250,001 - $500,000

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

Profession: Self-Employed Business Owners

Data Provided by:
Data Provided by:

Tighten-Up on Your Home Business Accounts

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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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