Tighten-Up on Your Home Business Accounts Williston 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.”

Ms. Beth M. Skedsvold, CFP®
(701) 577-4697
1135 2nd Ave W
Williston, ND
Firm
Ameriprise Financial
Areas of Specialization
Comprehensive Financial 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:
US Bank - Williston Office
(701) 572-3744
202 Main St
Williston, ND
Drive Up Hours
Mon 08:30 am to 05:00 pm
Tue 08:30 am to 05:00 pm
Wed 08:30 am to 05:00 pm
Thur 08:30 am to 05:00 pm
Fri 08:30 am to 05:00 pm
Sat 09:30 am to 11:30 am

Mr. Jorin J Johnson, CFP®
(701) 356-3233
4820 30th Ave S Ste 100
Fargo, ND
Firm
Investment Centers of America
Areas of Specialization
Comprehensive Financial Planning
Key Considerations
Average Net Worth: $100,001 - $250,000

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

Profession: Not Applicable

Data Provided by:
Mr. Ryland E. Syverson, CFP®
(701) 775-8666
3001 32nd Ave S # A
Grand Forks, ND
Firm
Great Plains Financial
Areas of Specialization
Asset Allocation, Insurance Planning, Retirement Income Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided by:
Mr. David E. Nash, CFP®
(701) 222-7562
232 W Century Ave
Bismarck, ND
Firm
Morgan Stanley

Data Provided by:
Mr. Douglas W. Crosby, CFP®
(701) 774-0653
PO Box 2538
Williston, ND
Firm
Investment & Retirement Advisors, Inc.
Areas of Specialization
Estate Planning, General Financial Planning, Insurance Planning, Investment Planning

Data Provided by:
Darin Svihovec, CFP®
(701) 250-3067
108 North 4th Street
Bismarck, ND
Firm
BNC National Bank
Areas of Specialization
Business Succession Planning, Charitable Giving, Debt Management, Education Planning, Estate Planning, General Financial Planning, Insurance Planning
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:
Mr. Paul J. Jarvis, CFP®
(701) 451-3059
3100 13th Avenue South
Fargo, ND
Firm
Bell State Bank & Trust
Areas of Specialization
Banking, Budget Development, Comprehensive Financial Planning, Education Planning, Estate Planning, General Financial Planning, Insurance Planning

Data Provided by:
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. Craig A. Zavalney, CFP®
(701) 837-5678
2819 B, South Broadway
Minot, ND
Firm
Ameriprise Financial Services,
Areas of Specialization
Comprehensive Financial Planning, Education Planning, Elder Care, Long-Term Care, Retirement Income Management, Risk Management, Wealth Management
Key Considerations
Average Net Worth: $100,001 - $250,000

Average Income: Not Applicable

Profession: Not Applicable

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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