Ton of receivables.. Is this just me? - Page 3 - Electrician Talk - Professional Electrical Contractors Forum
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View Poll Results: Anyone else having these same issues?
Yes 7 38.89%
No 11 61.11%
Voters: 18. You may not vote on this poll

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Old 06-19-2019, 09:49 PM   #41
MTW
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HVAC - 70% of sales
Service & Maintenance Dept.
Replacement Dept.

Plumbing - 15% of sales
Service Dept (residential service, repipes, well and sump pumps, etc.)
Sewer & Drain and Trench-less Pipe Lining Dept
Water Treatment Dept

Electric - 15% of sales
Service Dept. (Service upgrades, lighting and power, etc)
Generator Service & Maintenance Dept.
Generator Installation Dept.

3 divisions (8 departments) 50+/- employees. 30+ trucks. 34 years in business.
99.9% residential service, maintenance and replacement. No new construction, commercial, renovation or property management companies.

We have some landlords who we have a credit card on file with and an automatic $500 authorization for repairs. A couple of commercial accounts with the same arrangements, but none of it amounts to very much.

We are on pace to do 9.6mm this year. All sales COD. Hence, no receivables beyond what multiple day jobs are not yet completed this week.

We have three accounting personnel and no billing dept. We never go to collections, court, place liens and I haven't paid an attorney a dime since my last divorce and to make some estate planning changes.

Our prices are 30 to 40% higher (depending on the department) then anyone else in our market.

We have 11,540 reviews with a 5.9 star average as of this writing
1,078 of those are Google reviews.
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Old 06-20-2019, 09:24 AM   #42
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Originally Posted by flyboy View Post
HVAC - 70% of sales
Service & Maintenance Dept.
Replacement Dept.

Plumbing - 15% of sales
Service Dept (residential service, repipes, well and sump pumps, etc.)
Sewer & Drain and Trench-less Pipe Lining Dept
Water Treatment Dept

Electric - 15% of sales
Service Dept. (Service upgrades, lighting and power, etc)
Generator Service & Maintenance Dept.
Generator Installation Dept.

3 divisions (8 departments) 50+/- employees. 30+ trucks. 34 years in business.
99.9% residential service, maintenance and replacement. No new construction, commercial, renovation or property management companies.

We have some landlords who we have a credit card on file with and an automatic $500 authorization for repairs. A couple of commercial accounts with the same arrangements, but none of it amounts to very much.

We are on pace to do 9.6mm this year. All sales COD. Hence, no receivables beyond what multiple day jobs are not yet completed this week.

We have three accounting personnel and no billing dept. We never go to collections, court, place liens and I haven't paid an attorney a dime since my last divorce and to make some estate planning changes.

Our prices are 30 to 40% higher (depending on the department) then anyone else in our market.

We have 11,540 reviews with a 5.9 star average as of this writing
1,078 of those are Google reviews.
Impressive. You have a very successful business!!
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Old 06-20-2019, 10:48 AM   #43
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We have exactly $1,370.00 in receivables. Just one single customer that wasn't on location when I finished, so I emailed the invoice. She is late by 9 days now, as we are COD.

I will say that this is an anomaly to us now, typically we get paid on the spot and even when we invoice a customer, 99% of the time they pay within a few hours.

We also do some commercial and government work, we get paid COD for all those jobs as well. We just simply won't work with a GC, so we set our terms and are pretty good about letting them know in both conversation and in writing what those terms are and when payment is expected and due.
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Old 06-20-2019, 11:13 AM   #44
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We have exactly $1,370.00 in receivables. Just one single customer that wasn't on location when I finished, so I emailed the invoice. She is late by 9 days now, as we are COD.
See that right there? That has happened a lot when I was too lazy to go out and get the credit card reader so I told the customer that I would just email them a CC invoice. Or when I didn't stick to my guns and demand payment upfront from a landlord who wasn't going to be at the job he wanted me to go do. They always say that it is OK and that they will pay right away- but then take a week to do so.
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Old 06-20-2019, 02:20 PM   #45
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She just paid. Receivables are now zero.
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Old 06-22-2019, 08:14 AM   #46
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Quote:
Originally Posted by flyboy View Post
HVAC - 70% of sales
Service & Maintenance Dept.
Replacement Dept.

Plumbing - 15% of sales
Service Dept (residential service, repipes, well and sump pumps, etc.)
Sewer & Drain and Trench-less Pipe Lining Dept
Water Treatment Dept

Electric - 15% of sales
Service Dept. (Service upgrades, lighting and power, etc)
Generator Service & Maintenance Dept.
Generator Installation Dept.

3 divisions (8 departments) 50+/- employees. 30+ trucks. 34 years in business.
99.9% residential service, maintenance and replacement. No new construction, commercial, renovation or property management companies.

We have some landlords who we have a credit card on file with and an automatic $500 authorization for repairs. A couple of commercial accounts with the same arrangements, but none of it amounts to very much.

We are on pace to do 9.6mm this year. All sales COD. Hence, no receivables beyond what multiple day jobs are not yet completed this week.

We have three accounting personnel and no billing dept. We never go to collections, court, place liens and I haven't paid an attorney a dime since my last divorce and to make some estate planning changes.

Our prices are 30 to 40% higher (depending on the department) then anyone else in our market.

We have 11,540 reviews with a 5.9 star average as of this writing
1,078 of those are Google reviews.
No wonder you have to get paid same day
You’d be chasing thousands of payments otherwise
Love the idea of cc on file, have to get on that!
If I wasn’t busy chasing and arguing with pricks I’d have more time to implement things like that
Currently reading the Pumpkin Plan to help with this problem

“Money doesn’t always bring happiness. People with ten million dollars are no happier than people with nine million dollars.”
~HOBART BROWN
Like your quote
Currently taking an online corse through Yale “The Science of Well Being” and study another study finds the same thing, we think money, homes, cars will bring happiness and they do not. This has become their most popular course in history.

Last edited by MrsElectric; 06-22-2019 at 09:22 AM. Reason: I’m a woman and I always have more to say
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