No. 1 Provider of Assignment Funding in America
No 1 Provider of Assignment Funding in America
Bringing American funeral homes over $330 million in accounts receivable.
Funeral directors have performed services and provided goods to families celebrating a life lived without being paid in full,
even after the conclusion of final disposition.
What would you do with the money in your funeral home's accounts receivable aging report?
American funeral homes have over $330 million in accounts receivable.
Funeral directors have performed services and provided goods to families celebrating a life lived without being paid in full,
even after the conclusion of final disposition.
What would you do with the money in your funeral home's accounts receivable aging report?
Why do funeral professionals choose to carry through with burials and cremations without securing payment for goods and services? How do funeral homes that have a payment policy also have any accounts receivables over 30 days, much less money due extended over 90 days?
The answers to these questions are simple, but actually significantly reducing funeral home accounts receivable requires a multifaceted approach by leaders to correct the cash flow conundrum.
This guide will highlight every step necessary to virtually eliminate money due to funeral homes for goods and services provided.
This guide will highlight every step necessary to virtually eliminate money due to funeral homes for goods and services provided.
Review their firm's accounts receivable aging report.
This report conveys the firm's overall receivables, along with the performance of individual funeral directors of collecting funds due for goods and services performed. Any monies due over 30 days should be analyzed for the type of payment the funeral home agreed with a family to pay for their loved one's funeral bill.
Funeral homes offer consumers more payment options than typical retail establishments.
When analyzing the accounts receivables aging report, more than likely the forms of payment that are past 30 days due are life insurance, credit cards, checks, and cash.
How would your firm benefit by having your total accounts receivable in the bank?
Significantly reducing accounts receivable and increasing cash flow positions any business on a solid financial foundation.
For example, the COVID-19 crisis created increased financial pressure on many funeral homes; their revenues decreased because many families were forced to bypass services and gatherings.
Increased cash flow also lets funeral home owners build up operating cash reserves to prepare for events similar to COVID-19.
Review their firm's accounts receivable aging report.
This report conveys the firm's overall receivables, along with the performance of individual funeral directors of collecting funds due for goods and services performed. Any monies due over 30 days should be analyzed for the type of payment the funeral home agreed with a family to pay for their loved one's funeral bill.
Funeral homes offer consumers more payment options than typical retail establishments.
When analyzing the accounts receivables aging report, more than likely the forms of payment that are past 30 days due are life insurance, credit cards, checks, and cash.
How would your firm benefit by having your total accounts receivable in the bank?
Significantly reducing accounts receivable and increasing cash flow positions any business on a solid financial foundation.
For example, the COVID-19 crisis created increased financial pressure on many funeral homes; their revenues decreased because many families were forced to bypass services and gatherings.
Increased cash flow also lets funeral home owners build up operating cash reserves to prepare for events similar to COVID-19.
One issue is that many funeral directors are not performing their duty in the arrangement room to collect payment correctly.
A simple way to analyze an arranger problem is to determine exactly when and how a funeral director addresses forms of payment (the payment policy) during the arrangement process.
If the form of payment is addressed at the end of the arrangement session (after all arrangements are made, all services and products selected), it's more than likely that director has accounts receivable on the aging report.
Another problem is that if the funeral home aging report has life insurance assignments due over 30 days, cash flow is being strained.
So what are the solutions for accounts receivable and cash flow problems?
Training.
A simple way to analyze an arranger problem is to determine exactly when and how a funeral director addresses forms of payment (the payment policy) during the arrangement process.
If the form of payment is addressed at the end of the arrangement session (after all arrangements are made, all services and products selected), it's more than likely that director has accounts receivable on the aging report.
Another problem is that if the funeral home aging report has life insurance assignments due over 30 days, cash flow is being strained.
So what are the solutions for accounts receivable and cash flow problems?
Training
Smart funeral home owners choose to train staff for consistent performance in the arrangement room.
Unfortunately, most owners and staff are not equipped for training, nor do they have the experience to train staff to make behavioral changes.
Smart funeral home owners choose is to train staff for consistent performance in the arrangement room.
Smart funeral home owners choose is to train staff for consistent performance in the arrangement room. Unfortunately, most owners and staff are not equipped for training, nor do they have the experience to train staff to make behavioral changes.
FINAL STEPS:
Contact C&J Financial and set up an account. There is no cost to set up an account, and the service is FREE to the funeral home!
Once a funeral home account is created at C&J Financial, set up arranger training to ensure consistent performance. This training is free to C&J Financial customers!
Request your FREE copy of the guide
Just provide some quick info and we'll provide the copy
There are many important considerations when planning ahead. Designed with you in mind,
we’ve created a Free Guide to help you start making decisions.
Families that plan with C & J Financial say they feel much better knowing everything is in order.
Contact C&J Financial and set up an account. There is no cost to set up an account, and the service is FREE to the funeral home!
Once a funeral home account is created at C&J Financial, set up arranger training to ensure consistent performance. This training is free to C&J Financial customers!
Get the FREE copy of the guide
Just provide some quick info and we'll provide the copy
