Setting up Simple Financial Management Albuquerque NM

Sometimes you don’t need a lot of money to start a business. What you need instead is good financial management. If you plan carefully, control spending, and monitor the money that comes into your business and the money that goes out, you can prevent a monetary emergency later.

Garth Scrivner
StanCorp Investment Advisers, Inc.
(505) 298-1098
6000 Uptown Blvd NE, Suite 470
Albuquerque, NM
Expertises
Advising Medical Professionals, High Net Worth Client Needs, Insurance Related Issues, including Annuities, Middle Income Client Needs, Ongoing Investment Management, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, AAMS, BA, CDFA, CFP®, CPA/PFS

Donna Skeels Cygan
Sage Future Financial, LLC
(505) 298-4040
4800 Juan Tabo NE, Suite D
Albuquerque, NM
Expertises
Retirement Plan Investment Advice, Ongoing Investment Management, Estate & Generational Planning Issues, College/Education Planning, High Net Worth Client Needs, Helping Clients Identify & Achieve Goals
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

Ms. Virginia M.K. Stanley, CFP®
(505) 998-3216
PO Box 26718
Albuquerque, NM
Firm
REDW Stanley Financial Advisor
Areas of Specialization
Accounting, Asset Allocation, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Divorce Issues, Education Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

Average Income: Not Applicable

Profession: Not Applicable

Data Provided by:
Mr. Jeremy V. Mitchell, CFP®
(505) 263-4180
6301 Indian School Rd NE Ste 670
Albuquerque, NM
Firm
VALIC
Areas of Specialization
Comprehensive Financial Planning, Employee and Employer Plan Benefits, Government and Military, Investment Management, Long-Term Care, Retirement Income Management
Key Considerations
Average Net Worth: $100,001 - $250,000

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

Profession: Government Employees

Data Provided by:
Lee Matthew, CFP®
(505) 880-1646
2201 San Pedro NE, Bldg 25
Albuquerque, NM
Firm
INVEST Financial

Data Provided by:
Stephen Madeyski
Stephen Madeyski Financial Planning
(505) 798-9496
7112 Cindy NE
Albuquerque, NM
Expertises
Retirement Planning & Distribution Rules, Helping Clients Identify & Achieve Goals, Hourly Financial Planning Services, Middle Income Client Needs, Women's Financial Planning Issues, Investment Advice without Ongoing Management
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

Mr. Larry R. Brown Jr., CFP®
(505) 880-1646
2201 San Pedro Dr NE Bldg 25
Albuquerque, NM
Firm
Winslow Wood & Associates, LLC
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Investment Management, Investment Planning, LGBT Individuals and Couples, Retirement Income Management, Retirement Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided by:
Mr. Steven M. Schroeder, CFP®
(505) 889-8889
2155 Louisiana Blvd NE Ste 10100
Albuquerque, NM
Firm
Catalyst Financial Management, LLC
Areas of Specialization
Asset Allocation, Investment Management, Investment Planning, Retirement Income Management, Retirement Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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



Data Provided by:
Ms. Sara E. Prada, CFP®
(505) 298-1098
6000 Uptown Blvd
Albuquerque, NM
Firm
StanCorp Investment Advisers
Areas of Specialization
Comprehensive Financial Planning

Data Provided by:
Mr. Louis V. Yegge Jr., CFP®
(505) 889-2808
6565 Americas Pkwy NE Ste 400
Albuquerque, NM
Firm
Morgan Stanley Smith Barney
Areas of Specialization
Asset Allocation, Charitable Giving, Comprehensive Financial Planning, Employee and Employer Plan Benefits, Estate Planning, General Financial Planning, Securities
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

Average Income: Not Applicable

Profession: Not Applicable

Data Provided by:
Data Provided by:

Setting up Simple Financial Management

Provided By: 

Don't Launch Your Start-Up Until You Have the Finances Under Control
By Nora Caley

Sometimes you don’t need a lot of money to start a business. What you need instead is good financial management. If you plan carefully, control spending, and monitor the money that comes into your business and the money that goes out, you can prevent a monetary emergency later.

Besides preventing disaster, there are other reasons for sound financial management. If you know how much money your business is making and where the money is going, that can help you estimate your future profits. By making accurate projections, you will be able to decide whether you should expand your business. Your well-organized and accurate financial records might help you get a loan or other funding.
Financial management also makes it easier for you to pay taxes. If you are a sole proprietor or you are self employed, you don’t get paychecks with taxes withheld. Instead, you have to pay estimated taxes four times a year, and financial management makes it easier to figure out how much to pay.

Another reason to maintain good financial management is the analysis helps you see whether your business is succeeding. Sometimes when a business fails it’s not due to a lack of sales, but the inability of the business owner to control how much money the company spends, and how quickly the company gets paid for the products and services it sells. Proper financial management will help you keep track of these important details.

Getting Started

First, make sure you separate your business funds from your personal funds. That means different credit cards for your business and your household, and separate checking accounts.
If you have written a business plan, you might already have a projection of your business’s income and expenses for at least the first year. You can use this part of your plan as a guide for the more detailed financial plan you will write.

If you didn’t write a business plan, or if the financial pages of your plan didn’t include a lot of specifics, then write a cash flow analysis for your business. Start with a spreadsheet. If you have Microsoft Excel, set up a spreadsheet in which the column headings are months, and the rows show money in and money out.

The first row should be Cash On Hand. That’s your starting point, the money you have in the business checking account. The next few rows could have titles such as Cash Sales, Collections from Credit Accounts, and Other Cash Injection. On the bottom of that section, put a row called Total Cash. This section shows cash you actually have, not customers’ payments that you expect will arrive in the mail or be deposited into your account soon.

The next rows show the cash paid out. These rows include purchases of raw materials or ingredients, office supplies, advertising, gas mileage, shipping, and other categories. Don’t forget to include loan payments, credit card fees, and checking account fees. On th...

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