Setting up Simple Financial Management Arkadelphia AR

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.

US Bank - Arkadelphia Main Street Office
(870) 246-4511
526 Main St
Arkadelphia, AR
Drive Up Hours
Mon 08:30 am to 04:00 pm
Tue 08:30 am to 04:00 pm
Wed 08:30 am to 04:00 pm
Thur 08:30 am to 04:00 pm
Fri 08:30 am to 05:00 pm

US Bank - Gurdon Office
(870) 353-6132
105 E Main St
Gurdon, AR
Drive Up Hours
Mon 08:30 am to 04:00 pm
Tue 08:30 am to 04:00 pm
Wed 08:30 am to 04:00 pm
Thur 08:30 am to 04:00 pm
Fri 08:30 am to 05:00 pm
Sat 09:00 am to 12:00 pm

Cynthia Conger
Cynthia L. Conger, CPA, PA
(501) 374-1174
2300 Andover Court, Suite 560
Little Rock, AR
Expertises
Women's Financial Planning Issues, Helping Clients Identify & Achieve Goals, Financial Issues Between Generations, Ongoing Investment Management
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA/PFS

Alvin Rogers
Financial Legacy Management Inc.
(501) 224-7256
10801 Executive Center Drive, Suite 205
Little Rock, AR
Expertises
Planning Issues for Business Owners, Middle Income Client Needs, Ongoing Investment Management, Advising Medical Professionals, Retirement Plan Investment Advice, College/Education Planning
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

Mary McCraw
The Arkansas Financial Group, Inc.
(501) 376-9051
1001 N. University Avenue, Suite 200
Little Rock, AR
Expertises
Ongoing Investment Management, Helping Clients Identify & Achieve Goals, College/Education Planning, Newlyweds & Novice Investors, Retirement Planning & Distribution Rules, Advising Medical Professionals
Certifications
NAPFA Registered Financial Advisor, CFP®

US Bank - West Pine Office
(870) 246-4653
2701 Pine St
Arkadelphia, AR
Drive Up Hours
Mon 09:00 am to 04:30 pm
Tue 09:00 am to 04:30 pm
Wed 09:00 am to 04:30 pm
Thur 09:00 am to 04:30 pm
Fri 09:00 am to 05:00 pm
Sat 09:00 am to 12:00 pm

US Bank - Bismarck AR Office
(501) 865-2266
6677 Highway 7
Bismarck, AR
Drive Up Hours
Mon 08:30 am to 04:00 pm
Tue 08:30 am to 04:00 pm
Wed 08:30 am to 04:00 pm
Thur 08:30 am to 04:00 pm
Fri 08:30 am to 05:00 pm
Sat 09:00 am to 12:00 pm

Kristina Bolhouse
The Arkansas Financial Group, Inc.
(501) 376-9051
1001 N. University Avenue, Suite 200
Little Rock, AR
Expertises
Advising Medical Professionals, Estate & Generational Planning Issues, Women's Financial Planning Issues, Retirement Planning & Distribution Rules, Retirement Plan Investment Advice, Helping Clients Identify & Achieve Goals
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA/PFS

Edward Mahaffy
ClientFirst Wealth Management, LLC
(501) 603-0406
1501 N. University, Suite 615
Little Rock, AR
Expertises
Ongoing Investment Management, High Net Worth Client Needs, Tax Planning, Helping Clients Identify & Achieve Goals, Estate & Generational Planning Issues, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFP®, ChFc, MBA

James Ashby
Mustard Seed Financial, LLC
(870) 234-1618
202 S. Pine, Suite 102
Magnolia, AR
Expertises
Retirement Plan Investment Advice, Ongoing Investment Management, Planning Issues for Business Owners, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA

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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