» » »

Setting up Simple Financial Management Bangor ME

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.

Abigail Pons
Capella Financial Services, LLC
(207) 370-4269
27 State Street, #32
Bangor, ME
Expertises
Socially Responsible Investments, Hourly Financial Planning Services, Middle Income Client Needs, Investment Advice without Ongoing Management, Retirement Plan Investment Advice, Women's Financial Planning Issues
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

Mrs. Racquel H Tibbetts, CFP®
(207) 262-5713
23 Water Street
Bangor, ME
Firm
KeyBank, N.A.
Areas of Specialization
Investment Management

Data Provided by:
Mr. Vance B. Gray Jr., CFP®
(207) 992-2819
128 Broadway
Bangor, ME
Firm
Vance Gray Wealth Mgmt, Inc.
Areas of Specialization
Wealth Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Self-Employed Business Owners

Data Provided by:
Ms. Durell Buzzini, CFP®
(207) 947-4543
One Merchants Plaza, 3rd floor
Bangor, ME
Firm
UBS Financial Services, Inc.

Data Provided by:
Mrs. Patricia Dawn Freiwald, CFP®
(207) 974-4153
871 Hammond St
Bangor, ME
Firm
BANGOR SAVINGS BANK
Areas of Specialization
Employee and Employer Plan Benefits, General Financial Planning, Investment Management, Retirement Planning, Risk Management, Wealth Management
Key Considerations
Average Net Worth: $250,001 - $500,000

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

Profession: Service Professionals

Data Provided by:
Mr. E. Ripley Knickerbocker, CFP®
(207) 992-4020
105 Main St
Bangor, ME
Firm
Ameriprise Financial Services, Inc.

Data Provided by:
Mr. James E. Bradley, CFP®
(207) 990-1901
9 May St
Bangor, ME
Firm
Bradley & Johndrow, LLC

Data Provided by:
Mr. Bruce Roscher, CFP®
(207) 947-0558
498 Essex St
Bangor, ME
Firm
Neurology Associates of Easter

Data Provided by:
Mr. R. Kenneth Lindell Jr., CFP®
(207) 433-5853
One Cumberland Pl
Bangor, ME
Firm
RK Lindell & Co
Areas of Specialization
Comprehensive Financial Planning, Cross-Border Planning, Education Planning, Employee and Employer Plan Benefits, Wealth Management
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. Donald C. Hagstrom, CFP®
(207) 942-2367
105 Main Street
Bangor, ME
Firm
Ameriprise Financial

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...

Click here to read more from Home Business Magazine

© Copyright 2013 Home Business Magazine. All Rights Reserved. Privacy Policy | Terms and Conditions
Infoswell Media