» » »

Setting up Simple Financial Management Bemidji MN

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.

Mr. Gregory L. Carlson, CFP®
(218) 751-7740
3404 Bemidji Ave N
Bemidji, MN
Firm
Ameriprise Financial

Data Provided by:
Wells Fargo - Bemidji Mb
(218) 751-1530
122 3Rd St Nw
Bemidji, MN
Type
Motor Bank
Office Hours
Mon-Fri 08:30 AM-06:00 PM
Sat 09:00 AM-12:00 PM
Sun Closed

Wells Fargo - Bemidji Westridge
(218) 751-3757
2024 Paul Bunyan Dr Nw
Bemidji, MN
Type
Branch
Office Hours
Mon-Fri 07:30 AM-06:00 PM
Sat 09:00 AM-02:00 PM
Sun Closed

Robert Steffen
Robert Steffen & Associates
(952) 884-7700
9801 Dupont Avenue South, Suite 360
Bloomington, MN
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules, High Net Worth Client Needs, Advising Medical Professionals, Estate & Generational Planning Issues, Socially Responsible Investments
Certifications
NAPFA Registered Financial Advisor, BS, CFP®

Robert Klosterman
White Oaks Wealth Advisors, Inc.
(612) 455-6900
80 South 8th Street, Suite 1725
Minneapolis, MN
Expertises
Planning Concerns for Corporate Executives, Ongoing Investment Management, Estate & Generational Planning Issues, High Net Worth Client Needs, Advising Medical Professionals, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, CFP®

Allen J. Zutz, CFP®
(218) 444-0202
403 4th St NW Ste 115
Bemidji, MN
Firm
Thrivent Financial for Lutherans
Areas of Specialization
Charitable Giving, Comprehensive Financial Planning, Education Planning, Estate Planning, General Financial Planning, Healthcare Planning, Insurance Planning
Key Considerations
Average Net Worth: Not Applicable

Average Income: Not Applicable

Profession: Not Applicable

Data Provided by:
Wells Fargo - Bemidji
(218) 751-1530
201 3Rd St Nw
Bemidji, MN
Type
Branch
Office Hours
Mon-Fri 09:00 AM-06:00 PM
Sat-Sun Closed

Thomas Alf
Clerestory Advisors, Inc.
(952) 405-2070
3300 Edinborough Way, Suite 550
Edina, MN
Expertises
Retirement Planning & Distribution Rules, Ongoing Investment Management, Cash Flow/Budgets/Credit Issues, Planning Issues for Unmarried & Same-Sex Couples, Divorce Planning
Certifications
NAPFA Registered Financial Advisor, CDFA, CFP®, CPA

Edward Schrotenboer
Ednomics Financial, LLC
(952) 888-3834
801 W. 106th Street, Suite 212
Bloomington, MN
Expertises
Tax Planning, Retirement Planning & Distribution Rules, Middle Income Client Needs, Ongoing Investment Management, Hourly Financial Planning Services, College/Education Planning
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

Roger Kruse
FFP Wealth Management
(763) 231-2760
11375 Robinson Drive Suite 210
Minneapolis, MN
Expertises
Retirement Planning & Distribution Rules, Ongoing Investment Management, Tax Planning, Planning Issues for Business Owners, Planning Concerns for Corporate Executives, Middle Income Client Needs
Certifications
NAPFA Registered Financial Advisor, CFP®, ChFc

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