Setting up Simple Financial Management Bennington VT

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.

Janice Swenor
Langtree Associates
(802) 442-9311
115 Elm Street
Bennington, VT
Expertises
Ongoing Investment Management, Cash Flow/Budgets/Credit Issues, College/Education Planning, Middle Income Client Needs, Newlyweds & Novice Investors, Women's Financial Planning Issues
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA, MS

Mr. Donald B. Mckenna, CFP®
(802) 447-1530
207 Main St
Bennington, VT
Firm
Bennington Finl Plng Group
Areas of Specialization
Estate Planning, Investment Management, Investment Planning, Life Planning, Tax Planning, Wealth Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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



Data Provided by:
Mr. Brian D. Mckenna, CFP®
(802) 447-1538
207 Main St
Bennington, VT
Firm
D.B. McKenna & Co., Inc.

Data Provided by:
Mr. Michael E. Slattery, CFP®
(802) 681-7396
160 Benmont Ave Ste 17A
Bennington, VT
Firm
Northwestern Mutual®
Areas of Specialization
Asset Allocation
Key Considerations
Average Net Worth: $500,001 - $1,000,000

Average Income: $250,001 - $500,000

Profession: Business Executives

Data Provided by:
Ms. Doris Hancock Karampatsos, CFP®
(413) 663-2343
795 Main Street
Williamstown, MA
Firm
True North Financial Services

Data Provided by:
Ms. Kristin W. Reed, CFP®
(802) 442-9311
204 South St
Bennington, VT
Firm
Langtree Associates

Data Provided by:
Mrs. Brenna Ann Warren, CFP®
155 North St
Bennington, VT
Firm
The Bank of Bennington, Money Concepts

Data Provided by:
Ms. Gail A. Mauricette, CFP®
(802) 442-8174
311 North Street
Bennington, VT
Firm
Crossroads Accounting LLC

Data Provided by:
Mr. David W. Orton, CFP®
(518) 852-6026
585 Sumner Road
Stamford, VT
Firm
Pyramid Funds Corporation
Areas of Specialization
Asset Allocation, Insurance Planning, Investment Management, Retirement Income Management, Retirement Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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



Data Provided by:
Mr. Bruce P. Mullen, CFP®
(802) 464-8998
PO Box 400
Wilmington, VT
Firm
Mullen Financial Strategies
Areas of Specialization
Investment Management
Key Considerations
Average Net Worth: $250,001 - $500,000

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

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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