Setting up Simple Financial Management Bryn Mawr PA

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.

Kent "Chip" Addis, Jr.
Addis & Hill, Inc.
(610) 688-9500
20 Louella Court
Wayne, PA
Expertises
Ongoing Investment Management, Helping Clients Identify & Achieve Goals, High Net Worth Client Needs, Retirement Planning & Distribution Rules, Retirement Plan Investment Advice, Women's Financial Planning Issues
Certifications
NAPFA Registered Financial Advisor, BS

Kevin Brosious
Wealth Management, Inc.
(484) 264-6270
600 West Germantown Pike, Suite 400
Plymouth Meeting, PA
Expertises
Ongoing Investment Management, Helping Clients Identify & Achieve Goals, Cash Flow/Budgets/Credit Issues, Planning Concerns for Corporate Executives, Hourly Financial Planning Services, Middle Income Client Needs
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, CPA, MBA, PFS

William Heidig
FiscalWise, Inc.
(610) 891-7760
55 State Road, 2nd Floor
Media, PA
Expertises
Retirement Planning & Distribution Rules, Advising Entrepreneurs, Women's Financial Planning Issues, Advising Medical Professionals, Planning Issues for Business Owners, Ongoing Investment Management
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, MBA

Spencer Sherman
Abacus Wealth Partners, LLC
(215) 656-4280
1818 Market Street, Suite 3740
Philadelphia, PA
Expertises
Charitable Giving - Trusts & Foundations, Estate & Generational Planning Issues, Financial Issues Between Generations, Ongoing Investment Management, Planning Issues for Business Owners, Socially Responsible Investments
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

Thomas Smedile
Swarthmore Financial Advisors, Ltd.
(610) 892-9922
10 Veterans Square, Second Floor
Media, PA
Expertises
Ongoing Investment Management, Estate & Generational Planning Issues, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CPA/PFS, MST

Fredrick Amrein
Amrein Financial
(610) 789-1255
P.O. Box 468
Wynnewood, PA
Expertises
College/Education Planning, Retirement Planning & Distribution Rules, Planning Issues for Business Owners, Ongoing Investment Management, Retirement Plan Investment Advice, Women's Financial Planning Issues
Certifications
NAPFA Registered Financial Advisor, ChFc, MBA

Augustine Repetto
Locust Capital Management, LLC
(215) 735-9530
1629 Locust Street
Philadelphia, PA
Expertises
Advising Medical Professionals, Advising Entrepreneurs, High Net Worth Client Needs, Helping Clients Identify & Achieve Goals, Retirement Plan Investment Advice, Estate & Generational Planning Issues
Certifications
NAPFA Registered Financial Advisor, CFP®, MST

Alan Schapire
Libra Financial Planning
(610) 891-0762
280 N. Providence Road, Suite 100
Media, PA
Expertises
Investment Advice without Ongoing Management, Tax Planning, Hourly Financial Planning Services, Middle Income Client Needs, Retirement Planning & Distribution Rules, Helping Clients Identify & Achieve Goals
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA/PFS, MBA

Lydia Sheckels
Wescott Financial Advisory Group LLC
(215) 979-1600
30 South 17th Street, 4th Floor
Philadelphia, PA
Expertises
Estate & Generational Planning Issues, Financial Issues Between Generations, Ongoing Investment Management, Retirement Planning & Distribution Rules, Tax Planning
Certifications
NAPFA Registered Financial Advisor, BA, CFP®, ChFc, CLU

Kathleen Plummer
Plummer & Associates
(610) 565-8074
48 Rose Valley Road
Rose Valley, PA
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, BS, CFP®

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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