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Setting up Simple Financial Management Butte MT

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. Bruce S Graving, CFP®
(406) 723-8686
65 E Broadway St
Butte, MT
Firm
Thrivent Financial for Luthera
Areas of Specialization
Comprehensive Financial Planning, Retirement Income Management, Retirement Planning

Data Provided by:
Wells Fargo - Butte Uptown
(406) 533-7042
202 N Main St
Butte, MT
Type
Branch
Office Hours
Mon-Fri 07:30 AM-05:00 PM
Sat-Sun Closed

US Bank - Butte Office
(406) 496-4000
10 S Main St
Butte, MT
Drive Up Hours
Mon 08:00 am to 05:00 pm
Tue 08:00 am to 05:00 pm
Wed 08:00 am to 05:00 pm
Thur 08:00 am to 05:00 pm
Fri 08:00 am to 05:00 pm

Mrs. Berkley Evans Hudson, CFP®
(406) 587-5166
1711 W College St
Bozeman, MT
Firm
McKenna Financial
Areas of Specialization
Comprehensive Financial Planning, Life Planning, Retirement Planning, Small Business Planning, Women's Finances

Data Provided by:
Ms. Veda Murray, CFP®
(406) 257-2522
PO Box 143
Kalispell, MT
Firm
Whitman & Murray Inc

Data Provided by:
Mr. Bradley B Cederberg, CFP®
(406) 782-8321
49 N Main St
Butte, MT
Firm
D.A. Davidson & Co.

Data Provided by:
Wells Fargo - Butte South
(406) 533-7030
3650 Harrison Ave
Butte, MT
Type
Branch
Office Hours
Mon-Fri 07:30 AM-05:30 PM
Sat 09:00 AM-03:00 PM
Sun Closed

Robert Frey
Professional Financial Management, Inc.
(406) 587-1604
945 Technology Blvd., Suite 102
Bozeman, MT
Expertises
Retirement Plan Investment Advice, Ongoing Investment Management, Middle Income Client Needs, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFP®, CLU

John Michael Knopik, CFP®
(406) 752-1040
2 Sunset Plaza
Kalispell, MT
Firm
Jordahl & Sliter - Wealth Management Group, LLC
Areas of Specialization
Asset Allocation, Business Succession Planning, Comprehensive Financial Planning, Divorce Issues, Education Planning, Estate Planning, Investment Management
Key Considerations
Average Net Worth: $5,000,001 or more

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



Data Provided by:
Brenda Way Rubino, CFP®
(406) 761-8888
1500 10th Ave S
Great Falls, MT
Firm
Waddell & Reed
Areas of Specialization
Comprehensive Financial Planning

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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