Setting up Simple Financial Management Fort Morgan CO

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. Timothy R. Guggenmos, CFP®
(970) 867-2441
228 Main St
Fort Morgan, CO
Firm
Edward Jones

Data Provided by:
Geoffrey Rink
Rink Financial Planning, LLC
(303) 532-5959
9233 Park Meadows Drive
Lone Tree, CO
Expertises
Hourly Financial Planning Services, Cash Flow/Budgets/Credit Issues, Helping Clients Identify & Achieve Goals, Newlyweds & Novice Investors, Ongoing Investment Management, Investment Advice without Ongoing Management
Certifications
NAPFA Registered Financial Advisor, CFP®

Rosemary Reed
Delta Financial Group, Ltd.
(970) 626-2242
P.O. Box 639
Fraser, CO
Expertises
Ongoing Investment Management, Middle Income Client Needs, Retirement Planning & Distribution Rules, Planning Issues for Unmarried & Same-Sex Couples, Socially Responsible Investments
Certifications
NAPFA Registered Financial Advisor, AIF, CFA, CFP®, MS

Craig Carnick
Carnick & Company
(719) 579-8000
675 Southpointe Court, Suite 102
Colorado Springs, CO
Expertises
Ongoing Investment Management, High Net Worth Client Needs, Helping Clients Identify & Achieve Goals, Planning Concerns for Corporate Executives, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, CFP®

Colleen Miller
Finance by Design Inc.
(970) 212-4720
123 N. College Avenue, Suite 200
Fort Collins, CO
Expertises
Planning Issues for Business Owners, Middle Income Client Needs
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA, JD

Wells Fargo - Fort Morgan
(970) 867-5661
123 E Kiowa Ave
Fort Morgan, CO
Type
Branch
Office Hours
Mon-Fri 07:30 AM-06:00 PM
Sat 09:00 AM-03:00 PM
Sun Closed

James Pasztor
Pasztor & Associates
(303) 990-3883
6417 S. Oak Hill Cir
Aurora, CO
Expertises
Ongoing Investment Management, Cash Flow/Budgets/Credit Issues, Helping Clients Identify & Achieve Goals, Advising Employee Benefit Plan Participants, Middle Income Client Needs, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFP®, CMFC, MS

Paul Staib
Staib Financial Planning, LLC
(303) 346-5336
10082 S. Fairgate Way
Highlands Ranch, CO
Expertises
Ongoing Investment Management, Helping Clients Identify & Achieve Goals, College/Education Planning, Middle Income Client Needs, Hourly Financial Planning Services, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, MBA

Robert Schumann
Cambridge Financial Advisors, LLC
(719) 539-1040
134 F Street, Suite 206
Salida, CO
Expertises
Planning Issues for Business Owners, Ongoing Investment Management, Retirement Planning & Distribution Rules, Retirement Plan Investment Advice
Certifications
NAPFA Registered Financial Advisor, CFP®, ChFc, EA, M.Div., MA, MBA

Matthew Kelley
Gold Medal Waters, Inc.
(720) 887-1299
1200 S College Ave.
Fort Collins, CO
Expertises
High Net Worth Client Needs, Advising Entrepreneurs, Ongoing Investment Management, Charitable Giving - Trusts & Foundations, Socially Responsible Investments, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, AAMS, AIF, CFP®

Data Provided by:

Setting up Simple Financial Management

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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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