Setting up Simple Financial Management Fuquay Varina NC

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.

Jeff Seymour
Triangle Wealth Management LLC
(919) 654-7321
1000 Centre Gren Way
Cary, NC
Expertises
Retirement Planning & Distribution Rules, Retirement Plan Investment Advice, Ongoing Investment Management, Advising Medical Professionals
Certifications
NAPFA Registered Financial Advisor, BSEE, CFP®

Chad Smith
Financial Symmetry, Inc.
(919) 851-8200 ext 202
1511 Sunday Dr. Suite 120
Raleigh, NC
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules, Helping Clients Identify & Achieve Goals, Middle Income Client Needs, Cash Flow/Budgets/Credit Issues, Tax Planning
Certifications
NAPFA Registered Financial Advisor, BS, CFP®

Mr. R. Terry Bass, CFP®
(919) 552-1706
155 Jackson Rd
Fuquay Varina, NC
Firm
R. Terry Bass, CFP
Areas of Specialization
Charitable Giving, Estate Planning, Investment Management, Real Estate, Retirement Planning

Data Provided by:
James R Minor, CFP®
(919) 552-1120
320 N Judd Pkwy NE Ste 220
Fuquay Varina, NC
Firm
Ball & Minor CPA PA
Areas of Specialization
Accounting, Budget Development, Business Succession Planning, Comprehensive Financial Planning, Debt Management, Education Planning, Employee and Employer Plan Benefits
Key Considerations
Average Net Worth: Not Applicable

Average Income: Not Applicable



Data Provided by:
Mr. Jonathan C. Blackwell, CFP®
(919) 219-1119
382 Raleigh St
Holly Springs, NC
Firm
Steward Wealth Strategies

Data Provided by:
Allison Berger
Financial Symmetry, Inc.
(919) 851-8200 ext 202
1511 Sunday Dr. Suite 120
Raleigh, NC
Expertises
Ongoing Investment Management, Cash Flow/Budgets/Credit Issues, Retirement Planning & Distribution Rules, College/Education Planning, Middle Income Client Needs, Newlyweds & Novice Investors
Certifications
NAPFA Registered Financial Advisor, BS, CFP®

Michael Palmer
Trust Company of the South
(919) 781-8287
3600 Glenwood Ave. Suite 210
Raleigh, NC
Expertises
Estate & Generational Planning Issues, Financial Issues Between Generations, Retirement Planning & Distribution Rules, Ongoing Investment Management
Certifications
NAPFA Registered Financial Advisor, CFP®

Mr. John E. Piersall, CFP®
(919) 557-5520
305 Angier Rd
Fuquay Varina, NC
Firm
Lincoln Financial Advisors

Data Provided by:
Mr. Erik E. Babocsi, CFP®
(919) 346-3055
409 Holly Berry Ln
Holly Springs, NC
Firm
EBC Financial Management
Areas of Specialization
Comprehensive Financial Planning, Divorce Issues, Investment Management
Key Considerations
Average Net Worth: Not Applicable

Average Income: Not Applicable

Profession: Not Applicable

Data Provided by:
Mr. Lance R. Ray, CFP®
(877) 741-6636
704 Streamwood Dr
Holly Springs, NC
Firm
Focus Pointe Financial, LLC
Areas of Specialization
Education Planning, Employee and Employer Plan Benefits, Estate Planning, General Financial Planning, Healthcare Planning, Insurance Planning, Intergenerational 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...

Click here to read more from Home Business Magazine

© Copyright 2013 Home Business Magazine. All Rights Reserved. Privacy Policy | Terms and Conditions
Infoswell Media