Setting up Simple Financial Management Gulfport MS

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. Philip E. Huffman, CFP®
(228) 865-1153
2555 14th St
Gulfport, MS
Firm
Wells Fargo Advisors, LLC
Areas of Specialization
Asset Allocation, Debt Management, Estate Planning, General Financial Planning, Insurance Planning, Intergenerational Planning, Investment Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

Average Income: $100,001 - $250,000

Profession: Not Applicable

Data Provided by:
Mr. Tommy L. Mccormick, CFP®
(228) 865-1149
2555 14th St.
Gulfport, MS
Firm
Wells Fargo Advisors
Areas of Specialization
General Financial Planning

Data Provided by:
Mr. William Reed Allison, CFP®
(228) 867-1206
1319 26th Avenue
Gulfport, MS
Firm
Stifel Nicolaus
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Education Planning, Estate Planning, Investment Management, Investment Planning, Wealth Management
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

Average Income: $100,001 - $250,000



Data Provided by:
Mr. Stephen M Gainey, CFP®
(228) 865-1167
2555 14th Street
Gulfport, MS
Firm
Wells Fargo Advisors
Areas of Specialization
Asset Allocation, Budget Development, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Debt Management, Education Planning

Data Provided by:
Mr. George K. Clayton, CFP®
(228) 897-6093
2015 E Pass Rd
Gulfport, MS
Firm
Investment Professionals Inc

Data Provided by:
Mr. P. Michael Pela, CFP®
(228) 864-5577
2555 14th St
Gulfport, MS
Firm
Wells Fargo Advisors
Areas of Specialization
General Financial Planning, Investment Management, Retirement Income Management, Retirement Planning, Risk Management, Wealth Management

Data Provided by:
Ms. Marilyn Brown, CFP®
(228) 563-5691
P. O. Box 4019
Gulfport, MS
Firm
Hancock Bank

Data Provided by:
Mr. Marshall D Lynch, CFP®
(228) 865-1152
2555 14th Street
Gulfport, MS
Firm
Wells Fargo Advisors
Areas of Specialization
Comprehensive Financial Planning, Investment Management, Investment Planning, Retirement Planning, Wealth Management

Data Provided by:
Mrs. Bridget L. Weatherly, CFP®
(228) 865-1164
2555 14th St
Gulfport, MS
Firm
Wells Fargo Advisors
Areas of Specialization
Asset Allocation, Business Succession Planning, Comprehensive Financial Planning, Divorce Issues, Education Planning, Elder Care, Employee and Employer Plan Benefits

Data Provided by:
Mr. Fred B Holmes, CFP®
(228) 863-6500
20 Cedarwood Ln
Gulfport, MS
Firm
ING Financial Partners

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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