Setting up Simple Financial Management Hillsborough 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.

James Miller
Woodward Financial Advisors, Inc.
(919) 929-2495 Ext: 3
1504 East Franklin Street, Suite 105
Chapel Hill, NC
Expertises
Helping Clients Identify & Achieve Goals, Retirement Planning & Distribution Rules, Retirement Plan Investment Advice, Ongoing Investment Management, Estate & Generational Planning Issues, Cash Flow/Budgets/Credit Issues
Certifications
NAPFA Registered Financial Advisor, CFP®

Bedda D'Angelo
Fiduciary Solutions
(919) 806-4942
75408 Rowan
Chapel Hill, NC
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules, Planning Concerns for Corporate Executives, Planning Issues for Business Owners, Estate & Generational Planning Issues
Certifications
NAPFA Registered Financial Advisor, CFP®

Bedda D'Angelo
Fiduciary Solutions
(919) 806-4942
2530 Meridan Parkway, Suite 300
Durham, NC
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules, Planning Concerns for Corporate Executives, Planning Issues for Business Owners, Estate & Generational Planning Issues
Certifications
NAPFA Registered Financial Advisor, CFP®

Edward Fulbright
Fulbright Financial Consulting, PA
(919) 544-0398
5302 NC Highway 55, Suite 104
Durham, NC
Expertises
Ongoing Investment Management, Planning Issues for Business Owners, Helping Clients Identify & Achieve Goals, Middle Income Client Needs, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CPA/PFS

Matthew M. Perkins, CFP®
3872 Guess Rd
Durham, NC
Firm
SECU

Data Provided by:
Benjamin Birken
Woodward Financial Advisors, Inc.
(919) 929-2495 Ext: 3
1504 East Franklin Street, Suite 105
Chapel Hill, NC
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules, Investment Advice without Ongoing Management, Hourly Financial Planning Services, College/Education Planning, Newlyweds & Novice Investors
Certifications
NAPFA Registered Financial Advisor, CFP®

Deborah Frazier
Frazier Financial Consultants
(919) 929-6940
109 Conner Drive, Suite 205
Chapel Hill, NC
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules, Socially Responsible Investments, Women's Financial Planning Issues, Financial Issues Between Generations, Special Needs Planning
Certifications
NAPFA Registered Financial Advisor, MBA

Jennifer Lazarus
Lazarus Financial Planning
(919) 321-0606
5614 Welkin Court
Durham, NC
Expertises
Socially Responsible Investments, Women's Financial Planning Issues, Planning Issues for Unmarried & Same-Sex Couples, Cash Flow/Budgets/Credit Issues, Middle Income Client Needs
Certifications
NAPFA Registered Financial Advisor, CFP®

Craig Schmith
Craig Schmith
(919) 272-5054
2530 Meridian Parkway, Suite 300
Durham, NC
Expertises
Hourly Financial Planning Services, Helping Clients Identify & Achieve Goals, Middle Income Client Needs, Investment Advice without Ongoing Management
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

Lisa M. Gabriel, CFP®
(314) 458-5305
3235 Pinafore Dr
Durham, NC
Firm
Axius Financial
Areas of Specialization
Asset Allocation, Charitable Giving, Divorce Issues, Estate Planning, General Financial Planning, Insurance Planning, Intergenerational Planning

Data Provided by:
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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