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Setting up Simple Financial Management Kilgore TX

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.

Shane T Sherwood, CFP®
(903) 297-9800
911 NW Loop 281
Longview, TX
Firm
Ameriprise Financial
Areas of Specialization
Comprehensive Financial Planning, Investment Management, Retirement Income Management, Retirement Planning, Wealth Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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



Data Provided by:
Mr. Tom E Riley, CFP®
(903) 753-5343
1302 Judson Rd
Longview, TX
Firm
RBC Wealth Management
Areas of Specialization
Asset Allocation, Budget Development, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Debt Management, Divorce Issues

Data Provided by:
Mr. Russell Buckstaff, CFP®
1511 Judson Rd.
Longview, TX
Firm
Allstate

Data Provided by:
Capital One
(903) 241-9095
102 E. Quitman
Gladewater, TX
Type
Branch
Services
Open after 5 PM Open on Saturday Branch Drive-Up
Drive Up Hours
Sun , Mon 7:30 AM - 6 PM, Tue 7:30 AM - 6 PM, Wed 7:30 AM - 6 PM, Thu 7:30 AM - 6 PM, Fri 7:30 AM - 6 PM,

Capital One
(903) 241-9070
1701 Loop 281 West
Longview, TX
Type
Branch
Services
Drive-Up ATM Open after 5 PM Open on Saturday Branch Drive-Up Safe Deposit Box
Office Hours
Sun , Mon 9 AM - 5 PM, Tue 9 AM - 5 PM, Wed 9 AM - 5 PM, Thu 9 AM - 5 PM, Fri 9 AM - 5 PM,
Drive Up Hours
Sun , Mon 7:30 AM - 6 PM, Tue 7:30 AM - 6 PM, Wed 7:30 AM - 6 PM, Thu 7:30 AM - 6 PM, Fri 7:30 AM - 6 PM,

Mr. Herman C Bell Jr., CFP®
(903) 241-7510
911 W. Loop 281, Suite 310
Longview, TX
Firm
Morgan Stanley

Data Provided by:
Mrs. Kellyn R. Drayer, CFP®
(903) 753-1020
2002 Judson Rd Ste 202
Longview, TX
Firm
Stifel, Nicolaus & Company, Inc.

Data Provided by:
Mr. Dave L Spurrier, CFP®
(903) 295-8646
2820 Bill Owens Parkway
Longview, TX
Firm
Wells Fargo Advisors, LLC
Areas of Specialization
Asset Allocation, Banking, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Debt Management, Divorce Issues
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided by:
Chase Bank
(903) 291-1491
1720 W Loop 281
Longview, TX
Type
Freestanding
Office Hours
Mon:9:00-6:00
Tues:9:00-6:00
Wed:9:00-6:00
Thurs:9:00-6:00
Fri:9:00-6:00
Sat:9:00-3:00
Sun:closed

Regions Bank - Longview Downtown Remote Drive Thru
(903) 237-3501
208 N Center Street
Longview, TX
Type
Branch
Office Hours
M-S CLOSED
Su NA
Drive Up Hours
M-F 8:00-6:00
S CLOSED
Su NA

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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