Setting up Simple Financial Management Lewiston ID

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.

Ms. Molly Lyon Steele, CFP®
(208) 746-4242
PO Box 1487
Lewiston, ID
Firm
Ameriprise Financial Services,
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Divorce Issues, Education Planning, Employee and Employer Plan Benefits, Estate Planning, Investment Planning
Key Considerations
Average Net Worth: Not Applicable

Profession: Not Applicable

Data Provided by:
David L. Crawford, CFP®
(208) 743-6716
3640 Country Club Ct
Lewiston, ID
Firm
Crawford Financial
Areas of Specialization
Comprehensive Financial Planning, Divorce Issues, Education Planning, Employee and Employer Plan Benefits, Estate Planning, General Financial Planning, Insurance Planning

Data Provided by:
Wells Fargo - Lewiston
(208) 799-6235
868 Main St
Lewiston, ID
Type
Branch
Office Hours
Mon-Thu 09:00 AM-05:30 PM
Fri 09:00 AM-06:00 PM
Sat 09:30 AM-03:00 PM
Sun Closed

US Bank - Orchards Office
(208) 743-1897
1900 19th Ave
Lewiston, ID
Languages
Spanish
Drive Up Hours
Mon 08:30 am to 06:00 pm
Tue 08:30 am to 06:00 pm
Wed 08:30 am to 06:00 pm
Thur 08:30 am to 06:00 pm
Fri 08:30 am to 06:00 pm
Sat 09:00 am to 03:00 pm

Bank of America - Clarkston
(509) 758-5544
748 6th St
Clarkston, WA
Type
Banking Center
Services
Banking Center Services: Change Order, Commercial Deposits, Night Deposits, Drive Up
Indoor ATM Services: Open 24 Hours, Braille, Accepts Deposits
Languages
English, Spanish, Chinese, Korean, French, Russian, Portuguese
Office Hours
Monday 9-5
Tuesday 9-5
Wednesday 9-5
Thursday 9-5
Friday 9-6
Saturday Closed
Sunday Closed
Drive Up Hours
Monday 9-5
Tuesday 9-5
Wednesday 9-5
Thursday 9-5
Friday 9-6
Saturday Closed
Sunday Closed

Mr. Michael D. Holder, CFP®
(208) 746-9144
504 Main St
Lewiston, ID
Firm
Holder Financial Services
Areas of Specialization
Asset Allocation, Charitable Giving, Comprehensive Financial Planning, Divorce Issues, Insurance Planning, Investment Management, Long-Term Care
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided by:
US Bank - Lewiston Office
(208) 799-2500
835 Main St
Lewiston, ID
Drive Up Hours
Mon 08:30 am to 05:30 pm
Tue 08:30 am to 05:30 pm
Wed 08:30 am to 05:30 pm
Thur 08:30 am to 05:30 pm
Fri 08:30 am to 06:00 pm

Wells Fargo - Lewiston 10Th & Thain
(208) 746-3064
303 Thain Rd
Lewiston, ID
Type
Branch
Office Hours
Mon-Thu 09:00 AM-05:30 PM
Fri 09:00 AM-06:00 PM
Sat 09:30 AM-03:00 PM
Sun Closed

US Bank - Clarkston Office
(509) 758-2584
615 6th St
Clarkston, WA
Drive Up Hours
Mon 08:30 am to 05:30 pm
Tue 08:30 am to 05:30 pm
Wed 08:30 am to 05:30 pm
Thur 08:30 am to 05:30 pm
Fri 08:30 am to 06:00 pm

Wells Fargo - Genesee
(208) 285-1632
102 E Walnut St
Genesee, ID
Type
Branch
Office Hours
Mon-Thu 10:00 AM-03:00 PM
Fri 07:00 AM-03:00 PM
Sat-Sun Closed

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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