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Setting up Simple Financial Management Logan UT

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. S. Craig Adams, CFP®
(435) 752-1702
101 North Main Street
Logan , UT
Firm
Adams Wealth Advisors
Areas of Specialization
Charitable Giving, Comprehensive Financial Planning, Education Planning, Employee and Employer Plan Benefits, Estate Planning, General Financial Planning, Investment Management
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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



Data Provided by:
Mr. Sterling G. Widmer, CFP®
(435) 787-4581
1047 S 100 W Ste 230
Logan, UT
Firm
The Cambridge Financial Center
Areas of Specialization
Comprehensive Financial Planning, Estate Planning, General Financial Planning, Insurance Planning, Investment Management, Investment Planning, Retirement Income Management

Data Provided by:
Mr. Kent B. Haueter, CFP®
(435) 752-8484
360 North Main Street
Logan, UT
Firm
Harold Dance Investments

Data Provided by:
Mr. Jared R. Ripplinger, CFP®
(435) 750-5566
632 N Main St Ste 2A
Logan, UT
Firm
Cook Martin Poulson, P.C.
Areas of Specialization
Accounting, Budget Development, Business Succession Planning, Charitable Giving, Estate Planning, Real Estate, Retirement Planning

Data Provided by:
Reese Hulbert, CFP®
5 S Main St
Logan, UT
Firm
Wellsfargo Advisors

Data Provided by:
Brad Hess, CFP®
(435) 770-4164
664 N Main St Ste 102
Logan, UT
Firm
LPL Financial Services
Areas of Specialization
Asset Allocation, Budget Development, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Divorce Issues, Education Planning

Data Provided by:
Gordon L. Nelson, CFP®
(435) 713-4220
595 S 80 E Ste 170
Logan, UT
Firm
Keystone Wealth Management, Inc.

Data Provided by:
Mr. Nolan P. Gunnell, CFP®
(435) 755-5263
1047 S 100 W #110
Logan , UT
Firm
D.A. Davidson & Co.

Data Provided by:
Tyler J Vanderbeek, CFP®
(435) 713-4220
595 Riverwood Dr. Suite 170
Logan, UT
Firm
Keystone Wealth Advisors
Areas of Specialization
Estate Planning, Insurance Planning, Investment Management, Retirement Income Management, Wealth Management

Data Provided by:
Mr. Patrick Redding, CFP®
(435) 753-6500
PO Box 4666
Logan, UT
Firm
LPL Financial

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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