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Setting up Simple Financial Management Lowell MA

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.

Robert Ryan
Resolute Financial, LLC
(978) 463-8771
21 Alpine Lane #2
Chelmsford, MA
Expertises
Ongoing Investment Management, Estate & Generational Planning Issues, Insurance Related Issues, including Annuities, Advising Medical Professionals, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CEBS, CFP®, ChFc, JD, MSFP

George Paquin
Resolute Financial, LLC
(978) 463-8771
21 Alpine Lane #2
Chelmsford, MA
Expertises
Insurance Related Issues, including Annuities, Ongoing Investment Management, Socially Responsible Investments, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CFP®, EA, MBA

Kathryn Lund
Mosaic Financial Advisors, LLC
(978) 692-4475
6 Crusade Road
Westford, MA
Expertises
Tax Planning, Ongoing Investment Management, Retirement Plan Investment Advice, Retirement Planning & Distribution Rules, Women's Financial Planning Issues, Estate & Generational Planning Issues
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA, MBA, MSFP, MST

Maureen Demers
Demers Financial Planning LLC
(978) 494-4337
75 Merrimack Road
Methuen, MA
Expertises
Investment Advice without Ongoing Management, Middle Income Client Needs, Retirement Planning & Distribution Rules, Hourly Financial Planning Services, Helping Clients Identify & Achieve Goals, Ongoing Investment Management
Certifications
NAPFA Registered Financial Advisor, CFP®

Jennifer Davidson
Milestone Financial Planning, Inc.
(978) 649-8875
733 Main Street
Dunstable, MA
Expertises
Ongoing Investment Management, Middle Income Client Needs, Women's Financial Planning Issues, Retirement Planning & Distribution Rules, Retirement Plan Investment Advice, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA

Charles Johnson
Resolute Financial, LLC
(978) 463-8771
21 Alpine Lane #2
Chelmsford, MA
Expertises
Planning Issues for Business Owners, Helping Clients Identify & Achieve Goals, Retirement Plan Investment Advice, Real Estate Investments, College/Education Planning, Socially Responsible Investments
Certifications
NAPFA Registered Financial Advisor, CFP®

Stephen Ahern
Sullivan Bille/Wealth Management Advisors
(978) 970-2900 X 260
600 Clark Road
Tewksbury, MA
Expertises
Ongoing Investment Management, Estate & Generational Planning Issues, Tax Planning, Advising Entrepreneurs, Advising Medical Professionals, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, BBA, CFP®, CPA, CPA/PFS, MS, MST

Robert Bartley
Bartley Financial Advisors
(877) 474-8811
68 Park Street
Andover, MA
Expertises
Advising Entrepreneurs, Advising Medical Professionals, Ongoing Investment Management, Planning Issues for Business Owners, Retirement Planning & Distribution Rules, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA

Gayle Colman
Colman Knight Advisory Group LLC
(978) 371-2015
18 Audubon Lane
Carlisle, MA
Expertises
Cash Flow/Budgets/Credit Issues, Estate & Generational Planning Issues, Helping Clients Identify & Achieve Goals, High Net Worth Client Needs, Investment Advice without Ongoing Management, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, CFP®

Lea Ann Knight
Garrison Knight Financial Planning LLC
(781) 275-0674
12 Great Road
Bedford, MA
Expertises
Hourly Financial Planning Services, Cash Flow/Budgets/Credit Issues, College/Education Planning, Retirement Plan Investment Advice, Women's Financial Planning Issues, Ongoing Investment Management
Certifications
NAPFA Registered Financial Advisor, CFP®

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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