Setting up Simple Financial Management Marysville WA

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.

Kirk Schwarz
Harbour Pointe Financial Advisors, LLC
(425) 493-6788
12199 Village Center Place, Ste 201
Mukilteo, WA
Expertises
Ongoing Investment Management, Advising Employee Benefit Plan Participants, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

Roger Werner
Werner, O'Meara & Company,PLLC
(425) 774-8888
P.O. Box 6100
Lynnwood, WA
Expertises
Newlyweds & Novice Investors, Planning Issues for Business Owners, Retirement Planning & Distribution Rules, Tax Planning, College/Education Planning
Certifications
NAPFA Registered Financial Advisor, CPA/PFS, MBA

Mr. Lars I. Landrie, CFP®
(425) 303-3032
2707 Colby Avenue
Everett, WA
Firm
Moss Adams Wealth Advisors LLC
Areas of Specialization
Asset Allocation, Business Succession Planning, Comprehensive Financial Planning, Education Planning, Insurance Planning, Investment Management, Retirement Income Management
Key Considerations
Average Net Worth: Not Applicable

Average Income: Not Applicable

Profession: Not Applicable

Data Provided by:
Richard F Bardue Ii, CFP®
(425) 609-8705
9623 32nd St SE Ste D103
Lake Stevens, WA
Firm
Wells Fargo Advisors Financial Nework
Areas of Specialization
Asset Allocation, Divorce Issues, Education Planning, Employee and Employer Plan Benefits, Estate Planning, Insurance Planning, Investment Management
Key Considerations
Average Net Worth: $250,001 - $500,000

Average Income: $50,001 - $100,000

Profession: Not Applicable

Data Provided by:
Mr. Ryan A. Blume, CFP®
(425) 303-3009
2707 Colby Ave
Everett, WA
Firm
Moss Adams, LLP

Data Provided by:
William Eichenberger
Harbour Pointe Financial Advisors, LLC
(425) 493-6788
12199 Village Center Place, Ste 201
Mukilteo, WA
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, BA, CFP®

Mr. Keith R. Whitman, CFP®
(425) 304-6407
1604 Hewitt Ave Ste 408
Everett, WA
Firm
Wells Fargo Advisors, LLC
Areas of Specialization
Elder Care
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Not Applicable

Data Provided by:
Mr. A. Sean Bailey, CFP®
(425) 252-4032
2722 Colby Ave
Everett, WA
Firm
LPL Financial
Areas of Specialization
Comprehensive Financial Planning, Estate Planning, Insurance Planning, Investment Management, Investment Planning, Long-Term Care, Retirement Income Management

Data Provided by:
Mr. Peter Michael Lee, CFP®
(425) 258-5000
2731 Wetmore Ave Ste 203
Everett, WA
Firm
Thrivent Financial
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Insurance Planning, Investment Management, Life Transitions, Long-Term Care, Planning for Couples
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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



Data Provided by:
Mr. Michael W. White, CFP®
(425) 789-1363
2722 Colby Ave Ste 631
Everett, WA
Firm
MultiFinancial

Data Provided by:
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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