Setting up Simple Financial Management Murfreesboro TN

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.

Dr. John Thomas Lee, CFP®
(615) 904-6373
710 NW Broad St
Murfreesboro, TN
Firm
Wilson Bank and Trust
Areas of Specialization
Comprehensive Financial Planning, Investment Planning, Retirement Planning
Key Considerations
Average Net Worth: Not Applicable

Average Income: Not Applicable

Profession: Not Applicable

Data Provided by:
Mr. Martin Hunter Mcfarlin, CFP®
(615) 890-1070
119 N. Maple Street
Murfreesboro, TN
Firm
McFarlin Financial Partners, LLC

Data Provided by:
Mr. Tracey Alan Binkley, CFP®
(615) 764-4473
804 N Thompson Ln Ste 2A
Murfreesboro, TN
Firm
Morgan Stanley Smith Barney

Data Provided by:
Mr. Brian Coleman, CFP®
(615) 890-5122
1608 Williams Dr Ste 100
Murfreesboro, TN
Firm
Edward Jones
Areas of Specialization
Comprehensive Financial Planning, Education Planning, Estate Planning, Insurance Planning, Investment Planning, Long-Term Care, Retirement Planning

Data Provided by:
Ms. Regina Embry, CFP®
(615) 962-9122
716A S Church St
Murfreesboro, TN
Firm
Quest Financial Group
Areas of Specialization
General Financial Planning, Insurance Planning, Investment Management, Long-Term Care, Retirement Planning, Socially Responsible Investments, Women's Finances

Data Provided by:
Mr. John B. Phillips, CFP®
(615) 216-1217
209 Castlewood Drive
Murfreesboro, TN
Firm
Northwestern Mutual Financial
Areas of Specialization
Asset Allocation, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Education Planning, Estate Planning, Insurance Planning

Data Provided by:
Matthew Givens, CFP®
(615) 898-8755
820 Medical Center Pkwy
Murfreesboro, TN
Firm
Northwestern Mutual
Areas of Specialization
Asset Allocation, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Education Planning, Estate Planning, Retirement Income Management

Data Provided by:
Ms. Jennifer A. Sexton, CFP®
(615) 890-9411
745 S Church St Ste 401
Murfreesboro, TN
Firm
Ameriprise Financial Services,
Areas of Specialization
Asset Allocation, Budget Development, Comprehensive Financial Planning, Education Planning, 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:
Mr. Michael J. Hull, CFP®
(615) 896-1181
PO Box 12122
Murfreesboro, TN
Firm
Investment & Retirement Advisors
Areas of Specialization
Asset Allocation, Investment Management, Investment Planning, Retirement Income Management, Retirement Planning, Wealth Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

Average Income: $250,001 - $500,000

Profession: Not Applicable

Data Provided by:
Mr. Patrick Eric Poole, CFP®
237 Castlewood Dr Ste E
Murfreesboro, TN
Firm
Edward D. Jones & Co., L.P.

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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