Setting up Simple Financial Management North Tonawanda NY

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.

Joseph Raimond
Raimond Financial Planning
(716) 692-8648
1876 Niagara Falls Boulevard, Suite 2
Tonawanda, NY
Expertises
Cash Flow/Budgets/Credit Issues, Helping Clients Identify & Achieve Goals, Insurance Related Issues, including Annuities, Ongoing Investment Management, Retirement Plan Investment Advice
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, MS

Mr. Edgar H. Huber, CFP®
(716) 695-2200
3571 Niagara Falls Blvd Ste 13
North Tonawanda, NY
Firm
Thrivent Financial for Lutherans

Data Provided by:
Mr. D. Jeffrey Buckley, CFP®
(716) 636-2525
65 Bryant Woods South
Amherst, NY
Firm
Moshides Financial Group
Areas of Specialization
Business Succession Planning, Comprehensive Financial Planning, Employee and Employer Plan Benefits, Long-Term Care, Small Business Planning, Wealth Management

Data Provided by:
Mr. Sean M. Janora, CFP®
1412 Sweet Home Rd Ste 7
Amherst, NY
Firm
Schroeder, Braxton & Vogt Inc.
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Estate Planning, Insurance Planning, Investment Management, Social Security Planning

Data Provided by:
Mr. Michael J. Birenbach, CFP®
(716) 691-4288
1404 Sweet Home Rd. Suite 8
Amherst, NY
Firm
Orchestral Financial Group Inc

Data Provided by:
Anthony Ogorek
Ogorek Wealth Management, LLC
(716) 626-5000
6400 Sheridan Drive Suite 224
Williamsville, NY
Expertises
Ongoing Investment Management, Estate & Generational Planning Issues, Retirement Planning & Distribution Rules, Helping Clients Identify & Achieve Goals, Advising Medical Professionals, High Net Worth Client Needs
Certifications
NAPFA Registered Financial Advisor, CFP®, Ed.D.

Mr. Thomas R. Huisgen, CFP®
(716) 693-6302
3200 Niagara Falls Blvd
North Tonawanda, NY
Firm
LPL Financial Services

Data Provided by:
Mr. Thomas Healy, CFP®
(716) 276-2440
1 John James Audubon Pkwy
Amherst, NY
Firm
Prudential
Areas of Specialization
Comprehensive Financial Planning, Estate Planning, Insurance Planning, Investment Planning, Long-Term Care, Retirement Income Management, Retirement Planning
Key Considerations
Average Net Worth: $250,001 - $500,000

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

Profession: Service Professionals

Data Provided by:
Mr. Terrence A. Mckelvey, CFP®
(716) 202-9195
1715 Niagara Falls Blvd Ste 300
Amherst, NY
Firm
The Mutual Fund Store
Areas of Specialization
Asset Allocation, Estate Planning, Investment Management, Investment Planning, Retirement Income Management, Retirement Planning, Sudden Wealth Management
Key Considerations
Average Net Worth: $250,001 - $500,000

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

Profession: Not Applicable

Data Provided by:
Mr. Richard K. Schroeder, CFP®
(716) 634-6113
1412 Sweet Home Road
Amherst, NY
Firm
Schroeder Braxton & Vogt Inc
Areas of Specialization
General Financial Planning, Investment Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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



Data Provided by:
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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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