Setting up Simple Financial Management Oak Park MI

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.

Sam Fawaz
Y.D. Financial Services, Inc.
(734) 447-5305
3000 Town Center Drive, Suite 2235
Southfield, MI
Expertises
Tax Planning, Divorce Planning, Planning Issues for Business Owners, College/Education Planning, Ongoing Investment Management, Planning Concerns for Corporate Executives
Certifications
NAPFA Registered Financial Advisor, BBA, CFP®, CPA, MST

Christine Isham
Northern Financial Advisors, Inc.
(248) 985-1632
26111 West 14 Mile Road, Suite 100
Franklin, MI
Expertises
Ongoing Investment Management, High Net Worth Client Needs, Planning Issues for Business Owners, Advising Medical Professionals, Planning Concerns for Corporate Executives, Women's Financial Planning Issues
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, EA

Warren McIntyre
VisionQuest Financial Planning LLC
(248) 619-3978
200 E. Big Beaver Road
Troy, MI
Expertises
Investment Advice without Ongoing Management, Retirement Plan Investment Advice, Middle Income Client Needs, Hourly Financial Planning Services, Retirement Planning & Distribution Rules, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

Howard Bayliss
Core Financial Planning, LLC
(248) 758-2304
7 West Square Lake Road
Bloomfield Hills, MI
Expertises
Helping Clients Identify & Achieve Goals, Cash Flow/Budgets/Credit Issues, Middle Income Client Needs, Retirement Plan Investment Advice, Estate & Generational Planning Issues, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CFP®, CRPC

Jason Moore
Moore Financial Strategies, LLC
(248) 731-7060
33 Bloomfield Hills Parkway, Suite 233
Bloomfield Hills, MI
Expertises
Tax Planning, College/Education Planning, Newlyweds & Novice Investors, Retirement Planning & Distribution Rules, Advising Entrepreneurs, Ongoing Investment Management
Certifications
NAPFA Registered Financial Advisor, CFP®, EA

Ted Feight
Creative Financial Design
Toll Free (877) 566-9301
2000 Town Center, Suite 1900
Southfield, MI
Expertises
Ongoing Investment Management, Retirement Plan Investment Advice, Middle Income Client Needs, Women's Financial Planning Issues, Helping Clients Identify & Achieve Goals, Charitable Giving - Trusts & Foundations
Certifications
NAPFA Registered Financial Advisor, CFP®

Bert Whitehead
Cambridge Connection Inc.
(248) 737-7090
26111 W 14 Mile Rd Ste LL6
Franklin, MI
Expertises
Advising Entrepreneurs, Financial Issues Between Generations, Middle Income Client Needs, Advising Medical Professionals, Real Estate Investments, Tax Planning
Certifications
NAPFA Registered Financial Advisor, JD, MBA

Karen Norman
Norman Financial Planning, Inc.
(248) 408-1990
802 East Big Beaver Road
Troy, MI
Expertises
Ongoing Investment Management, Cash Flow/Budgets/Credit Issues, Middle Income Client Needs, Retirement Planning & Distribution Rules, Women's Financial Planning Issues, Retirement Plan Investment Advice
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

Marilyn Dimitroff
Capelli Financial Services, Inc.
(248) 594-9282
40950 Woodward Avenue, Suite 140
Bloomfield Hills, MI
Expertises
Ongoing Investment Management, Estate & Generational Planning Issues, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, BA, CFP®, MA

Evelyn MacIntyre
Capelli Financial Services, Inc.
(248) 594-9282
40950 Woodward Avenue, Suite 140
Bloomfield Hills, MI
Expertises
Ongoing Investment Management, Helping Clients Identify & Achieve Goals, College/Education Planning, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, BS, 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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