» » »

Setting up Simple Financial Management Okemos 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.

Richard Feight
IAM Financial, LLC
(888) 283-1392
2164 University Park Dr.
Okemos, MI
Expertises
Ongoing Investment Management, High Net Worth Client Needs, Middle Income Client Needs, Retirement Plan Investment Advice, Investment Advice without Ongoing Management, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CFP®, EA

Elizabeth Baer
Elizabeth Rutter Baer, CFP INC
(517) 321-4832
334 Geneva Circle
Lansing, MI
Expertises
Hourly Financial Planning Services, Investment Advice without Ongoing Management, Ongoing Investment Management, Retirement Plan Investment Advice, Helping Clients Identify & Achieve Goals, Planning Issues for Unmarried & Same-Sex Couples
Certifications
NAPFA Registered Financial Advisor, BA, CFP®

Mr. Robert Mark Montgomery, CFP®
(517) 381-2332
2549 Jolly Rd Ste 300
Okemos, MI
Firm
Ameriprise Financial Services, Inc.
Areas of Specialization
Comprehensive Financial Planning, Education Planning, Employee and Employer Plan Benefits, Estate Planning, Insurance Planning, Investment Planning, 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. Patrick A. Anderson, CFP®
(517) 381-2332
2549 Jolly Rd
Okemos, MI
Firm
Ameriprise Financial Services, Inc.
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Estate Planning, Investment Management, Investment Planning, Retirement Income Management, Retirement Planning

Data Provided by:
Mr. Richard T. Feight, CFP®
(888) 283-1392
2164 University Park
Okemos, MI
Firm
IAM Financial, LLC
Areas of Specialization
Comprehensive Financial Planning, Investment Management, Retirement Planning, Small Business Planning, Tax Preparation
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Self-Employed Business Owners

Data Provided by:
Ted Feight
Creative Financial Design
(517) 371-5100
2112 Tulane Drive
Lansing, 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®

Mr. Lawrence L. Epple, CFP®
(517) 381-3440
4121 Okemos Rd
Okemos, MI
Firm
Family Life Financial Svcs

Data Provided by:
Mr. Andrew K. Beach, CFP®
(517) 381-2381
4900 Montrose Ave Ste 200
Okemos, MI
Firm
Hantz Financial Services, Inc.

Data Provided by:
Mr. Michael D. Vandyk, CFP®
(517) 381-2332
2549 Jolly Road
Okemos, MI
Firm
Ameriprise Financial Services
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, General Financial Planning, Investment Management, Investment Planning, Life Transitions, Retirement Income Management

Data Provided by:
Mr. Brice Carter, CFP®
2270 Jolly Oak Rd Ste 2
Okemos, MI
Firm
Financial Strategies Corp. of Michigan
Areas of Specialization
Asset Allocation, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Estate Planning, Insurance Planning, Investment Management
Key Considerations
Average Net Worth: $250,001 - $500,000

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



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...

Click here to read more from Home Business Magazine

© Copyright 2013 Home Business Magazine. All Rights Reserved. Privacy Policy | Terms and Conditions
Infoswell Media