Setting up Simple Financial Management Ooltewah 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.

Jim Tarvin
Guardian Wealth Management Inc.
(423) 510-0409
6151 Shallowford Road, Suite 102
Chattanooga, TN
Expertises
Ongoing Investment Management, Advising Employee Benefit Plan Participants, Financial Issues Between Generations, Hourly Financial Planning Services, Cash Flow/Budgets/Credit Issues, High Net Worth Client Needs
Certifications
NAPFA Registered Financial Advisor, BBA, CFP®

David Hodges
Integra Wealth, LLC
(423) 664-0344
871 McCallie Avenue
Chattanooga, TN
Expertises
Planning Issues for Business Owners, Advising Medical Professionals, Planning Issues for Unmarried & Same-Sex Couples, Tax Planning, Retirement Planning & Distribution Rules, High Net Worth Client Needs
Certifications
NAPFA Registered Financial Advisor, CFP®

Ms. Dawn M. Crough, CFP®
(423) 424-3340
6111 Shallowford Rd Ste 101
Chattanooga, TN
Firm
Ameriprise Financial
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Investment Management, Investment Planning, Retirement Income Management, Retirement Planning, Women's Finances

Data Provided by:
Mr. Jonathan G. Caldwell, CFP®
(770) 455-1234
1081 Meeting Pl
Chattanooga, TN
Firm
Insurance Consultant

Data Provided by:
Mr. I. Alan Johnston, CFP®
(423) 648-4400
1210 Premier Dr
Chattanooga, TN
Firm
Ameriprise Financial

Data Provided by:
Don VanLandingham
Guardian Wealth Management Inc.
(423) 510-0409
6151 Shallowford Road, Suite 102
Chattanooga, TN
Expertises
High Net Worth Client Needs, Helping Clients Identify & Achieve Goals, Estate & Generational Planning Issues, Ongoing Investment Management, Retirement Planning & Distribution Rules, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CPA/PFS

Dr. Jeffrey P. Davenport, CFP®
7833 Legacy Park Court
Chattanooga, TN
Firm
Davenport PA

Data Provided by:
Mr. Bryan Craig Kelly, CFP®
(423) 386-5751
7047 Lee Hwy Ste 309
Chattanooga, TN
Firm
Ameriprise Financial
Areas of Specialization
Asset Allocation, Budget Development, Charitable Giving, Comprehensive Financial Planning, Divorce Issues, Education Planning, Employee and Employer Plan Benefits
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Business Executives

Data Provided by:
Jeff Scotchie, CFP®
6111 Shallowford Rd Ste 101
Chattanooga, TN
Firm
Ameriprise Financial
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Insurance Planning, Investment Planning, Retirement Planning, Young Professionals
Key Considerations
Average Net Worth: $100,001 - $250,000

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

Profession: Service Professionals

Data Provided by:
James M Scotchie, CFP®
(423) 424-3301
6111 Shallowford Road
Chattanooga, TN
Firm
Ameriprise Financial
Areas of Specialization
Comprehensive Financial Planning, Education Planning, Estate Planning, Insurance Planning, Investment Planning, Long-Term Care, Retirement Income Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

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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