Setting up Simple Financial Management Rock Springs WY

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.

Wells Fargo - Rock Springs
(307) 352-5506
1400 Dewar Dr
Rock Springs, WY
Type
Branch
Office Hours
Mon-Fri 08:00 AM-05:30 PM
Sat 09:00 AM-01:00 PM
Sun Closed

Wells Fargo - Green River
(307) 872-4080
125 W Flaming Gorge Way
Green River, WY
Type
Branch
Office Hours
Mon-Wed 08:00 AM-05:30 PM
Thu 08:00 AM-05:00 PM
Fri 08:00 AM-05:30 PM
Sat 09:00 AM-01:00 PM
Sun Closed

Holland Duell
Holland Duell Financial Strategies
(307) 672-6364
50 E. Loucks St,. Suite 210
Sheridan, WY
Expertises
Ongoing Investment Management, Helping Clients Identify & Achieve Goals, Divorce Planning, Estate & Generational Planning Issues, Retirement Plan Investment Advice, Socially Responsible Investments
Certifications
NAPFA Registered Financial Advisor, CFA, CFP®, MBA

Lonnie Bull, CFP®
(307) 232-2158
210 S Wolcott St
Casper, WY
Firm
Edward Jones
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Employee and Employer Plan Benefits, General Financial Planning, Investment Management, Investment Planning, Retirement Income Management
Key Considerations
Average Net Worth: Not Applicable



Data Provided by:
Mr. Jeffrey P. Vincent, CFP®
(307) 856-9788
308 E Main St
Riverton, WY
Firm
Vincent Financial Services

Data Provided by:
US Bank - Green River Office
(307) 875-5980
285 Uinta Dr
Green River, WY
Drive Up Hours
Mon 08:00 am to 05:00 pm
Tue 08:00 am to 05:00 pm
Wed 08:00 am to 05:00 pm
Thur 08:00 am to 05:00 pm
Fri 08:00 am to 05:00 pm

Edward Jones
(888) 891-1440
1977 Dewar Dr # H
Rock Springs, WY

Data Provided by:
Connie Brezik
Asset Strategies, Inc.
(307) 266-4525
111 West 2nd Street, Suite 608
Casper, WY
Expertises
Ongoing Investment Management, Estate & Generational Planning Issues, Advising Medical Professionals, Retirement Planning & Distribution Rules, Planning Concerns for Corporate Executives
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA, PFS

Mr. Ken E. Malm, CFP®
(307) 245-3222
PO Box 730
Pine Bluffs, WY
Firm
Financial Services Center

Data Provided by:
Mrs. Brenda J Janikowski, CFP®
(307) 266-4525
111 W 2nd Street Suite 608
Casper, WY
Firm
Asset Strategies, Inc
Areas of Specialization
Comprehensive Financial Planning, Investment Management

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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