Setting up Simple Financial Management Sandpoint ID

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.

Mr. Kevin D Kluender, CFP®
(208) 263-1040
101 N 1st Ave Ste B
Sandpoint, ID
Firm
Kevin Kluender CPA CFP
Areas of Specialization
Accounting, Asset Allocation, Banking, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Divorce Issues
Key Considerations
Average Net Worth: Not Applicable

Average Income: Not Applicable

Profession: Self-Employed Business Owners

Data Provided by:
Mark A. Schiller, CFP®
(208) 265-5959
708 Superior St
Sandpoint, ID
Firm
Williams & Parsons Financial S
Areas of Specialization
Accounting, Asset Allocation, Budget Development, Business Succession Planning, Comprehensive Financial Planning, Debt Management, Divorce Issues
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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



Data Provided by:
US Bank - Sandpoint Office
(208) 263-6891
201 Main St
Sandpoint, ID
Drive Up Hours
Mon 09:00 am to 05:30 pm
Tue 09:00 am to 05:30 pm
Wed 09:00 am to 05:30 pm
Thur 09:00 am to 05:30 pm
Fri 09:00 am to 06:00 pm
Sat 09:00 am to 01:00 pm

Wells Fargo - Sandpoint
(208) 255-3880
320 N 4Th Ave
Sandpoint, ID
Type
Branch
Office Hours
Mon-Thu 08:30 AM-05:30 PM
Fri 08:30 AM-06:00 PM
Sat 09:00 AM-03:00 PM
Sun Closed

Wells Fargo - Priest River
(208) 448-2462
1130 W Albeni Hwy
Priest River, ID
Type
Branch
Office Hours
Mon-Thu 08:30 AM-05:00 PM
Fri 08:30 AM-06:00 PM
Sat-Sun Closed

Mark Bret Umek, CFP®
(208) 255-2766
123 S 3rd Ave
Sandpoint, ID
Firm
Steckler & Wynns Financial Group
Areas of Specialization
Comprehensive Financial Planning, Investment Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided by:
Nancy A. Hadley, CFP®
(208) 263-2010
805 Pine Street
Sandpoint, ID
Firm
D. A. Davidson & Co.
Areas of Specialization
Comprehensive Financial Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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



Data Provided by:
Bank of America - Sandpoint
(208) 263-7591
405 N 2nd Ave
Sandpoint, ID
Type
Banking Center
Services
Banking Center Services: Change Order, Commercial Deposits, Night Deposits, Drive Up
Outdoor ATM Services: Open 24 Hours, Braille, Accepts Deposits, Drive Up
Languages
English, Spanish, Chinese, Korean, French, Russian, Portuguese
Office Hours
Monday 9-5
Tuesday 9-5
Wednesday 9-5
Thursday 9-5
Friday 9-6
Saturday Closed
Sunday Closed
Drive Up Hours
Monday 9-5
Tuesday 9-5
Wednesday 9-5
Thursday 9-5
Friday 9-6
Saturday Closed
Sunday Closed

US Bank - Priest River Office
(208) 448-1131
102 Treat St
Priest River, ID
Drive Up Hours
Mon 09:00 am to 05:00 pm
Tue 09:00 am to 05:00 pm
Wed 09:00 am to 05:00 pm
Thur 09:00 am to 05:00 pm
Fri 09:00 am to 06:00 pm

Edward Jones
(888) 891-1440
1305 Highway 2
Sandpoint, ID

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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