Setting up Simple Financial Management Sedro Woolley WA

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.

William Morrissey
Sound Financial Planning, Inc.
(360) 336-6527
425 Commercial Street, Suite 203
Mount Vernon, WA
Expertises
Ongoing Investment Management, Helping Clients Identify & Achieve Goals, Estate & Generational Planning Issues, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFP®

Mr. Michael E. Harvin, CFP®
(360) 757-8200
325 E. George Hopper Rd
Burlington, WA
Firm
First Command Financial Planning
Areas of Specialization
Comprehensive Financial Planning
Key Considerations
Average Net Worth: $100,000 or less

Average Income: $50,001 - $100,000

Profession: Not Applicable

Data Provided by:
Mr. William T. Morrissey, CFP®
(360) 336-6527
425 Commercial St Ste 203
Mount Vernon, WA
Firm
Sound Financial Planning
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Estate Planning, Insurance Planning, Investment Planning, Life Planning, Real Estate
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Not Applicable

Data Provided by:
Mr. Richard W. Luif, CFP®
(360) 336-9583
300 S 1st St
Mount Vernon, WA
Firm
KMS Financial Services Inc
Areas of Specialization
Asset Allocation, Estate Planning, General Financial Planning, Retirement Income Management, Retirement Planning, Wealth Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

Average Income: Not Applicable

Profession: Not Applicable

Data Provided by:
Mr. Todd E. Wiersum, CFP®
(877) 477-1065
1211 12th Street
Anacortes, WA
Firm
LPL Financial

Data Provided by:
Robert G. Thomson Iii, CFP®
(360) 757-8200
325 E George Hopper Road
Burlington, WA
Firm
First Command Financial Planning
Key Considerations
Average Net Worth: $100,001 - $250,000

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

Profession: Not Applicable

Data Provided by:
Mrs. Tammera Lynn Prouty, CFP®
(360) 336-6527
425 Commercial St Ste 203
Mount Vernon, WA
Firm
Sound Financial Planning, Inc.
Areas of Specialization
Comprehensive Financial Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

Average Income: $50,001 - $100,000

Profession: Service Professionals

Data Provided by:
Ms. Paula L. Dey, CFP®
(360) 428-1850
2124 Riverside Dr
Mount Vernon, WA
Firm
The Dey Company Inc

Data Provided by:
Adam J. Faber, CFP®
(360) 293-2024
902 7th St
Anacortes, WA
Firm
Ameriprise Financial
Areas of Specialization
Comprehensive Financial Planning, Education Planning, Employee and Employer Plan Benefits, Long-Term Care, Retirement Income Management, Small Business Planning, Social Security Planning

Data Provided by:
US Bank - Sedro Woolley Office
(360) 855-1441
218 Woodworth St
Sedro Woolley, WA
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

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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