Setting up Simple Financial Management Sioux City IA

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. Dan L. Demarest, CFP®
(712) 277-6607
601 Pierce St
Sioux City, IA
Firm
Security National Bank
Areas of Specialization
Asset Allocation, Banking, Business Succession Planning, Charitable Giving, Employee and Employer Plan Benefits, Estate Planning, General Financial Planning
Key Considerations
Average Net Worth: Not Applicable

Profession: Not Applicable

Data Provided by:
Jay Edward Morrison, CFP®
(712) 234-4043
302 Jones St Ste 210
Sioux City, IA
Firm
Robert W. Baird
Areas of Specialization
Asset Allocation, Charitable Giving, Comprehensive Financial Planning, Debt Management, Education Planning, Employee and Employer Plan Benefits, Estate Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided by:
Ms. Myra Alley Kingsbury, CFP®
(402) 494-4642
2021 Dakota Ave
South Sioux City, NE
Firm
Ameriprise Financial
Areas of Specialization
Retirement Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Self-Employed Business Owners

Data Provided by:
Mr. Michael F. Keane, Clu, Chfc, CFP®
(712) 258-8600
325 W 7th St
Sioux City, IA
Firm
Ameriprise Financial Services,Inc.
Areas of Specialization
Asset Allocation, Education Planning, General Financial Planning, Long-Term Care, Retirement Planning, Wealth Management
Key Considerations
Average Net Worth: $250,001 - $500,000

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

Profession: Not Applicable

Data Provided by:
Mr. Kevin A. Keane, CFP®
(712) 258-8600
325 W 7th St
Sioux City, IA
Firm
Ameriprise Financial Services
Areas of Specialization
Asset Allocation, Budget Development, Business Succession Planning, Comprehensive Financial Planning, Debt Management, Education Planning, Estate Planning
Key Considerations
Average Net Worth: $250,001 - $500,000

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

Profession: Medical/Dental Professionals

Data Provided by:
Mr. Joseph R. Mohrhauser, CFP®
(712) 258-5550
522 4th St
Sioux City, IA
Firm
KRP Financial Services LLC
Areas of Specialization
Accounting, Asset Allocation, Business Succession Planning, Divorce Issues, Education Planning, Employee and Employer Plan Benefits, Estate Planning

Data Provided by:
Mrs. Gail M. Bivens-Rose, CFP®
(712) 234-4030
302 Jones St Ste 210
Sioux City, IA
Firm
Robert W. Baird & Co. Incorporated
Areas of Specialization
Business Succession Planning, Comprehensive Financial Planning, Employee and Employer Plan Benefits, Intergenerational Planning, Retirement Income Management, Women's Finances
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Self-Employed Business Owners

Data Provided by:
Mr. Robert W. Houlihan, CFP®
(712) 255-3450
4240 Hickory Ln Ste 100
Sioux City, IA
Firm
Houlihan & Associates PC

Data Provided by:
Mr. Marc A. Geels, CFP®
(712) 224-4651
5764 Sunnybrook Dr
Sioux City, IA
Firm
EFS Group

Data Provided by:
Steven Ballard, CFP®
(888) 924-2772
383 W Steamboat Dr Ste 103
Dakota Dunes, SD
Firm
Ameriprise Financial Services, Inc.
Areas of Specialization
Asset Allocation, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Education Planning, Employee and Employer Plan Benefits, Estate Planning

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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