Setting up Simple Financial Management Somerville NJ

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.

James Christie
Freedom Wealth Management, LLC
(908) 204-9299
90 Washington Valley Road
Bedminster, NJ
Expertises
Ongoing Investment Management, Charitable Giving - Trusts & Foundations, Financial Issues Between Generations
Certifications
NAPFA Registered Financial Advisor, CFP®

Guy McPhail
Traust Sollus Wealth Management, LLC
(609) 779-6700
103 Carnegie Center Suite 205
Princeton, NJ
Expertises
Retirement Plan Investment Advice, High Net Worth Client Needs, Ongoing Investment Management, Tax Planning, Helping Clients Identify & Achieve Goals, Cash Flow/Budgets/Credit Issues
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA/PFS

Martin Hopkins
Hopkins Investment Management, LLC
(609) 419-1119
212 Carnegie Center, Suite 206
Princeton, NJ
Expertises
Ongoing Investment Management, Helping Clients Identify & Achieve Goals, Retirement Planning & Distribution Rules, Retirement Plan Investment Advice, Estate & Generational Planning Issues, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, CFP®

Albert Zdenek
Traust Sollus Wealth Management, LLC
(609) 779-6700
103 Carnegie Center Suite 205
Princeton, NJ
Expertises
High Net Worth Client Needs, Ongoing Investment Management, Tax Planning, Advising Medical Professionals, Planning Concerns for Corporate Executives, Helping Clients Identify & Achieve Goals
Certifications
NAPFA Registered Financial Advisor, CPA/PFS, MBA

Martha Ferrari
Halberstadt Financial Consultants, Inc.
(609) 921-0180
50 North Tulane Street
Princeton, NJ
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules, High Net Worth Client Needs, Tax Planning, Hourly Financial Planning Services, Women's Financial Planning Issues
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA/PFS, MBA

Gwen Gepfert
Oaktree Financial Planning and Consulting, L.L.C.
(908) 580-0255
74 Crest Drive
Basking Ridge, NJ
Expertises
Hourly Financial Planning Services, Investment Advice without Ongoing Management, Middle Income Client Needs, Retirement Planning & Distribution Rules, Newlyweds & Novice Investors, Women's Financial Planning Issues
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA, MBA

Lisa Jantorno
Jantorno Financial Advisors, LLC
(609) 919-0006
13 Roszel Road, Suite A-103
Princeton, NJ
Expertises
Ongoing Investment Management, Cash Flow/Budgets/Credit Issues, Middle Income Client Needs, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFA, CFP®, MBA

Constance Herrstrom
Premier Financial Planning, Inc.
(609) 924-2424
711 Executive Drive
Princeton, NJ
Expertises
Ongoing Investment Management, Cash Flow/Budgets/Credit Issues, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, MBA

Eleanore Szymanski
EKS Associates, LLC
(609) 921-1016
601 Ewing Street, Suite A-7
Princeton, NJ
Expertises
Ongoing Investment Management, Cash Flow/Budgets/Credit Issues, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, BS, CFP®

David Walter
Halberstadt Financial Consultants, Inc.
(609) 921-0180
50 North Tulane Street
Princeton, NJ
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules, Tax Planning, Women's Financial Planning Issues
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA/PFS

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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