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Setting up Simple Financial Management Towson MD

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.

J. Patrick Collins
Greenspring Wealth Management, Inc.
(443) 564-4600
501 Fairmount Avenue, Suite 201
Towson, MD
Expertises
Ongoing Investment Management, Planning Concerns for Corporate Executives, Estate & Generational Planning Issues, Retirement Planning & Distribution Rules, Retirement Plan Investment Advice, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CFP®, EA

Timothy Chase
WMS Partners
(410) 337-7575 Ext: 112
305 Washington Avenue, Suite 200
Towson, MD
Expertises
Charitable Giving - Trusts & Foundations, Insurance Related Issues, including Annuities, Alternative or Private Investments
Certifications
NAPFA Registered Financial Advisor, BA, CFP®, CLU, CPA/PFS

Nancy Bryant
Greenspring Wealth Management, Inc.
(443) 564-4600
501 Fairmount Avenue, Suite 201
Towson, MD
Expertises
Helping Clients Identify & Achieve Goals, Ongoing Investment Management, Retirement Plan Investment Advice, Retirement Planning & Distribution Rules, Advising Entrepreneurs, Women's Financial Planning Issues
Certifications
NAPFA Registered Financial Advisor, AIF, CFP®, MBA

Thomas Milajecki
Ronald Blue & Co., LLC
(410) 891-2900
307 International Circle, Suite 410
Hunt Valley, MD
Expertises
Ongoing Investment Management, Charitable Giving - Trusts & Foundations, Estate & Generational Planning Issues, Planning Issues for Business Owners, Professional Athletes or Entertainers, High Net Worth Client Needs
Certifications
NAPFA Registered Financial Advisor, MBA

Kirk Kinder
Picket Fence Financial
(410) 878-2999
300 E. Lombard St.
Baltimore, MD
Expertises
Helping Clients Identify & Achieve Goals, Retirement Plan Investment Advice, Retirement Planning & Distribution Rules, Ongoing Investment Management, Hourly Financial Planning Services, Estate & Generational Planning Issues
Certifications
NAPFA Registered Financial Advisor, CFP®

Tom Taylor
Chesapeake Financial Advisors
(410) 823-5442
401 Washington Avenue, Suite 804
Towson, MD
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules, Tax Planning, Planning Issues for Business Owners, Advising Medical Professionals, Real Estate Investments
Certifications
NAPFA Registered Financial Advisor, CPA/PFS

Martin Eby
WMS Partners
(410) 337-7575 Ext: 112
305 Washington Avenue, Suite 200
Towson, MD
Expertises
Ongoing Investment Management, Planning Concerns for Corporate Executives, Estate & Generational Planning Issues
Certifications
NAPFA Registered Financial Advisor, CFP®

Drew Tignanelli
Financial Consulate, Inc.
(410) 823-7283
307 International Circle, Suite 250
Hunt Valley, MD
Expertises
Ongoing Investment Management, Estate & Generational Planning Issues, Financial Issues Between Generations, Retirement Planning & Distribution Rules, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA

David Campaigne
Ronald Blue & Co., LLC
(410) 891-2900
307 International Circle, Suite 410
Hunt Valley, MD
Expertises
Ongoing Investment Management, High Net Worth Client Needs, Charitable Giving - Trusts & Foundations, Retirement Plan Investment Advice, Estate & Generational Planning Issues, Planning Concerns for Corporate Executives
Certifications
NAPFA Registered Financial Advisor, CFP®, ChFc

Michael Kelly
Michael R. Kelly, CFP, EA
(410) 747-0708
1172 St. Agnes Lane
Baltimore, MD
Expertises
Ongoing Investment Management, Tax Planning, Middle Income Client Needs, Retirement Planning & Distribution Rules, Cash Flow/Budgets/Credit Issues, Advising Employee Benefit Plan Participants
Certifications
NAPFA Registered Financial Advisor, CFP®, EA

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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