Setting up Simple Financial Management West Palm Beach FL

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.

Robert Keats
Keats, Connelly and Associates, LLC
(561) 569-7401
1880 N. Congress Avenue, Suite 302
Boynton Beach, FL
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules, Financial Issues Between Generations, Estate & Generational Planning Issues, Helping Clients Identify & Achieve Goals, Charitable Giving - Trusts & Foundations
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, MSFS

Michael Pilato
Quantum Financial Advisors, Inc.
(561) 350-1632
2407 Quantum Blvd.
Boynton Beach, FL
Expertises
Hourly Financial Planning Services, College/Education Planning, Middle Income Client Needs
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA, MBA

Penny Marlin
Marlin Financial
(561) 381-0867
13129 Aliso Beach Drive
Delray Beach, FL
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules, Hourly Financial Planning Services, Charitable Giving - Trusts & Foundations, Women's Financial Planning Issues, Helping Clients Identify & Achieve Goals
Certifications
NAPFA Registered Financial Advisor, CFP®, MA

Mr. Aaron P. Jackson, CFP®
(561) 688-6306
580 Village Blvd
West Palm Beach, FL
Firm
VALIC

Data Provided by:
Mr. David M. Allen, CFP®
(954) 415-1392
580 Village Blvd ste 160
West Palm Beach , FL
Firm
VALIC
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Medical/Dental Professionals

Data Provided by:
Dale Walters
Keats, Connelly and Associates, LLC
(561) 569-7401
1880 N. Congress Avenue, Suite 302
Boynton Beach, FL
Expertises
High Net Worth Client Needs, Estate & Generational Planning Issues, College/Education Planning, Tax Planning
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, CPA/PFS

Patrick Horan
Horan Capital Management, LLC
(561) 350-1410
6111 Via Venetia N
Delray Beach, FL
Expertises
High Net Worth Client Needs, Retirement Planning & Distribution Rules, Retirement Plan Investment Advice, Ongoing Investment Management, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, CFP®, ChFc

Mr. Donald C. Jacobs, CFP®
(561) 207-3155
560 Village Blvd
West Palm Beach, FL
Firm
Prudential Financial
Areas of Specialization
Comprehensive Financial Planning, Investment Management, Social Security Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Not Applicable

Data Provided by:
Ms. Louise B. Goldberg, CFP®
(561) 615-8585
2161 Palm Beach Lakes Blvd Ste 450
West Palm Beach, FL
Firm
H Beck
Areas of Specialization
Accounting, Asset Allocation, Budget Development, Comprehensive Financial Planning, Education Planning, Estate Planning, General Financial Planning
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. Dennis S. Gelfand, CFP®
(561) 686-2252
380 Columbia Dr.
West Palm Beach, FL
Firm
Hough, Gelfand & Assoc., P.A.
Areas of Specialization
Accounting, General Financial Planning, Tax Planning, Tax Preparation

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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