Setting up Simple Financial Management West Point MS

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. Andrew Haftek, CFP®
(662) 329-6521
803 Main St
Columbus, MS
Firm
Cadence Bank
Areas of Specialization
Asset Allocation, Banking, Business Succession Planning, Charitable Giving, Debt Management, Education Planning, Estate Planning
Key Considerations
Average Net Worth: Not Applicable

Average Income: Not Applicable



Data Provided by:
Mr. Brian S. Lesley, CFP®
(662) 338-1210
1 Research Blvd Ste 200
Starkville, MS
Firm
Renasant Bank
Areas of Specialization
Asset Allocation, Education Planning, Estate Planning, General Financial Planning, Investment Management, Retirement Planning, Securities
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided by:
Mrs. Lynn M. Phillips-Gaines, CFP®
(662) 324-2889
104 W Lampkin St
Starkville, MS
Firm
Phillips Financial

Data Provided by:
Mr. Robert M. Crosland Iii, CFP®
(662) 338-0023
100 Starr Ave Ste B
Starkville, MS
Firm
Crosland Wealth Management INC
Areas of Specialization
Asset Allocation, General Financial Planning, Investment Management, Investment Planning, Long-Term Care, Retirement Income Management, Retirement Planning

Data Provided by:
Regions Bank - West Point Main
(662) 494-6972
551 East Main Street
West Point, MS
Type
Branch
Office Hours
M-Th 9:00-4:30
F 9:00-5:00
S CLOSED
Su NA
Drive Up Hours
M-Th 9:00-4:30
F 9:00-5:00
S CLOSED
Su NA

Ms. Rhonda Ferguson, CFP®
(662) 327-1480
1121 2nd Ave N
Columbus, MS
Firm
Financial Concepts
Areas of Specialization
Asset Allocation, Charitable Giving, Comprehensive Financial Planning, Education Planning, Employee and Employer Plan Benefits, Estate Planning, General Financial Planning
Key Considerations
Average Net Worth: $250,001 - $500,000

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

Profession: Not Applicable

Data Provided by:
Jerry L. Toney, CFP®
(662) 324-4740
301 E Main St
Starkville, MS
Firm
Cadence Bank
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Education Planning, Employee and Employer Plan Benefits, Estate Planning, General Financial Planning, Investment Management

Data Provided by:
Mr. Eddie Mcneal, CFP®
(662) 323-8313
101 S Lafayette St
Starkville, MS
Firm
Ameriprise Financial Services
Areas of Specialization
Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Estate Planning, Insurance Planning, Investment Management, Life Planning

Data Provided by:
Mr. Larry E. Mullins, CFP®
(662) 323-4291
114 S Lafayette St
Starkville, MS
Firm
LPL Financial Services
Areas of Specialization
Retirement Income Management

Data Provided by:
Wells Fargo Advisors
(662) 324-5999
301-B Academy Road
Starkville, MS

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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