Setting up Simple Financial Management Whiteville NC

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.

Thomas Tillery
Paraklete Financial, Inc.
(919) 872-0192
3120 Highwoods Blvd., Suite 207
Raleigh, NC
Expertises
Investment Advice without Ongoing Management, Planning Issues for Business Owners, Charitable Giving - Trusts & Foundations, Estate & Generational Planning Issues, Insurance Related Issues, including Annuities, High Net Worth Client Needs
Certifications
NAPFA Registered Financial Advisor, CFP®, ChFc, CLU, CRPC, MSFS, EdM

Michael Palmer
Trust Company of the South
(919) 781-8287
3600 Glenwood Ave. Suite 210
Raleigh, NC
Expertises
Estate & Generational Planning Issues, Financial Issues Between Generations, Retirement Planning & Distribution Rules, Ongoing Investment Management
Certifications
NAPFA Registered Financial Advisor, CFP®

Kenneth Frenke
Kenneth Frenke & Co.
(828) 654-9343
15 Loop Road, Suite 105
Arden, NC
Expertises
Ongoing Investment Management, Charitable Giving - Trusts & Foundations, Helping Clients Identify & Achieve Goals, Retirement Planning & Distribution Rules, Financial Issues Between Generations, High Net Worth Client Needs
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, MS

James Miller
Woodward Financial Advisors, Inc.
(919) 929-2495 Ext: 3
1504 East Franklin Street, Suite 105
Chapel Hill, NC
Expertises
Helping Clients Identify & Achieve Goals, Retirement Planning & Distribution Rules, Retirement Plan Investment Advice, Ongoing Investment Management, Estate & Generational Planning Issues, Cash Flow/Budgets/Credit Issues
Certifications
NAPFA Registered Financial Advisor, CFP®

Thomas Velevis
H.S. Dreher Capital Management, LLC
(910) 692-4330
275 SE Broad Street
Southern Pines, NC
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules, Retirement Plan Investment Advice, High Net Worth Client Needs
Certifications
NAPFA Registered Financial Advisor, CFP®

M.James McKee
Stearns Financial Services Group, Inc.
(800) 881-7374
324 W. Wendover Avenue, Suite 204
Greensboro, NC
Expertises
Ongoing Investment Management, High Net Worth Client Needs, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFA, CFP®, ChFc, CLU, CPA, MBA

Al Davis
Davis Financial Planning, LLC
(828) 398-5050
82 Patton Avenue, Suite 720
Asheville, NC
Expertises
Retirement Plan Investment Advice, College/Education Planning, Estate & Generational Planning Issues, Middle Income Client Needs, Tax Planning, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

Jeff Seymour
Triangle Wealth Management LLC
(919) 654-7321
1000 Centre Gren Way
Cary, NC
Expertises
Retirement Planning & Distribution Rules, Retirement Plan Investment Advice, Ongoing Investment Management, Advising Medical Professionals
Certifications
NAPFA Registered Financial Advisor, BSEE, CFP®

Bedda D'Angelo
Fiduciary Solutions
(919) 806-4942
2530 Meridan Parkway, Suite 300
Durham, NC
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules, Planning Concerns for Corporate Executives, Planning Issues for Business Owners, Estate & Generational Planning Issues
Certifications
NAPFA Registered Financial Advisor, CFP®

Robert Blanke
Braeside Financial Planning, LLC
(828) 398-2816
37 Haywood Street, Suite 200
Asheville, NC
Expertises
Cash Flow/Budgets/Credit Issues, Retirement Planning & Distribution Rules, Planning Issues for Business Owners, Investment Advice without Ongoing Management, Newlyweds & Novice Investors, Middle Income Client Needs
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

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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