Cash Flow Issues and Record-Keeping
- Understanding Your Cash Flow
- Determining Your Family's Income Needs
- Emergency Funds
- Business Cash Flow
- Record-Keeping
- Common Expenses to Keep Track Of
- Prepare Daily, Monthly, and Annual Records
- Profit and Loss Statement
- How Long to Keep Business Records
- Finding Someone to Do Your Paperwork
- Budgeting for Your First-Year Costs
Emergency Funds
We recommend that you have three to six months' worth of living expenses put aside for emergencies, for example, if business doesn't meet expectations. Ideally, the money you need should be in places that are easy to get to. Bank and credit union savings accounts, and bank, credit union, and mutual fund money market accounts. These are liquid, which means you can turn them into cash easily.
Mutual fund money market accounts usually pay a higher interest rate than those in banks and credit unions. Although they are generally regarded as safe, you should know that they are not federally insured the way most banks are for deposits of up to $250,000.
Here are some other sources you can look to if you have a financial emergency:
- a home equity loan or line of credit (you should establish this now if you think you will need it in the future)
- cashing in investments. (Although, you risk loss of principal)
- a loan on a margin account (if you own securities)
- a loan from a permanent insurance policy that builds cash value
- a personal loan from your bank or credit union
- a loan from your savings plan/401(k)
- credit cards (look here last because of high interest rates)
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Important information about procedures for opening a new account
To help the government fight the funding of Terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.
What this means to you: When you open an account, we will ask you for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.
Investment products are offered through Osaic Institutions, Inc., Member FINRA/SIPC. Insurance products offered through Osaic Institutions, Inc.
- ARE NOT A DEPOSIT
- ARE NOT FDIC-INSURED
- ARE NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
- ARE NOT GUARANTEED BY THE BANK
- MAY GO DOWN IN VALUE
Important information about procedures for opening a new account
To help the government fight the funding of Terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.
What this means to you: When you open an account, we will ask you for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.
Investment products are offered through Osaic Institutions, Inc., Member FINRA/SIPC. Insurance products offered through Osaic Institutions, Inc.