Turn “busy” into “in control” with a financial plan you can actually run each month
Strong revenue doesn’t automatically create financial stability—especially when payroll, vendor bills, quarterly taxes, and growth opportunities all hit at once. For many Surfside Beach business owners, the stress isn’t a lack of effort; it’s a lack of a repeatable financial system that connects bookkeeping, cash flow, tax planning, and decision-making. This guide lays out a clear, CPA-style framework you can use to plan ahead, stay compliant, and make confident moves—without living inside QuickBooks every weekend.
What “financial planning” really means for a small business (not just a budget)
Financial planning for a small business is the ongoing process of translating your goals into numbers you can monitor and act on. That typically includes:
1) Cash flow planning: Knowing when money arrives and when it leaves—so you’re not surprised by payroll, sales tax, insurance renewals, or estimated tax payments.
2) Profit planning: Managing margins, pricing, utilization, and overhead so revenue turns into real profit.
3) Tax planning: Coordinating income, deductions, payroll strategy, and entity choices to reduce avoidable taxes (legally) and prevent penalties.
4) Forecasting: Using your real financials (not guesswork) to model the next 3, 6, and 12 months.
5) Decision support: Hiring, equipment purchases, owner draws, and expansion—based on numbers you trust.
The best plans aren’t complicated—they’re consistent. If you have clean bookkeeping and a monthly rhythm, your financial plan becomes a practical dashboard instead of a one-time spreadsheet.
A CPA-grade monthly rhythm: the simplest way to stay ahead
If your finances feel reactive, it’s usually because the review cycle is too infrequent (or the reports aren’t reliable). A strong baseline is a monthly close plus a short monthly planning meeting—whether you do it internally or with your CPA team.
| Timing | What to Do | Why It Matters |
|---|---|---|
| Days 1–10 | Close the books (bank/credit card reconciliations, categorization, payroll entries, AR/AP review) | Planning is only as good as the data |
| Days 10–15 | Review P&L, balance sheet, and cash flow snapshot | Catches margin drift, expense creep, and cash timing issues early |
| Days 15–20 | Update a rolling 90-day cash forecast | Prevents “surprise” payroll/tax crunches |
| Monthly | Set action items (pricing, hiring, marketing spend, owner pay, tax set-aside) | Turns reports into decisions |
| Quarterly | Tax projection + estimated payments strategy | Reduces penalties and helps you keep more after-tax profit |
If you’re not reviewing your balance sheet, add it now. Many “mystery” problems (uncleared credit card balances, negative equity, miscategorized loans, sales tax liabilities) live there—not on the P&L.
The decisions that most often break cash flow (and how to plan for them)
Growing businesses in Horry County frequently run into cash pressure for the same reasons: payroll rises faster than collections, taxes aren’t reserved, and “good” revenue arrives with slow payment terms. Here’s what to plan for proactively:
Owner pay: separate what you need from what the business can afford
If owner draws fluctuate based on whatever is in the bank, planning stays messy. A cleaner approach is to set (1) a baseline owner pay amount, (2) a tax set-aside, and (3) a profit distribution rule tied to actual results.
Payroll: the “hidden” cost is more than wages
Budget for payroll taxes, benefits, retirement matches, and software/processing costs—not just gross wages. If you’re hiring, model a conservative ramp-up where revenue lags the hire by 60–120 days.
Taxes: plan quarterly so April isn’t a shock
Tax planning is most effective when it’s done before year-end. That includes projecting taxable income, timing major purchases, and setting estimated payments appropriately. Also watch operational details that affect deductions—like whether mileage and vehicle costs are documented correctly.
Example you can use now: For 2026, the IRS standard mileage rate for business is 72.5 cents per mile (medical: 20.5 cents; charitable: 14 cents). If you use the mileage method, clean tracking becomes money. (irs.gov)
Step-by-step: build a 90-day cash plan (that takes under an hour each month)
Step 1: Start with today’s cash and “known commitments”
List your current bank balances, then add the next 90 days of fixed commitments: payroll, rent, insurance, loan payments, software subscriptions, and expected tax payments. If you’re seasonal, use last year’s pattern as a guide.
Step 2: Add realistic collections, not just invoices
Plug in expected client payments based on real timing. If you invoice net-30 but the average client pays in 45 days, use 45. This is where many “profitable” businesses still go cash-negative.
Step 3: Assign every dollar a job: operations, taxes, and growth
When cash comes in, decide what portion is reserved for taxes and what portion is available for spending. This is easiest when your bookkeeping is current and your tax projection is up to date.
Step 4: Choose one metric that drives action
Pick a single “lead” metric that tells you if you’re winning before the month ends—examples: weekly billable hours, average project margin, sales pipeline value, or accounts receivable days. Review it weekly; review financial statements monthly.
Local angle: what Surfside Beach and the Grand Strand can mean for your plan
Many businesses around Surfside Beach and the Myrtle Beach area feel seasonality—tourism cycles, weather-driven slowdowns, and staffing swings. A strong financial plan accounts for that reality:
Seasonal reserve: Build a “slow-month buffer” into your cash forecast so you can keep service levels high without panic cuts.
Staffing plan: Model temporary vs. permanent labor and include employer taxes/benefits in your true labor cost.
Pricing discipline: If demand is concentrated, margin matters even more. A small pricing improvement during peak season can fund an entire off-season runway.
Compliance cadence: Keep payroll filings, sales tax obligations (where applicable), and estimated taxes on a predictable schedule so busy season doesn’t create penalties later.
If you want a team that can support you beyond one location, JTC CPAs serves clients in multiple markets while maintaining a relationship-driven approach. View locations
Ready for a financial plan that reduces stress and supports growth?
JTC CPAs helps small and mid-sized businesses align bookkeeping, payroll, tax strategy, and forward-looking forecasting—so you can make decisions with clarity. If you’re in Surfside Beach and want a proactive plan, a quick consult is a great next step.
Prefer starting with a specific service? See tax return preparation, payroll processing, or financial compilations.
FAQ: Financial planning for small business owners
How often should I update my financial plan?
Monthly is the sweet spot for most small businesses—especially for bookkeeping close, financial reporting, and a 90-day cash forecast update. Tax projections are often most useful quarterly (and again before year-end).
What reports should I review every month?
At minimum: Profit & Loss (income statement), balance sheet, and a cash view (either a cash flow statement or a rolling cash forecast). If you track projects or job costs, add a margin report by client or service line.
Why do I feel “busy and profitable” but still stressed about cash?
Common culprits include slow collections, owner draws not tied to a plan, payroll growth ahead of revenue, and taxes not reserved. A 90-day forecast plus monthly close typically exposes the timing gap quickly.
Should I use mileage or actual vehicle expenses for my business?
It depends on your vehicle costs, how much you drive for business, and how consistent your documentation is. For 2026, the IRS business mileage rate is 72.5 cents per mile, which can be compelling if you drive frequently and track cleanly. (irs.gov)
When should I talk to a CPA about tax planning (not just tax filing)?
As soon as you have consistent profit, employees/contractors, big swings in income, or you’re considering a major purchase or expansion. Planning done during the year is usually where the real savings and risk reduction show up.
Glossary (plain-English)
90-day cash forecast: A rolling plan that estimates cash in and cash out over the next three months so you can avoid shortfalls and time decisions well.
Monthly close: The process of reconciling accounts and finalizing financial statements for a month so reports are accurate.
Profit & Loss (P&L): A report showing revenue and expenses over a period, used to measure profitability.
Balance sheet: A snapshot of what your business owns and owes (assets, liabilities, and equity) at a specific point in time.
Estimated taxes: Periodic tax payments (often quarterly) made during the year based on expected income.
Standard mileage rate: An IRS-approved per-mile rate you can use (if eligible) to calculate vehicle deductions instead of tracking actual vehicle costs; for 2026 business use it’s 72.5 cents per mile. (irs.gov)
