Kenneth Boyd's Blog, page 41
March 26, 2020
4 Apps To Support Your Financial Health
We all like the idea of improving our financial health, whether it’s saving for something special, or planning for the future.
Making those bigger purchases in life, be it a deposit on a house or a new car, rely upon careful budgeting. Not everyone finds it easy to budget, but that needn’t be a problem. There are many tools available which can help you to support your financial health. For a few to get you started, try downloading these four applications.
1 . Andromoney
Andromoney is a real handy app which allows you to track your daily expenses and manage your budget.
The app lets you create budgets for various categories plus receive notifications when you go over your limit. Andromoney also offers a real time expense report, providing data on average expenses and highest expenses. You can access these statistical reports in the forms of bar charts and pie charts. The app makes it easy for you to manage various accounts, plus you can use multiple currencies.
2. Monefy
Monefy is an app that makes tracking your money dead easy.
The application simplifies the process of inputting your expenses, using one simple click. There are various different features of Monefy including budget mode, data export, multi-currency, and synchronization with dropbox or google. With Monefy there’s no time-consuming set up, simply download and you’re good to go.
When you track your expenses and get organized it’s far simpler to save for your future. It’s important to pre-plan your finances to make things easier later in life. For example, you should organize your estate planning and your will. To help you plan these technicalities firms such as bopprelawfirm.com can be of assistance.
3. Spendee
The Spendee app is an excellent way to track your cash flow, you can connect across all of your accounts so that your transactions are imported automatically.
With this application you can also connect to your E-Wallet or crypto wallet to gauge the bigger picture of your cash flow. Another great thing about Spendee is that it can help you to analyze your financial habits. Analysis is the perfect way to see exactly where your money is going. Spendee helps take the stress out of your finances with a handy budget feature to keep you on track.
4. Prism
Find it difficult to keep track of your bills? Prism can help you to stay in control.
Prism helps you to bring your money together, so that you can see exactly which bills you need to pay and when. Using the app, you can pay your bills directly with no need to log onto a separate account. Prism works by choosing all of your billers and then syncing them with your accounts inside the app.
There are plenty of other popular financial apps out there including names like Mint Money Manager and Good Budget. Checking out the reviews beforehand is a great way to ensure that the application will meet your personal needs. With these apps and a little organization you’ll be able to save money and plan for your future.
For live CPA exam prep and accounting classes, join Conference Room for free. Members will be notified of course dates, times, costs, and how to attend these courses.
Get your questions answered to pass the CPA exam, and to learn accounting concepts.
Go to Accounting Accidentally for 300+ blog posts and 450+ You Tube videos on accounting and finance:
Good luck!
Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies
(email) ken@stltest.net
(website and blog) http://www.accountingaccidentally.com/
The post 4 Apps To Support Your Financial Health appeared first on Accounting Accidentally.
Practical Ways To Protect Your Children’s Financial Future
In some ways, your children are responsible for their own financial future. When they reach adulthood, you won’t (in theory) be their sole source of financial support, as they should be out there in the world making money of their own.
However, there are still steps you can take to make life a little easier for them financially.
#1: Teach money skills when they’re young
It’s never too late to teach your children money skills, so do what you can now, no matter how old they are.
You could talk to them when going around the supermarket together, for example, and give them lessons on how to save money when shopping. You could also teach them the importance of saving money when you give them their weekly allowance. The more money-savvy they become when they’re young, the more responsible they will hopefully be later in life.
For more, here is an age-by-age guide to teaching your children about money.
#2: Save as much money as you can
Not only will your efforts to save money show your children the value of doing so, but it will also give you scope for putting money away to help them buy a house, go to college, and those other aspects of life where they will need financial backing.
So, try not to squander what you have on unnecessary items, and find ways to cut back on your usual expenses. You might want to find ways to increase your income each week too, perhaps by considering ways to make a passive income. When you have that extra money each month, put some of it into a savings fund for your children, or be future-thinking about your estate planning, and add it to your own savings, especially if you are thinking about leaving money to your children in a will.
#3: Make a will
We have just alluded to this, and it is something you need to take seriously. What will happen to your assets after you have gone?
Without a will, there will be little control over what happens to the wealth you have accrued over the years, and your children might not inherit everything you want them to. You can read more here: How Probate Works Without a Will. So, don’t leave things to chance. Start planning now and speak to an attorney, because as unthinkable as it might be, you won’t be here forever to provide for your children’s financial needs.
#4: Protect your income
If you become ill, injured, unable to work, or even die, the financial wellbeing of your family could be put in jeopardy.
So, consider mortgage protection, critical illness cover, and life insurance (as examples) as if something catastrophic does happen, the financial risks to your family will be minimized. By being protected, more money can be saved, the risk of debt can be reduced, and your children won’t have to suffer in both the short and the long-term.
For more advice, continue your research online and speak to a financial advisor. The more you can do now, the better, so be proactive and do what you can to protect your children’s financial future.
For live CPA exam prep and accounting classes, join Conference Room for free. Members will be notified of course dates, times, costs, and how to attend these courses.
Get your questions answered to pass the CPA exam, and to learn accounting concepts.
Go to Accounting Accidentally for 300+ blog posts and 450+ You Tube videos on accounting and finance:
Good luck!
Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies
(email) ken@stltest.net
(website and blog) http://www.accountingaccidentally.com/
The post Practical Ways To Protect Your Children’s Financial Future appeared first on Accounting Accidentally.
March 24, 2020
Protecting Your Family Financially
Want to ensure that your family is as financially protected and secure as possible both now and in the future? Check out these handy tips…
Live Simply
This might not be the most obvious piece of financial advice, but the fact is if you want to build your family fortune and secure your finances, living a simpler lifestyle will help you. When you live simply, you naturally spend less money and that means you have more funds available to save, invest and grow. That’ll be better for your family than a huge house or lots of expensive overseas vacations.
Start an Emergency Fund
It is so important that every family has an emergency fund; a pot of money that is available if your family’s circumstances change and you aren’t bringing in as much cash as you usually would. Ideally, you should aim to save at least 6 months worth of salary in liquid cash, so that you always have some breathing space when money gets tight, but anything you can save towards future financial emergencies will help.
Tackle Debts
The more debt you’re in, the less room you have for maneuver when times are tough and the less financially secure your family is likely to be. So, start tackling your debts by paying off the highest interest accounts first, working your way down until you’ve removed them all.
Get Insurance
If you have a family, you need life insurance to ensure that they are looked after financially should you pass away.
You also need to ensure that you have homeowners insurance, auto insurance, pet insurance, medical insurance and… well any insurance policies that you can afford that will offer your family protection should things go wrong. Insurance is there to protect you all, so use it.
Plan for Your Death
It’s a good idea to look at estate planning and writing a will to ensure that every member of your family gets what they need and what you think they deserve when the time comes. Yes, estate litigation is there to sort out any issues after death, but it’s sensible to plan for what you want to happen now while you’re still able to have a say in it all.
Invest in Your Family
If you want to grow your family fortune and secure the future for each of your family members, investing in the stock market is smart, but you know what’s even smarter? Investing in yourself and the rest of your family.
Spending money on education, boosting skills and starting businesses, for example, is a really good way to give you all the tools you need to be successful in life, so do not be afraid to invest your money in this way.
Protecting your family financially takes time and lots of planning. It may even be a good idea to speak to an independent financial adviser to be sure that you get it right, but what you shouldn’t do is put your head in the sand. Building a strong financial foundation is one of the best things you can do for your family now and when you’re gone.
For live CPA exam prep and accounting classes, join Conference Room for free. Members will be notified of course dates, times, costs, and how to attend these courses.
Get your questions answered to pass the CPA exam, and to learn accounting concepts.
Go to Accounting Accidentally for 300+ blog posts and 450+ You Tube videos on accounting and finance:
Good luck!
Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies
(email) ken@stltest.net
(website and blog) http://www.accountingaccidentally.com/
The post Protecting Your Family Financially appeared first on Accounting Accidentally.
March 20, 2020
Tips For Safeguarding Your Finances In Your Later Years
Finding ways to safeguard your finances needs to be your priority, whatever your age. As you get older, extra care needs to be taken.
We have all heard the nightmare stories about elderly people being scammed online and off. In some cases, they have lost their life savings because of the malicious scams of others. We all assume the same will never happen to us, but how do we know?
As we get older, we can become forgetful, more vulnerable, and perhaps too trusting of people who promise to care for us. Any one of us could fall prey to one con or another unless precautions are taken.
As we get older, we can also lose some of our financial prowess. Age-related conditions that affect our memory and reasoning could affect the way we deal with the money in our bank accounts.
So, care needs to be taken. We need to do what we can to protect both ourselves and our money. We need to take the necessary steps to minimize risk, and for the context of this article, we will discuss some of them below.
#1: Be careful who you trust
If somebody asks you for money, you have every right to say no.
This includes the people in your family, the people who might act as advisors for you (be they family members or not), and strangers who might turn up on your door or ring your phone with financial requests and offers. Email scams are also common, even though they appear genuine. Check the previous link and look for more advice online for what to look out for.
In such situations, think carefully before giving your money away. When it comes to your family, there might be good intentions behind a request, so use your best judgment, and only support somebody if you do have the finances in your account to look after your own interests.
When it comes to anybody else – neighbors, cold callers, etc. – have your guard up. You aren’t responsible for their financial wellbeing. And if you find yourself the victim of a blackmail attempt or some other method of coercion, speak to somebody you know for help, or contact the police.
#2: Seek legal help
If you do lose money, perhaps because you have become the victim of fraud or because you have been manipulated into giving away your money, don’t assume all is lost.
Some law firms are well-versed in such matters and can work to recover any money you have given away. One such law firm in Oklahoma, Hasbrook & Hasbrook, has recovered $2.2 million in money lost in undue influence claims, so you can have the peace of mind that it is possible return to secure financial footing, even if you have been duped. You should also contact the police if you have become a victim of a financial crime, or if somebody is putting undue pressure on you to give away your money.
#3: Secure your money at home
If you keep cash at home – and many of us do – don’t leave it lying around.
There have been lots of cases where carers have stolen money from the elderly, and there are instances where people have gained access to their neighbor’s properties to steal money. We don’t want to make you paranoid, of course, as most people are trustworthy. However, you can never be too careful. So, if you do have cash at home, put it in a safe or a locked drawer, and don’t give away the safe code or location of your key to others. You might also want to install security cameras in your home, as if money does go missing, you or a family member will be able to play back footage to determine the culprit.
#4: Manage the money in your possession
You will be living on a fixed income when you hit retirement age (unless you take on extra work), so it’s more important than ever to properly manage your money. This means calculating your budget to know what you can and can’t afford, and it means looking for ways to make savings in your everyday life too. You might also want to reconsider your housing situation – some people decide to downsize when they get older for financial and practical reasons – and you might want to step up your health coverage, as you might require extra medical assistance in your senior years.
We have discussed all of these points in our money management tips, so have a read and do what is necessary to ensure you can remain financially afloat after retirement.
#5: Automate your finances
As we get older, our cognitive functions can decline. There is much we can do to maintain good cognitive health, of course, as this article suggests, but in the event that your memory does fade, it is a good idea to automate your finances. This will ensure that nothing is missed if you do become forgetful, and that you won’t get a threatening letter or a late fee demand if you forget to miss a payment.
So, speak to your bank about automating your payments, and contact the relevant billing companies to set up direct debits. You might want to have your various income sources directly paid into your bank, such as your pension funds, disability payments (if applicable), and social security payments. And you might want to have your utility, insurance, and rent or mortgage payments set to come out of your bank on a set day each month.
By automating your payments, you should find it easier to manage your money, and there will be less need for you to worry that you might have forgotten something. Of course, you should still check your bank statements to make sure that everything is going in and out as desired, and you should contact your bank if there is anything that appears amiss.
#6: Find a financial advisor
Not only will a financial advisor provide advice around matters relating to retirement planning, but they will also give you advice on asset management and estate planning to manage your finances after you have passed away. They will help you to make wise choices so you can enjoy the money you have while you’re alive, and they will help you do what is necessary to ensure your money isn’t mishandled when you have gone. You can learn more here, so have a read of the article, and then seek help from the relevant financial professionals near you.
#7: Set up an authorized signer on your bank account
An authorized signer has the authority to make deposits and withdrawals on behalf of yourself, and they have the authority to sign checks. They also have the authority to access your bank account information. Needless to say, the authorized signer needs to be somebody you trust, as you don’t want to put your finances at risk. However, if you do find somebody you can trust, there are benefits as you get older. The authorized signer will be able to manage your financial affairs if you become too ill to do so, and they will be able to keep an eye on your account to make sure nothing is amiss. Speak to your bank for more information, and consider who you might choose to be your authorized signer now or in the future.
There is a lot to think about, we know, but for the safeguarding of your finances in your later years, it is important for you to do so. Still, seek help if you need it, from your bank, financial advisor, and trusted family members and friends, and check online for other pieces of information that could be useful to you.
For live CPA exam prep and accounting classes, join Conference Room for free. Members will be notified of course dates, times, costs, and how to attend these courses.
Get your questions answered to pass the CPA exam, and to learn accounting concepts.
Go to Accounting Accidentally for 300+ blog posts and 450+ You Tube videos on accounting and finance:
Good luck!
Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies
(email) ken@stltest.net
(website and blog) http://www.accountingaccidentally.com/
The post Tips For Safeguarding Your Finances In Your Later Years appeared first on Accounting Accidentally.
March 18, 2020
Intellectual Property Facts Every Freelancer Should Know
In the last years, working online or remotely has taken a new, exciting turn.
It is no more only a way for Moms at home to make a little extra pocket money. Today freelancing is a career choice that, if done well, can result in an extremely profitable and rewarding lifestyle. Yet, working from the comfort of your home also means that you might never be able to meet your client in person. So, after many months of hard work, how can you regulate who holds the right of your just-born creation?
Many freelancers tend to overlook the importance of intellectual property rights, and they are happy to hand over the completed project before the deadline. Yet, maintaining ownership over some of the rights of your creation is essential to build a shiny portfolio.
Before you take any action, have a conversation with an attorney who understands intellectual property law.
Intellectual Property: defined
Intellectual Property, or IP, is anything anybody creates out of their genius and can have commercial use. Intellectual properties range from writing, designing, or creating art to logos, inventions, or ideas.
While any piece of work that originates from the mind entirely belongs to its creator, this assumption is correct only until you decide to explicitly give it away to a client or sell it to a company.
For how profitable such creations can be, they are intangible and sometimes indefinite. These intrinsic features make it hard for a freelancer to claim rights over a specific job, once he or she decides to pass it on.
There are laws that protect Intellectual Property
Intellectual property rights are not only regulated by several national and international laws, but they are also promoted by world organizations such as WIPO. While such laws can seem obscure at first, you probably already know many of them. The ones we refer most commonly to are:
Trademark
Copyright
Right of Privacy
Right of Publicity
Trade Secrets
Each of these regulations protects specific aspects of intellectual properties and their commercial use. However, if you are new to the subject and you are experiencing troubles with your creation’s rights, it is best to refer to qualified teams of attorneys such as Condo Roccia.
Use written agreement
So, a client has asked you to work on a project and, once completed, you have successfully submitted your piece. Now what? Who owns the rights over your creation? What can your client do with it?
Not all clients are the same or have the same expectations. Establishing a contract or written agreement before you start working on your project is essential to understand how the client can use it. However, without written proof, all rights belong to the freelancer, regardless of whether the client submitted a payment.
Should you own some of the rights over your creation?
So now you know that you can easily protect your work. But why are your IP rights so important? Without holding at least some of them, you will not be able to use them to increase your portfolio. In turn, a smaller collection of works might prevent you from taking your career – and income – to the next level.
Bottom Line
Building trust with a client that you might never meet in person can be a challenging venture for every freelancer. However, beyond meeting deadlines and following schedules, understanding what a client can ask you and what rights you can claim over your project is at the core of a healthy relationship.
Before you take any action, have a conversation with an attorney who understands intellectual property law.
For live CPA exam prep and accounting classes, join Conference Room for free. Members will be notified of course dates, times, costs, and how to attend these courses.
Get your questions answered to pass the CPA exam, and to learn accounting concepts.
Go to Accounting Accidentally for 300+ blog posts and 450+ You Tube videos on accounting and finance:
Good luck!
Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies
(email) ken@stltest.net
(website and blog) http://www.accountingaccidentally.com/
The post Intellectual Property Facts Every Freelancer Should Know appeared first on Accounting Accidentally.
March 16, 2020
3 Easy Steps For A Bulletproof Backup Plan For You And Your Family
Undoubtedly, thinking about life-changing events that can disrupt the financial, health, and personal balance you worked so hard to achieve is taxing. Yet, especially if you are a proud breadwinner, coming up with an invincible plan to look after your family in the toughest moments can offer you unparalleled peace of mind.
Even for the most committed organizer, trying to dodge all possible obstacles and foresee any future scenarios can be scary. What if you missed something out? What if you have inadvertently overlooked a turn of events?
You could be a naturally gifted problem-solver or still trying to make sense out of the grove of ominous terms such as “premium”, “beneficiary”, and “underwriting”. Whatever the case, there is no need to panic!
Coverage for your family
Whether you are caring for your spouse only or enjoy the companionship of an extended family, the future and stability of the ones around you cannot be left to chance. While your healthy brothers or sisters are capable of buying their insurance policies, your younger kids or elderly parents might not.
Insurance for your children
One of the last things any parent will want to think about is the death or illness of a child. Undeniably, such events take a significant toll on the mental, physical, and financial well being of a family. Providing insurance coverage for your young ones’ life can avoid you having to face unbearable expenses related to a funeral of medical care.
Long-term care coverage
It is common to overlook this type of insurance plan until the moment of need. Yet planning to provide your elderly parents with around the clock care is essential. Medical and everyday assistance can be costly, especially if you need it for prolonged periods. Simply, long-term care coverage can help you with such expenses.
Coverage for yourself
Your family might be relying to some extent on you, your good health, and your ability to work. Planning for future scenarios that could affect your well being, such as disability, disease, or even death, allow you to guarantee financial coverage for anybody that depends on you.
Life insurance
Simply enough, a universal life insurance plan provides your family with unparalleled protection. The policy you pick can be either permanent or term-based. The first one does not have an expiry date and will cover you through life. The second one is less expensive and designed to expire once your children are financially independent.
Health and Disability Insurance
While you might not be thinking about future obstacles in the prime of your life, accidents can happen. If you are not able to support your role as breadwinner anymore, a disability and health insurance guarantees your family to benefit from a stable income.
Learn more every day
It is not uncommon to nod blindly in front of an insurance agent using sinister-sounding jargon. It is easy to think that you were supposed to know these terms and end up not asking for explanations. Yet, 48% of Americans would be more likely to buy life insurance if the policies were easier to understand. Nonetheless, picking the right plan for both you and your family is arguably the most critical decision to take. Educating yourself, asking clarifications, and exploring a range of options are only some of the duties associated with picking an insurance policy.
Bottom Line
Understanding these three coverages that you might need for your family is the first step of mastering the art of backup plans. While insurance policies can be intimidating at first, they can work wonders to put your mind at rest and enjoy the time with your family without additional worries. From here, the arduous task of navigating the sea of insurance policies is all downhill!
For live CPA exam prep and accounting classes, join Conference Room for free. Members will be notified of course dates, times, costs, and how to attend these courses.
Get your questions answered to pass the CPA exam, and to learn accounting concepts.
Go to Accounting Accidentally for 300+ blog posts and 450+ You Tube videos on accounting and finance:
Good luck!
Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies
(email) ken@stltest.net
(website and blog) http://www.accountingaccidentally.com/
The post 3 Easy Steps For A Bulletproof Backup Plan For You And Your Family appeared first on Accounting Accidentally.
March 12, 2020
Surviving After An Accident: What’s The Cost?
No one in a car wants to be in an accident. No one wants to be either on the receiving end of the accident or the cause behind it, either. The thing is, we can’t always control what goes on the roads, and the main concern is your survival after an accident. However, we’re not talking about possible injuries – we’re talking your finances.
Car accidents impact your wallet from the moment the accident takes effect. It’s not just the money you’d spend in the hospital on hospital fees, treatments and bed space; it’s the cost of living while you are off work and unable to earn an income. The good news is that with the help of your family, friends and a great car accident attorney, you can keep going financially if you are in an accident. With this in mind, let’s look at some of the ways that you can continue to survive after an accident.
Take Out A Loan
You may not want to get into any debt when you have been in an accident, but you do need to figure out how you plan to pay for your bills. You can speak to your mortgage provider about a mortgage holiday, and you can talk to your utility companies about delaying payments. Loans can be what you need in a time of crisis, and you can negotiate the repayments with the bank or the credit card company. A loan doesn’t need to have an extended repayment term, but make sure that you can afford the repayments before you apply.
Your Claim
If you were the victim of the accident, you are going to be able to file a personal injury claim. You’d work closely with an attorney to ensure that you get what you need from the accident. Some states limit the compensation that you can claim, but it’s all going to be worth at least trying.
Speak To Your Insurance
Ideally, you have health insurance. If this is the case for you and you have health insurance already, you can speak to them about using the benefits that come with health insurance. They can offer you some support while you wait for a personal injury claim. You may be able to cover your out of pocket expenses and get some relief before a settlement comes through, but you need to call and check!
There is nothing worse than the uncertainty that surrounds a car accident and the fallout alongside it. How you respond to the car accident matters, so make sure that you are careful about your actions afterwards. It would help if you had an attorney working alongside you so that this isn’t going to be the worst thing that has happened to you, and you will still be able to work, live and pay your bills in the way you had always planned. Get the right help as soon as possible after an accident, and you will be able to survive the fallout while you wait for your claim.
For live CPA exam prep and accounting classes, join Conference Room for free. Members will be notified of course dates, times, costs, and how to attend these courses.
Get your questions answered to pass the CPA exam, and to learn accounting concepts.
Go to Accounting Accidentally for 300+ blog posts and 450+ You Tube videos on accounting and finance:
Good luck!
Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies
(email) ken@stltest.net
(website and blog) http://www.accountingaccidentally.com/
The post Surviving After An Accident: What’s The Cost? appeared first on Accounting Accidentally.
March 6, 2020
Plan For Your Future With These Helpful Tips
When you are planning your next Friday night with your friends, you are planning for Friday night and nothing more. When you plan for your next business meeting, you prepare for the meeting with your colleagues, and nothing more. When do you take the time to plan for the future?
When you’re young, the idea of planning for the future seems ridiculous. After all, the future is ages away, and you’ve got 40 years or more before you have to worry about it. Except that you don’t! You don’t have that long until you have to worry about it. You have to worry about it now because, without forward planning, you could find yourself in retirement with nothing. Rezny Wealth Management will prepare you for retirement, but what are you going to do in the meantime? It’s not easy to nail down a plan, but with the right strategy in place, you can have your future lined up correctly. So, how can you plan for the next forty years?
Know what you want to achieve for the life you have to live. If you have some goals in place that you want to accomplish, then work on accomplishing them. You need to have a list of goals written down so that you can start ticking boxes.
You may well speak to a retirement planning service to get a retirement savings plan in place, but that doesn’t mean that you shouldn’t start your own savings plan, too. It would help if you thought about the bills that you have to pay along with the things that you want (vacations, etc.), but then save the rest. You can choose to keep it separate from your retirement plan, but that way you have a backup if you need it.
Invest in a property if you can get onto the property ladder. Having assets is a big deal, and you can ensure that you properly look after your investments, making your future secure with something you can sell on later.
Surround your life with people who will improve it, not people who will interrupt it is essential. You want to make sure that you have people on your side through life so that if you find that you need some help, you can get it when you need to. This way, you are never left alone.
Speaking of support, don’t burn bridges with people you’ve worked with and for. You never know, if you choose to open a business one day, you could lean on the people in your network to help you with building your business into something amazing.
It’s not easy to plan for the future, but with the right guidance and the proper support for your goals, it’s not an impossibility. It would help if you took the time to plan everything out properly so that your life is going to be one you can look forward to, not one you worry about. Forty years is a long time, but it soon creeps up!
If you’re looking for an effective tool to prepare for the CPA Exam, this video provides a solution.
For live CPA exam prep and accounting classes, join Conference Room for free. Members will be notified of course dates, times, costs, and how to attend these courses.
Get your questions answered to pass the CPA exam, and to learn accounting concepts.
Go to Accounting Accidentally for 300+ blog posts and 450+ You Tube videos on accounting and finance:
Good luck!
Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies
(email) ken@stltest.net
(website and blog) http://www.accountingaccidentally.com/
The post Plan For Your Future With These Helpful Tips appeared first on Accounting Accidentally.
Buying New Versus Resale Property
Real estate agents offer advice and guidance for people buying a new home. One question you might be asking is whether you should buy a new build home or resale property. There are advantages and disadvantages to both new homes and resale property. Here we explore both.
Choosing between a new or resale property will depend on both your circumstances and your future plans for your property. Ask these questions of your estate agent:
Are you planning to renovate the property to increase its value?
Do you want to move to a property that doesn’t need any work?
Would you prefer a period property or a property of a specific style?
How much does energy efficiency matter to you?
Do you want to use the latest technology?
Does a property chain matter to you?
New build property is often much more convenient for buyers with many developers contributing towards Stamp Duty and even deposits. Many also come with a 10-year guarantee.
In contrast, resale properties offer the buyer the chance to increase its value through renovating and decorating the property. This can give buyers a greater chance to move up the property ladder later. They may also have more character and history, a selling point with some buyers. With an older property, there is also a greater chance to create a sense of your identity within the property.
Making An Offer On A Property
Estate agents are on hand to help you through the process of making an offer on a property.
After attending viewings you have found a property you would like to purchase. It’s time to enter an offer. Before leaping in with the full asking price, it’s a good idea to set some ground rules for your negotiations. You may also want to look into different strategies, like cost segregation, if you have a portfolio of property and want to ensure your money is working for you. Companies like tri-merit.com can help with this.
The ground rules you set with your estate agents will depend upon your own circumstances as well as how keen you are to secure the property you are bidding on. Start by working out the maximum price you are willing or able to pay for the property. Set this before your negotiations, making sure the estate agent is fully aware of this.
Bear in mind if going below the asking price you need to leave yourself room for negotiation. Learn as much as you can about the area’s property market beforehand. Remember the estate agents are in essence working for the seller, as helpful as they will be to you.
Discuss the price and price history of the property, how long it has been on the market and whether the seller needs a quick sale. Bear in mind that your own situation will influence a seller’s decision to accept your offer or not. You might have the edge if you are chain free, have already exchanged on your previous property and/or have a mortgage offer on the table or are a cash buyer.
Making an offer is done by calling the seller’s estate agent and making an offer via them. The seller’s decision to take a property of the market can largely depend on your buying position but most will agree out of goodwill.
If you’re looking for an effective tool to prepare for the CPA Exam, this video provides a solution.
For live CPA exam prep and accounting classes, join Conference Room for free. Members will be notified of course dates, times, costs, and how to attend these courses.
Get your questions answered to pass the CPA exam, and to learn accounting concepts.
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Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies
(email) ken@stltest.net
(website and blog) http://www.accountingaccidentally.com/
The post Buying New Versus Resale Property appeared first on Accounting Accidentally.
March 5, 2020
How To Manage Your Finances Efficiently As A Business
Managing your finances efficiently as a business is something that takes practice but also adapting as you grow and become more successful as a company. It’s important not to let go of the important things when it comes to a business, the main one being your financial health. Here are some tips to help manage your finances efficiently as a business.
Have A Good Finance Team
A good financial team is important because they’re in control of your incomings and outgoings.
How they’re processed is critical to where that money then goes, and they also need to be able to budget for the business effectively so that it’s not something that’s going to waste or that mistakes are being made because budgets aren’t accurate. By having a good finance department, your effort as a business is going to be made a lot easier because the right individuals will deal with your financial health.
If there’s any doubt in your mind about individuals who may not be good for the team, then it’s important that you try and address them as and when you can. It’s necessary to do so because this is for the financial health of your company but also for everyone you’re responsible for paying.
Pay Your Taxes
Paying your taxes is essential for everyone, and no matter who you are or what you do; all taxes need to be paid properly and without trying to cut corners.
As a business, there’s also more eyes on you, and so you have a duty to make sure that those taxes are being paid when they should be paid, and that you’re paying the right amount rather than too little. You can apply for EFIN and get information on how to make paying your tax easier as a business by doing research online. You may also want to outsource the help in order to deal with tax easily.
Spread The Costs
Spreading the costs of your business is necessary because it can be difficult for any business to be able to pay all their outgoings for the month in just the space of a few days.
Therefore, any credit card bills might want to be spread over a month before it’s paid so that you’re not necessarily having to pay for everything all in one go. It’s important that when you’re dealing with costs for your business, that you are not overspending more than you are earning.
Reduce Expenses
Each department has a different budget to work with, and it’s good to check back on these regularly to make sure they’re sticking to them.
There are also times where there may have to be cuts to the company’s spending too. You need to be prepared to have that discussion with each department beforehand instead of just cutting it off without them being aware of it.
Managing your finances efficiently as a business is important, so it’s good to try and make the right decisions that are going to help keep your business running for years to come.
If you’re looking for an effective tool to prepare for the CPA Exam, this video provides a solution.
For live CPA exam prep and accounting classes, join Conference Room for free. Members will be notified of course dates, times, costs, and how to attend these courses.
Get your questions answered to pass the CPA exam, and to learn accounting concepts.
Go to Accounting Accidentally for 300+ blog posts and 450+ You Tube videos on accounting and finance:
Good luck!
Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies
(email) ken@stltest.net
(website and blog) http://www.accountingaccidentally.com/
The post How To Manage Your Finances Efficiently As A Business appeared first on Accounting Accidentally.
