Accounting and finance seem to come hand in hand in business and personal affairs. But in reality, accounting and finance serve two different purposes. Finance is about planning and distributing your assets whereas accounting is about recording and reporting financial transactions. Or alternatively, finance is primarily involved in planning for future transactions, where as accounting involves the reporting and reconciling of past transactions. So if you are interested in a healthy wealth position for the future, you should consider getting help from financial services experts, as opposed to just accounting. Here are just some of the types of financial services that expert financial advisers will have on offer.
Planning for Retirement
When the time comes for you to stop working, will you be able to support yourself? Retirement planning helps you figure out how you will able to fund your day to day living expenses, meet financial obligations and achieve other personal financial goals that you may have after you leave the workforce. A reputable financial advisor can help you explore options such as pensions, superannuation and self managed superannuation (SMSF).
The market volatility over the last few years and the government’s chokehold on the age pension has prompted more and more Australians to consider a SMSF. SMSF essentially takes out a superannuation fund out the equation and you then take ownership of the kinds of investments you want to make to create your own retirement income. However, seeking professional advice from a reliable wealth management consultant is highly recommended to ensure you are within regulations and financial capacity. Moreover, having a SMSF requires ongoing management and maintenance, which a financial consultant can assist you with as well.
Keeping track of your liability payments can be burdensome. But one stuff-up can have massive consequences on your financial liquidity and capacity to borrow funds in the future. Having a financial advisor on your side can help ease the burden off you and your dependants with the management of your debt obligations and repayments.
Whether it’s for personal or business protection, it is very important to understand that insurance is not just about you. If you have dependents, business partners and employees, they will also be affected with sudden disturbances of your financial stability. If you were to suddenly become unable to earn income, how will you support your dependents? Or if you play a major part in your business’ profitability, will its performance be significantly affected if you were suddenly unable to work? These are just some of the risks you plan to mitigate with the assistance of a trusted insurance broker.
Financial planning is about ensuring that you are in the best position to meet your financial obligations and goals in the future. While accounting services are important and assist with your financial planning, purely backtracking on past transactions only tells you what your financial capabilities are, not what opportunities are available to you. So if you want to protect or grow your wealth in the future, ask the best wealth management consultants today and learn about your options today.