May 2018 Blog Posts
May 30, 2018
How A CPA Firm Can Help Grow Your Business
Should you upgrade that software for your business? How about that potential new hire that promises to increase revenue? These questions come up on a regular basis and without a plan in place, you’re flying blind with your finances. By not managing your money properly, you’re setting yourself and your business up for failure.
Investing in a CPA Firm can help eliminate these problems. Imagine them as high-powered finance glasses for your business. A good CPA firm can do everything from setting up and advising on essential systems like payroll and expense tracking to in-depth cost-benefit analysis to decide what to invest in. Why are these important? Let’s take a deeper dive.
Why Cost-Benefit Analysis?
A cost-benefit analysis needs to be performed on most major purchases. A proper cost-benefit analysis can help your team determine the pros and cons of a potential investment and, based on the weight that is given to each point, can help you determine if the cost or the benefit is more substantial. To make the most of this exercise, here are a few things you need to know:
- Make an exhaustive list. It’s better to have too many costs and benefits than not have enough. You can also omit some of them if needed.
- Estimated value is difficult to put on a benefit. Cost can be measured in cash most of the time, but benefits can be tricky. Take the extra time on this and come up with your best estimate of the value of the benefit.
- In the end, focus on the big wins that can help the most people.
Accounting Services For Business
Cost-benefit analysis are a crucial element to making financial decisions that will benefit your business long-term. This is only the tip of the iceberg when it comes to creating a financially-sound strategy though. At BIG, we can help fill in the rest with accounting services tailored specifically to what you need. Whether you are a budding start-up or an established business, we can help. A few of the services we provide include:
- Payroll setup
- Tax advice
- Administrative tasks
A proven CPA firm can help grow your business through tools such as a cost-benefit analysis to various accounting services that keep your finances in check.
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May 15, 2018
Best Financial Advice You're Not Doing But You Should
What if I told you that you’d have to sell your house by the end of the year and take a big pay cut next month? This is the unfortunate truth that many retirees face because they’ve spent their entire life living paycheck to paycheck. Once that steady income stops, the trouble starts.
Social Security only pays out a fraction of what they’d make during their career and they are forced to sell their home and live on a fraction of they used to. Are you part of the majority that lives paycheck to paycheck? Do you want to avoid being broke when you when retire? Gaining financial independence needs to be a top priority to make sure you can retire with peace of mind. So, how do you get started? The path to financial independence is a lifelong pursuit, but living below your means and seeking out a financial planner are some of the best financial advice you’ll ever receive to get started.
How Living Below Your Means Will Gain Financial Independence
People tend to spend exactly what they make. They get a raise, they raise their standard of living to make up the difference. Whether they make $100 or $1000 a day, most will find a way to spend all of it. To become truly financially independent, you need to consistently live below your means. Avoid the trap of spending all of your paycheck and try one of the following approaches to make sure you keep more of your money:
- Set aside a specific percentage of your paycheck to automatically go to savings. That way when you your income increases, so will your savings contributions.
- Don't upgrade if you don't need it. Want that new phone? New car? Take a hard pass if your current option still works.
- Stop eating out. It's perfectly normal to want to go out to a restaurant to celebrate an accomplishment. But don't overdo it by keeping up that dining out streak. Eat at home and you'll be amazed how much you'll save.
Do I Need A Financial Planner? YES!
What financial goals do you have? Do you have money set aside for an emergency? Are you contributing to the right type of retirement account for your needs? These are all questions that you’ll need answers to if you want to maximize your financial independence.
Financial planners can help answer these questions for you as well as establish a plan for your financial needs. At BIG, our financial planners can help you:
Determine short and long-term goals based on lifestyle and income
Choose the best investment account for your needs
Create a financial plan from scratch to start your path towards financial independence
Achieving financial independence is possible regardless of where you’re at now. At BIG, our goal is to help you get there faster.
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