What is Financial Planning? |
Posted: February 6, 2019 |
Whatever stage of life you are at, financial planning is important for long term success. So, what is financial planning and how can it benefit you and your family or your business? Quite simply, it is determining your long and short term financial goals, and implementing a plan to help you achieve them. Business owners and managers must have confidence in their bookkeeping professionals and financial planners and know that they are receiving trusted and expert advice. For the individual seeking advice, it’s important to speak to someone you trust and who will work with you to look at your personal finances and help you reach your financial goals and to achieve your desired lifestyle choices. Whether it’s buying a home, embarking on the holiday or a lifetime or investing in education or paying off large or small debt, getting trusted advice is crucial. Like anything in business, and in life, planning is essential to success and once you have a plan in place, you have a road map, something to follow and refer to, to keep you on track to achieve what you set out to do. Drawing up a financial plan can help you to forecast for all eventualities and to avoid financial pitfalls. Particularly if you are planning to make a significant investment or to expand your business, financial planning is vital and it can offer you a stark snapshot of where your company is at and how it may grow in the future. Many Perth businesses rely on the services of an external bookkeeper or financial planner and it’s certainly worth calling on the professionals when drawing up your plan. For the individual, who has perhaps never had to file a tax return or undergo a financial audit, this may be a whole new side of money management but it is one that can really help you to make the most of your assets and draw up an effective strategy. A good financial planner will take an overall view of your company’s finances and realistically assess how they can be improved. They will look at income, expenditure and overheads, cash flow, investment, capital, assets, and draw up a clear picture of how they can all be managed over a certain time frame. This is where the advice of a professional is extremely valuable. A certified industry professional will work with you to draw up a realistic strategy which you will be able to implement and continue into the future. They may even have a long term plan in mind, which individuals and business owners can work towards over a number of years. If you are looking for a financial planner in Perth, then get in touch with armada accountants & advisors immediately.
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