Category Archives: Financial Services
Hire a professional or DIY? This is often a hard decision to make for many people. Do you fix a broken sink yourself or do you call a plumber. The same scenario arises when it comes to financial matters. Like deciding to fix the sink yourself, it can be tempting to handle financial problems alone when they arise. Let’s be realistic, a professional plumber will do a quality job and the problem won’t have to recur in the near future. When you do it yourself, chances are that the problem will go away today but reappear tomorrow, or perhaps worsen. It’s simply because you lack the expertise. When you feel that financial matters are overwhelming you, it is best to find help from a financial adviser. The good news is that there are agencies offering free financial advice in Australia today.
The question is, in which circumstances do you need to find a financial adviser? Read on.
If You Own a Business
A business revolves around finances and managing cash flow can be a headache for ongoing businesses and startups alike. How do you prioritize goals? Do you take income back into the operations of the business? Or, do you pay yourself first? How do you keep things running when the monthly income fluctuates? Which insurance policy is best for your business? All these are complex financial issues that can only be managed with the help of a financial adviser.
Do You Want to Make a Big Purchase?
Making a big purchase can significantly affect your future goals, your lifestyle and of course your cash flow. If you are looking to make a large investment, such as buying a home, you need to clearly understand how it will affect these three factors. For instance, do you have enough money to buy the home? Does the maintenance cost of the home fall within your budget? Will it be profitable to sell the home in the future? A financial adviser will assist you in making these critical decisions actos drug.
When You Are Changing Your Career
Swapping jobs or careers comes with a lot of intricacies. This basically comes as a result of changes in benefits and income. When you are leaving a company, you want to make sure that you maximize on your benefits and leave no accounts behind such as the welfare and retirement accounts. Aside from that, you need to plan for the sudden fluctuation in income and consider how it is going to affect your lifestyle. So, if you are making a career change, look for free financial advice in Australia so as to be on the safe side.
When Your Family is Expanding
Are you newly married and don’t know how to handle your separate accounts? Find a financial planner. The issue of merging finances is often a huge problem for newlyweds. There are cash flows to track, debts to pay and of course habits that need to be reorganized. There are lots of emotions to contend with during such a time. A financial adviser will help you navigate this complex situation and help you decide whether it is best to merge accounts or maintain them separate.
In Plenty – a platform that offers free financial advice in Australia, all your financial dilemmas will be a thing of the past.
Audit shield is an insurance cover that ensures in the event that companies are subject to a random audit, then they are covered. It is done mainly to give the accountants a peace of mind in their business. Audits are usually conducted by the governing authorities such as the Australian tax office of Australia or the Canada revenue authority for Canadians. The tax investigations are normally conducted by these bodies with a view to making certain that the businesses or companies are correctly fulfilling their tax obligations. Usually, the costs that can run very high sometimes are incurred during these tax audits, and it is the businesses that are usually obligated to take care of the costs.
Why it is encouraged
The reason why an audit shield is encouraged for most of the accounting firms is because it’s the most effective way of helping an accountant with their client in times of filing the tax. Tax investigation costs being offered by tax insurance companies are ones that are able to take care of your client’s obligations as they correspond to the official investigations, reviews and audits. You won’t have to be worried about any fee that will be incurred with this insurance.
The tax protection cover covers professional costs like the personal tax, corporate tax, employer compliance audit, goods and service tax why not try here. These are very important audits that ought to be covered so that the client would not have to worry when the investigations occur.
Choosing an insurance company
There are different insurance companies, all offering different covers. Therefore, companies ought to understand first what the cover is about before subscribing to anything. Also, understand the costs that are covered and the terms and conditions as many companies refuse to pay for something not in their conditions. One thing fundamental is to learn about the implementation of tax shield in your accounting firm as well not only for your protection but also that of the client.
Benefits to the client and accountant
The biggest benefit that the audit shield gives to the accountant and the client is the peace of mind as the audit shield will help both of them in any circumstances that may occur. Also the client will have confidence in your firm when you give them the explanation on how the tax audit is going to be beneficial to them. Also it will result in good relationship between you and the client when they have seen the benefits of the shield when it has been implemented.
With the random tax audits that authorities conduct on businesses all over the world in different countries, these can be quite detrimental to a business as the fees that are incurred by these audits, reviews and tax investigations normally are supposed to be catered for by the business itself. They can be quite costly and therefore, can bring a business to its knees, especially if it’s a startup. However, the audit cover is the best protector during these times.