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6 Reasons Why You Should Consider Fiduciary Consulting

6 Reasons Why You Should Consider Fiduciary Consulting

What will you do if you have accumulated a huge amount of money as your assets? People who are knowledgeable of finance will not just deposit the money in the saving account. They will try to invest their money in different fields. However, types of investment, the investment portfolio, and different interest rates will confuse people who are not proficient in investing. Thus, you should consider fiduciary consulting before you jump into the investment.

#1. Save More Time and Energy

Fiduciary consulting can help you save more time and energy.

Before you invest in the project you are interested in, you should deeply know those types of investment. With the help of the comprehensive legal system, there are many ways to invest in the U.S. like real estate, mutual fund, 401(k) retirement plan, and more.

But do you really have enough time and energy to do all the research? Each of these types of investment has its features and unique advantages and disadvantages. It will take you a long time to read financial references, journal articles, and more homework. You won’t hope you sit at the desk and read “How to Invest” after you are exhausted by your work.

#2. Save More Money

Fiduciary consulting can save more money for you.Can you imagine losing money after you ignore or misunderstand some important policies in the investment project? The purposes of fiduciary consulting are:

  • 1) helping you make more money
  • 2) save money which is unnecessary to pay

#3. Provide Additional Insights

Fiduciary consulting can provide you additional insights in investment. Maybe you have no more time to always follow the up-to-date trends or information on investment. But we can. A good fiduciary consulting can offer you the latest information and unique insights to help you invest money into the right project as possible as we can.

#4. Perform Efficiently

As I mentioned above, saving time and money and providing insights can increase your wealth in a cost efficient way. You can not only invest money as early as possible but also keep your investment in a right direction.

#5. Evaluate Your Risk Tolerance

Fiduciary consulting can help you evaluate how much risk you can tolerate. Different age stages have different risk tolerance. And different risk tolerance can determine different investment portfolio.

Ages from 24-40 are the initial stage for accumulating wealth. People in this age stage just begin to work and have many possibilities and opportunities. Hence, they have a strong risk tolerance.

Ages from 41-65 are the intermediate stage of accumulating wealth. Many people in this age stage may be the middle- or top-managers, so they have accumulated wealth to a certain extent. This way, it’s time to consider the life after retirement. People in this age stage has a relatively strong risk tolerance, but weaker than the first stage.

Ages from 66 are the later stage. People in this stage lack the ability to make money, specifically, salary. They can only rely on pension and the wealth accumulated when they were young. Therefore, the risk tolerance is weak and the term of investment is short.

It is a remarkable fact that the actual risk tolerance depends on individual’s situation. The fiduciary consulting can help you evaluate your own risk tolerance after analyzing.

#6. Improve Your Financial Knowledge

With the help of talking with experts, you can rapidly increase investment and financial knowledge. As a result, this can help you independently operate your investment in the future.

Investment is complicated. Let professionals perform the professional stuff and release you to enjoy the life. We are Nazaire & Co. and our fiduciary consulting service is always on standby to help you.

Tips to Keep Your Small-Business Finances in Order

Tips to Keep Your Small-Business Finances in Order

Being an entrepreneur, it’s hard to grow your business and to keep your finances in order at the same time. You will be too busy trying to grow your business in terms of sales and scalability, and not find any time where you can take a rest, because you will be too busy managing your financial statements afterwards.

We know it’s important for you to grow your business in any way possible (as long as it’s legal) and to have a professional business accountant assisting you with our efforts will only help you even more as an entrepreneur. But if you are a startup business owner who is not looking to invest into an accountant quite yet, here are some tips you will need to follow, to make sure that you (the business owner) don’t make crucial mistakes when putting your finances in order.

Here is a tip that comes straight from an accounting professional. If you plan to bear the burden of reporting financial statements all on your own, try to leverage the work load with tools and other accounting professionals (via outsourced) if you can afford to do so. This will heighten the chance for you and your colleagues to catch any mistakes one of you make. It will also lighten the load from your work pile, as well as to decrease the chances of making costly financial mistakes on your financial reports.

Personal and Business Expenses Should Always Be Separated

Don’t mix your personal expenses with your business’s expenses. It’s important for you, as an entrepreneur, to not make personal expenses on your own business’s credit card. It may be more convenient for you to have only one credit card to use, but by using only one credit card between your personal and business’s expenses, you make it more difficult for you to track your company’s finances.

The best way to avoid major problems when tracking your financial data is to create separate bank accounts, one for your personal use, the other strictly for your business to use. This kind of set up will help you substantially when tracking and measuring your financial and tax information. So you can get rid of the headache of segmenting your financial data between your personal and business’s investments and costs.

Invest into the Right Financial Tools for You to Use

There are many tools out there (especially now more than ever) that can help assist you in keeping your finances in order. Think of QuickBooks or Xero. These tools were created to help you better organize, track, and measure your financial data.

It’s also important for you to invest into a protected cloud service, so you can assess your financial data on the go. It will be very convenient for you, as a business owner, to be able to read your financial data at real time, so you can be quicker at making more rational and relevant decisions.

Like I had said before, there are a variety of financial tools you can now choose from. If you aren’t happy with your current financial tool, make sure you invest in one that best suits your needs and your business’s goals.

Don’t Be Afraid to Outsource Your Financial Work

Let’s say you’ve reached a breaking point in your business, where if you keep tracking, measuring, and analyzing your financial data all on your own, you could be missing out on valuable opportunity costs. Don’t stagnate the growth of your business because putting your finances in order has become too burdening for you to do anything else. If you have to invest into a bookkeeper or an accountant at a crucial time for your business’s growth, then do it.

Also, if you are stressed out with all the acquired work load handed to you, you will become more susceptible to be making mistakes with all the multiple projects you are currently juggling. Outsource your financial work when needed, so you can focus more on your relevant tasks.

You also don’t want to make costly financial mistakes, where if you were rushing to get your financial reports done, you may have made a filing error where you could be penalized or fined by the government for that error. Having accountants or a bookkeeper outsourced to help you organize your financial statements, or to just crunch in your numbers, will leave little room for mistakes when you do your taxes and what not.

Stay Ahead in Your Financial Game

Calendaring your time to make sure you do all your work as a business owner is important. But it’s always better, for your sake, to be ahead in the financial ball game too.

The tips I have given you prior will help you stay organized, but getting your finances analyzed, monitored, and organized beforehand will help you mitigate ideal long term strategies with your finances and business’s goals, as well as to help curate short term strategies when something unexpected happens, like hiring an IT technician to recover lost data in your servers.

Have a Valued Budget Planned Out

When trying to stay ahead in your financial plans, make sure you have a valued budget plan ready. A Budget should be used as a guideline, to help you plan any future business investments or decisions and goals.

Using a budget as a guide will help prepare you in making rational decisions for future business endeavors, as well as to help prepare your financial statements and organize your financial data for the long run.

My Conclusion

As a new or small to medium sized business owner, you should be well equipped with the necessary knowledge and tools needed to put your finances in order. Because, without valued financial statements, and good financial tracking of your business, you can say bye-bye to your beloved business.

If you follow the tips I have given you above, you will find that keeping your finances in order will become a lot easier for you as a business owner. But again, if you find that you are having difficulties in organizing your financial information, don’t be afraid to start hiring outsourced help, or buying tools to make the process easier for you.

One common tech mistake small businesses make

One common tech mistake small businesses make

Ever wondered why you are spending so much money on your IT bill when you were advertised that this current IT service or IT maintenance plan would be a cost effect investment for you? Maybe it’s not the partner company who does your IT management that is your problem, or maybe it really is the company you are partnering with that are making these bumbling tech mistakes with your IT investments. Other times, it can be your business’s employees who are making the in-house mistakes that are causing your IT equipment’s to falter. Sometimes your employees may take it upon themselves to fix the IT mistakes, just because they may have a bit of knowledge on IT, which may lead to more harm than solutions for your IT problem.

There are a variety of reasons why your business’s IT equipment or software’s may not be working or functioning properly, such as extending your IT assets lifecycle longer than recommended. But having a competent IT professional to partner with your business is one of the most important solutions to maintaining IT assets within your business.

Ever questioned whether or not it was time for you to upgrade your IT equipment? Or have you even determined beforehand to add IT costs and investments into your budgeting plan for that year, in case something had happened where you would need to invest money to repair, replace, and/or maintain IT equipment’s and software’s? Will you even have enough money to meet the costs of upgrading, and investing into new IT equipment’s and software’s to support your team and business’s progression? If you are also questioning why you are not capable to have your IT equipment and software last longer than 3-4 years, or so, and find that you are wasting more money than you thought for resolving your IT issues? Then this common tech mistake small businesses make may be the culprit to your IT problems.

This culprit has been a problem for many businesses, which is now one of the most common tech mistake small businesses will make when it comes to their IT management plan.

This Mistake Is:

Hiring an incompetent or mediocre IT consultant to do the job, maintain IT equipment’s and software’s, or cheat you from investing in better investments.

There are many businesses who have to invest time and money in hiring IT programmers and developers to maintain their IT software. Usually when you hiring an IT service company to maintain and upgrade your IT assets, they do come well equipped, and well informed/knowledgeable about the technology your business will be investing in. But some businesses try to take the shortcut route, which may lead to a quick and current cost effective solution, but ultimately may cost you more money and headaches in the long run.

What I mean by shortcut routes, is that you as a business owner may rely too heavily on your current employees to help manage and maintain the technology all on their own. Having an employee who is somewhat knowledge about IT isn’t the same thing as having an IT partner managing and taking care of your businesses IT health.

Having middling tech support methods, such as calling your hardware manufacturer’s telephone support line just to tell you to reinstall your software (making you lose valuable data within the process), or to hire from a big box electronic store’s service arm, only to get a novice employee of theirs who can’t manage the professional help you need. These shortcut solutions will not be efficient or cost-effective for you to maintain your IT equipment.

Hiring a qualified technology expert, who has the knowledge you need to support your IT issues, and is capable to learn more about your business to familiarize themselves with your needs in order to optimize your IT investment will be the most cost effective solution for maintaining your current IT equipment’s and software’s for the long run.

Save more, Pay less

Save more, Pay less

When it comes to paying your taxes, chances are you are probably overpaying or there are options that you have not explored in order to pay less. Here are a few ways to significantly reduce your taxes.

Charitable Giving

Charitable giving is a great way to receive a significant tax deduction. This can include:

1. Using your automobile to provide services for a charitable organization
2. Donating appreciated property
3. Sponsoring a student that lives in your home (exchange student)
4. Providing food, lodging, and clothing for a disaster relief organization

Taking care of family

While child support is not deductible, alimony is. You can also see a tax deduction if you incur medical expenses of a parent for whom you provide over 50% of support.

Home improvements

Any home improvements made for medical reasons (elevators, spas, swimming pools, etc.) make you eligible for a tax deduction.

Save money on the job

Did you know you can even save money just for working? Receive tax deductions for employment agency fees, job-related moving expenses, job skill improvement classes, and even child care cost while you work and attend school.

Don’t forget your details

When going over your expenses with your accountant be sure to include all the details as they would know of where to find you tax deductions. Establishing a strong relationship with your accountant is key to achieving the lowest bill possible.