-Raquel Hickey, Hickey&Hickey Accountant Consultants
Usually we think about accountants when we are in trouble with the IRS, our State, or in Tax season and what is worse we rate our accountants blindly by the tax reporting we are asking them to do for us, more often than not with what our refund is.
This mainly happens because we do not understand how important is to budget and to analyze our expenditures. Generally after tax season is over we look back into our reporting and begin comparing our payment/ reimbursement with that of our neighbors and the finger pointing begins and ends with our Tax Accountant. We clearly forget that finger pointing is not going to get us into better brackets and that our neighbor’s reimbursement has nothing to do with our rate of return, nor with our family’s economic well being.
Let’s begin with Budgeting. Budgeting is about managing our money and it is very important not only for corporations but also for the smallest entities and for our own families.
We boringly hear about the public sector going to the phases and processes of preparation, negotiation, approval process, spending approval etc. etc., but us boring as it sounds we barely understand that this boring process can prevent our complain at the pot holes left after the winter, at cost hike in the tolls of bridges and tunnels, etc., etc., how can we solve those issues???
Let’s go back to our Personal information. What about setting our own personal budgets:
1) Get the heads of household involved
2) Draw a plan with long Term goals
3) List all the issues that need to be covered to attain these goals
4) Place figures and bring them to our today income
5) The insufficiency of funds will trigger regulation on expending and additional modes of income
6) Share with the rest of the family and make adjustments with collaborative agreements from within your own circle
7) Share with your accountant and ask for budget and tax review
8) Meet again with your family to arrive at new covenants
10)Review on a monthly basis.
Remember these are simple techniques and the foundation for how to view our income both personal and business. For more tips and for an in depth financial analysis and plan for your personal wealth or business, Contact Hickey&Hickey today
(516)998-7410 or email@example.com