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Biloxi MISSISSIPPI National South East Us

Reasons to Speak to a Financial Advisor in Biloxi

Reasons to Speak to a Financial Advisor in Biloxi

Managing your own money has been a common theme for many citizens in Biloxi. Considering it’s not difficult for anyone to make a budget, pay taxes, or even invest money for retirement, thanks to many online financial planning tools like Quicken, TurboTax, and Betterment.

Despite that, there are still reasons to hire a Financial Advisor.

A financial advisor is a professional in their field who provides expert guidance in areas such as retirement, taxes, and investing. Anyone can call themselves a financial advisor, Advisors who use professional designations, such as certified financial planner and chartered financial consultant, indicate a higher level of competency.

A high-quality advisor will listen to your goals, analyze your finances and advise different strategies to minimize taxes, maximize savings or reduce debt rapidly. Many planners don’t charge the initial consultation. However, some advisors could charge a rate of $100 to $200 per hour to help you in creating a financial plan or discuss a specific financial topic.

Nevertheless, you don’t always need to work with a planner on an ongoing basis; these are six reasons when it makes sense to stop in for some financial advice.

women in front of coins
1.    Started Working at your Job

Whether your job pays $20,000 a year or $300,000 a year, starting your first job is a good reason to speak with a professional financial advisor in Biloxi. Not only can they offer guidance on how to best begin saving for retirement, but Financial Advisors also provide insight on how to maximize your employer’s benefits package.

2.    When you get married or divorced

Another decent time to seek out professional financial advisors is whenever you get married or get divorced. Bringing in an impartial third party will be able to help minimize the losses in a divorce. It may ease the process for engaged couples to have conversations about merging assets and income in marriage.

One of the reasons people work with a financial planner is so that they don’t make emotional mistakes. For example, a spouse might feel devoted to a family home and insist on keeping it as part of a divorce settlement. In return, he or she may lose out on retirement savings that could prove to be much more valuable in the long run.

3.    When Your Significant Other Pass Away

When your significant other passes away, it can bring in its own financial set of challenges. Imagine a surviving spouse who, after their loved one passing now has to take over household money management. They may have to live on a reduced income or need to determine the best way to manage assets such as the home, different properties, and the death benefit from a life insurance policy or investments. For some spouses, this could be the first time they have been in charge of household money management.

The surviving spouse gets pushed into a position of navigating complex financial decisions amid intense emotional grief. A trusted financial advisor can help you make sure costly mistakes aren’t made, like emptying tax-favored accounts before their maturity date or moving money into risky investments.

sitting businessman
4.    When you receive a substantial sum of cash

Getting a large sum of money from an inheritance, bonus, buyout, or big raise should be a boon to your financial health. Unfortunately, many people tend to waste the opportunity.

Most mistakes happen when people put their money to use in a hurry. Using a financial planner will empower you to make thoughtful money decisions to enhance your financial security.

5.    When you need to take care of Your Parents or Family Members

Did you know that the average cost of a home health aide in 2017 was ranging from 45,000-50,000 annually. If you believe your parents or another elderly loved one will need to be taken care of, either in-home or in a nursing home, talking to a financial planner in Biloxi sooner rather than later to help, you prepare for this good-sized expense.

6.    When you have children

When you are starting a family, to most families, this means major financial adjustments. This life event also signals the start of planning to buy a home for many couples. Wills and trusts can safeguard assets in the event of a death, while if you use 529 plans, they are college savings funds that come with tax incentives.

Most financial planners aren’t legal professionals. But, they can still offer suggestions on these topics since they deal with money management. What’s more, some may collaborate with estate attorneys for a smooth planning process.

Take Advantage of Your Finances Today

Many people think they can handle and take care of their money and savings by themselves. They might even believe that they do not make enough to call for a financial advisor. If you are one of the many people who have the same belief, you should know these six reasons to talk to a financial planner, regardless of your earnings

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Biloxi MISSISSIPPI National South East Us

Why Small Businesses in Biloxi, Mississippi Need A CPA

Why Small Businesses in Biloxi, Mississippi Need A CPA

While launching your Small Business in Biloxi is a thrilling time, it can also be taxing. The amount of decisions you have to make is overwhelming. While most small business owners search for ways to cut costs and increase thier cash flow, there are also some situations when cutting expenses might not be the best decision. It does not matter the size of your business, there are many benefits to having a CPA in your corner.

UNMATCHED KNOWLEDGE 

Considered one of the most reliable titles in the business world, CPAs are different from other finance professionals by the strict qualifications and state licensing requirements they must meet. The CPA exam is a complicated process that spans over several days. The exam demands those who take it to demonstrate proficiency in many facets of financial and tax expertise. CPAs also are required to stay knowledgeable in their field by conforming with continuous education requirements every year. 

learning tax
CPAs vs. Everyday Accountants

If you were to compare a CPA and regular accountants. You will find out that CPAs offer more guarantee when creating financial statements, including balance sheets and income statements. Publicly Traded Companies care about this because they must provide accurate financial statements to the public by law. 

Additionally, clear and accurate financial statements are excellent sources of data by which many managers use in Biloxi to make strategic decisions. For example, if you are oblivious of how much short-term debt you have at any moment in time, it will be difficult for you to make proper decisions about forthcoming investments.

If you plan to increase the accuracy of your financial statements, consider hiring a CPA in Biloxi.

a women secretary with glasses
Watch Your Business Grow

Think back to when you first started your business. I’m sure you envisioned growing and building something meaningful over the years. While you were starting out, you might not have the resources to commit to an account or CPA. But, if you notice over time since you have first started, or will discover is that those day-to-day operations become more time-consuming. You can release some pressure off of yourself from taking care of the financial aspects of your business, by letting your trusted advisor do the work. 

If you hire an experienced & knowledgeable CPA in Biloxi, they can help you with a wide range of tasks, from budgeting and forecasting to maintaining accurate records. As your business continues to grow, you may even reach a point where it might make sense to purchase new resources, acquire or lease additional property, or hire extra employees. The added expenses might require you to open a line of credit and borrow money to facilitate further growth.

financial ups and downs
CPAs can Work on your Business Financial Issues.

A CPA licensed by Mississippi ensures they are proficient in their field, and this license also shows that as a professional CPA, they are up to date on financial issues and state/federal regulations and uphold the highest ethical standards.

CPAs Can Setup Professional Accounting Systems

CPAs have the relevant knowledge and skills of today’s market to apply the latest innovations in technology designed specifically for accounting, such as software that enables quick statements and reports, new filing processes, in addition to providing quick and easy access to your business’ financial information.

You can get a much further in-depth Insight into your Business Finances.

A CPA will become accustomed with and has the capability to monitor your total business assets, including the complete ledger balance and its detailed credits, debits, profits, and losses. CPAs are in a position to provide real-world advice on how to keep your monetary resources up or improve them.

Have a Biloxi CPA on your team early on can help you navigate the financial pits throughout the life of your business. Furthermore, if you work with the same CPA or CPA Firm long-term, they will have an extensive understanding of your business and can offer strategic insight on which to make crucial decisions.

Working with a CPA positions your small business for short and long term financial success.

CPAs can Assess Mergers and acquisitions

CPAs can carefully evaluate the accounts of companies you are considering for a merger or acquisition to make sure there are no budding issues, like outstanding debt or assets that are not paid off. They will also put your company’s financial records in order and create documents that showcase your business in the best light to possible buyers. 

A Few Final Thoughts

When it comes to your Finances, it’s essential that you get the job done right the first time. Not all CPAs are created equally. It’s critical that you hire someone who understands your business well enough to know what your needs are and how you can benefit from hiring someone who can help you reach your goals.