When you manage your own small business, it can be tricky to keep everything straight. From procuring new inventory and paying employees to managing complex business deals, business owners are busy, and it's crucial to be on your A-game to stay organized. Professional business accountants can help you to keep track of everything, but sometimes owners don't realize how badly they need an accountant on their team. Here are three signs you need professional business accounting services.
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If you're like most people, you probably have more than one financial account. You might have your bank account, an investment account, a separate savings or money market account, credit card accounts, and so on. If these accounts are from more than one financial provider, it's quite possible you have more than one username and password that you need to remember for all of these accounts. As your financial history expands or grows, it might become more difficult for you to remember all of the necessary information, unless of course you use the same exact log in and password for everything, but that is ill-advised.
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Women face unique challenges when managing their finances. While some of their life events can be similar to those of their male counterparts, the effects may be much different. Here are a few financial obstacles you may face as you get closer to retirement.
1. Under-Funded Retirement. Women often have less saved up for retirement as they approach it. A few common reasons include lower lifetime earnings, focusing on family instead of personal savings, and career pauses.
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Investing can be a daunting task to most people. After all, it's hard to know if an investment is "good" or "bad" or will even help one achieve their financial goals. Especially when that goal can often be saving up for a house, a child's college expenses, or even one's own retirement. Of course, one can always educate themselves on different investment products, investment strategies, and common market principles. However, this can be a rather time-consuming task, assuming one learns the information correctly in the first place.
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While it's good to focus your retirement planning efforts on simply saving up as much as you can, you should also have an idea of what is a good goal. But with so many variables, how can you know what that target should be?
Here are a few methods for doing so. Find the right one by understanding how they each work.
Percentage Method
The percentage method takes your retirement savings and multiplies it by a certain percentage that you could take out each year.
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