Types of Personal Accounting Services
Person accounting services provide wide range of solutions from tax preparation to financial planning for overall development of the business. However, some of the important personal accounting services are described below:
- Bookkeeping: It involves the scientific recording of the financial transactions, safeguarding, and maintenance of the financial records of the respective business organization. Generally, the bookkeeping service is performed by bookkeeper. A bookkeeper is not an accountant rather an accounting clerk or accounting technician who records the everyday financial transactions. For these services, a bookkeeper uses two common methods – single-entry bookkeeping system and double-entry bookkeeping system.
- Financial planning: It is an umbrella term for wide range of planning such as spending and saving future income and allocation of various expenses. It also includes investment plan. However, the main objective of financial planning is to find the ways through which cash can be generated to cover the future expenses. It is generally done by earning, using saved cash or borrowing.
- Personal tax planning and compliance: To run the business properly and hassle free, it is necessary to do personal tax planning and comply with the rules and laws (pertaining to the taxation). In addition, the personal tax planning and compliance provides fresh idea to build and maintain a feasible tax strategy.
- Asset protection planning: It is the procedures of organizing personal assets in advance to protect against the risk. The asset protection planning can be applied for any sort of asset. However, the objectives of asset protection planning differ – it basically depends upon the type of asset. To provide the better protection, formulation of high-quality and user-friendly plan is necessary.
- Estate planning: This is one of the important aspects that everyone needs to take care. Without the proper estate planning, the hard effort you may put for the acquisition and maintenance of your property is worthless. So, for the proper allocation and management of the estate, thoughtful planning is necessary. Some of the important estate planning is - estimation and valuation of the property, planning for preservation, minimization of estate tax and other such kind of liabilities, charitable giving plan strategy, monitoring and adjustment of estate plan as per needs, and many others.
- Retirement planning: It refers saving money and setting aside other assets to get the regular income after retirement. The objective of retirement planning is to get the financial freedom after retirement.
Above given personal accounting services are of such kind that everyone needs; specially, the person who runs his/her business cannot do his/her work without it. Some of them are common for all such as retirement planning; it is essential for everybody.
Now the question is from where to get these services? Well, there are a few accountant firms that provide their services at affordable fees. However, you can also do a small research online to find genuine and reliable personal accounting services.