It may be Halloween, but nothing is as scary as not understanding your financial situation.
When was the last time you took an in-depth look into your finances? This year seems to have forced many people and businesses to evaluate their budgets. While some may avoid conversations about money, a thorough financial evaluation can help you achieve your goals, regardless of what they may be.
Retirement:
One of the most common reasons people seek professional financial services is to help them work towards their retirement goals. Having enough money to live out the golden years in a comfortable way is a very important plan that requires, in many cases, decades of planning. Working with a financial professional can help you to create a detailed guide to reaching your retirement (even early retirement) goals.
Succession Planning:
If you are considering the sale of your business in the foreseeable future, it is a good idea to regularly review your Profit and Loss Statement as well as many other aspects of your business. The ability to prove your company’s profitability is key to getting a premium price during a sale. In the case of family-owned businesses, leaving a financially secure company for the next generation is always a priority.
Applying for Loans or Grants:
Most business owners never expected to need funding to manage their day-to-day business operations. Even for the companies who never expected to apply or believed they would qualify for aide, 2020 has certainly changed our view. Having organized finances and tax returns was the difference for many small businesses in need of PPP (Paycheck Protection Program) and EIDL (Economic Injury Disaster Loan) programs. If you don’t already have your documentation in order, it’s not too late to meet with a professional to ensure you are ready should the need arise again.
Maintaining:
Many people have experienced an adjustment in their income at some time. Having a budget allows you to easily review our expenses and adjust them accordingly as income increases or decreases. This can help you in business or personally when considering making a purchase. Reviewing your budget regularly will give you the peace of mind to know where you stand financially and if you are working toward your financial goals.
If you need any assistance with personal or corporate financial planning, we would be delighted to talk with you. Please contact Purk & Associates, PC. to schedule a meeting.
