January: We began the year with gold prices at $1,839.01 per troy ounce. The market was optimistic, and this was reflected in the steady rise in prices throughout the month.

February: The upward trend continued in February, with gold futures reaching $2,028.25. The market remained bullish, spurred by global economic uncertainty.

March – April: Over these two months, gold’s price climbed further, recording a 9% increase by the end of April. This was largely due to safe-haven demand amid geopolitical tensions.

May – June: By the end of June, prices had moderated a bit but were still up around 4% year to date. This period saw a consolidation phase in the gold market.

July – September: During these summer months, prices fluctuated but showed a general upward trend. By October 27, gold had risen to $1,980.20, marking a 7.68% increase from the start of the year.

October: October saw a slight dip in prices, with gold hitting as low as $1,826.20 per troy ounce at one point. However, this marked a six-month low, and prices began to rebound later in the month.

November: November was a turning point, with gold prices starting to climb again. This rise was mainly driven by stronger investor confidence and growing safe-haven demand.

December: Gold hit new highs in December, with prices soaring 15% to reach $2,078/oz. The metal finished the year at $2,062.40 per troy ounce, gaining 13% for the year after hitting a record close of $2,081.90.

In conclusion, 2023 was a year of both challenges and opportunities for gold investors. Analysts anticipate gold prices to strengthen further in 2024, underpinned by safe-haven demand and the evolving outlook for US interest rates. As always, it’s essential to stay informed and make investment decisions based on careful analysis.

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2023:

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Wise Money Management and Budgeting

The first step in wise money management is to create a budget. This will help you keep track of all your expenses, which include both fixed and variable expenses. You should also compare what you spend each month to what you budgeted. If you find out that you spent too much on a certain item, then you need to make adjustments. For example, you should cut back on your gym membership and dining out.

Setting up a budget will help you take control of your money and avoid debt. It will also help you plan for unforeseen expenses. By planning your monthly expenses, you can set yourself up for long-term financial success. It can also help you avoid debt and maximize your quality of life.

Another helpful tip is to use a spreadsheet. You can find spreadsheets that have pre-made templates. For example, the 50/30/20 rule spreadsheet is compatible with most spreadsheet programs. Using a spreadsheet program, you can keep track of your spending habits. Using a financial tool like a mobile app can help you reach your goals and save money.

It is important to maintain open communication with your partner when it comes to money. Open and honest conversations about finances will help you avoid conflict. If you have kids, involve them in planning and saving goals. It is important to create a family budget that covers all the essentials, such as food, housing, utilities, phones, transport, and medical services.

The process of creating a budget allows you to identify expenses and plan for them. By doing this, you can maximize your savings and invest money. This method can help you get out of debt and enjoy more freedom to spend money. For instance, a budget will help you identify unnecessary expenses and limit the amount of interest you pay on wasteful debt.

The process of budgeting does not have to be painful or cumbersome. The idea is to set aside 10% of your income every month and spend no more than that. While this may sound a bit strict, most people do not need to live on a tight budget. A budget will keep you from overspending and will help you prepare for the future.

When done properly, budgeting will allow you to meet your monthly expenses, plan for the unpredictable parts of life, and avoid getting into debt. It doesn’t have to be tedious and does not require a math degree. It will allow you to save money, reduce overspending, and take advantage of every dollar you earn.

While budgeting can be difficult, it can also be fun. The key to success is making a budget that fits your situation. You can make a budget with your partner or spouse if you choose. This way, you can hold each other accountable for spending.

Build an Emergency Fund

An emmergency fund is a necessity and there are several reasons to build an emergency fund. First, it will help you in the event of a severe financial emergency. However, you must know how to handle it to ensure that you don’t run out of money before your next paycheck. If you’re going to put all your savings in an emergency fund, you should choose an account that earns interest and allows for withdrawals without penalty.

Next, you should figure out how much money you spend each month and how much you earn. This will help you set a realistic goal for how much you need to save. It will also help you know where to cut your expenses to save more money for emergencies. A simple method for this is to track every single transaction you make throughout the month.

An emergency fund provides peace of mind during an unexpected financial emergency. Having a financial cushion is essential in a time of need, and it can prevent you from going further into debt or jeopardizing relationships. It is also important as part of your long-term investment strategy. Without an emergency fund, you may find yourself liquidating your investments because you don’t have enough money.

In addition to building an emergency fund, you should be prepared to pay off any debt. The sooner you pay off your debt, the easier it will be to manage your money in a crisis. Besides, paying off your debt is cheaper in the long run.

Avoid Debt

One of the most important points about debt prevention is to track your spending. This way, you can make sure you aren’t paying more than you have to. It’s also important to make sure you prioritize your debts and rank them according to their size and interest rate. Once you have this information, you can begin to plan how to pay off your debts.

Paying off debt is an important part of wise money management, but it can be difficult. Often it interferes with other financial goals, such as retirement savings, but by taking a focused approach, you can get the job done and save in the long run. Debt is money that you owe to another entity, often a bank, creditor, or lender. You owe this money with the expectation of repaying it, usually over a period of time with interest. Debt can be categorized into two types: unsecured debt and secured debt.

Those with high-interest debt should start by transferring a small amount from their checking account to a savings account. Even if it’s only $20 a month, this will add up to a considerable dent in future emergency expenses. This will also help to create a savings habit.

While it’s true that paying off debt is an essential part of wise money management, many people overlook the importance of savings. It is important to save money, especially for emergencies. Even if it’s hard to make ends meet, paying off debt and building emergency savings can help you avoid having to take out a loan in the future.

If you have a decent amount of cash set aside each month, you can set aside half of it as an emergency fund. This can cover three to six months of expenses and help you manage short-term expenses. Unexpected expenses can hamper your efforts to repay debt, such as car repairs or medical bills. Having a separate emergency fund helps spread the costs over several months.

It’s important to note that paying off debt can be a long process. However, once you have a nest egg, you can increase your saving. In addition, if you are working to save for retirement or emergencies, you can increase your payments on these accounts. It’s important to make a clear decision about what you want to achieve with your money.

Wise Money Management and Investing

In important area in wise money management is to determine your personal financial goals and determine how to achieve them. Your personal financial goals may include retirement, buying a home, or paying for college. Once you have decided on your goals, you can begin to invest to reach them. If you aren’t sure where to start, here are some helpful tips.

Wise Money Management and Saving

Learning how to save and budget is a core skill. This includes understanding the cash flow of your monthly bills, savings contributions, and debt repayments. You can do this by tracking your spending and income over a 30-day period. Then, compare what you have saved each month with what you have spent.

Setting a budget and sticking to it can help you develop healthier spending habits. Remember to keep it realistic and not stretch yourself too thin. The goal of saving money is to have an emergency fund you can use if you encounter unforeseen circumstances. This can save you from high interest debt or missed bills.

Delaying major purchases is also a great way to save money. This will prevent you from making impulse purchases and give you time to find better deals. Lastly, make sure that you and your partner are on the same page about your financial goals. It’s important to have open communication with your partner and children, and keep the discussions about money open and honest.

After determining your needs and wants, you can then begin to save. Spend half of your income on necessities and the other half on wants. If you want to save more for your retirement, you can make smaller purchases like a smaller car or stay-at-home vacations instead. By setting your priorities, you can make wiser decisions and build your retirement fund.

Monitor your Credit History

A credit report can give you an overview of your financial health. It shows the total number of credit accounts you have, their age and total debt, and how often you make late payments. It can also give you tips to improve your score categories. Most credit monitoring services are free and can be accessed by anyone who is 18 years of age or older. There are also paid upgrades available that give you in-depth analysis of your credit reports and scores.

Credit monitoring can also help you detect identity fraud and prevent surprises when applying for credit. As your credit report changes frequently, a credit monitoring service will send you alerts of any changes. For example, if your credit utilization ratio goes down, you’ll know about it before applying for a new loan. You can also customize your alerts, which means you’ll know about any key changes right away.

Several credit monitoring services are available, and you can choose the one that best suits your needs. Free plans are fast and easy to use, while paid ones are more involved. Regardless of which service you choose, you should monitor your credit history regularly to avoid fraud and other potential issues. It’s always a good idea to check your credit report before you apply for a loan, credit card, or other credit.

Some credit monitoring services offer daily updates, but others only allow you to view your credit score a few times a year. A monthly update gives you a comprehensive picture of your financial health and makes it easier to spot errors and fraudulent activity. Some credit card companies even offer a free credit report to help you monitor your credit history and make smart financial decisions.

Invest in Gold

There are a number of reasons why you should invest in gold. You can buy physical gold, own shares in a gold mining company, or invest in gold exchange-traded funds. You can also invest in gold futures. Buying physical gold is the simplest method of investing, but it’s important to understand that you can expect to lose money. The value of gold is notoriously difficult to predict, so you can’t always count on the price of gold to increase.

Another reason to invest in gold is that it can help you hedge against inflation and financial crisis. Gold prices have historically increased faster than the U.S. dollar, so they are a great way to protect yourself from the risk of inflation. In addition, investors will appreciate that investing in gold can help them balance the risks of other investments by ensuring a steady return.

Although owning physical gold has some benefits, it’s not a good retirement asset. While gold can be valuable as a counterweight during times of market downturns, it should only be a small part of your portfolio. It’s also unpredictable, so you should never make it a main source of your retirement savings.

While gold has historically been volatile, it has risen along with the economy over the past two decades. However, there have been a few years when it has experienced rapid price swings. From the mid-2000s to early 2014, gold’s price rose from $400 an ounce to nearly $1,900 an ounce. In March 2022, it surged to more than $1,900 an ounce.

One of the first steps to wise money management is to determine your personal financial goals and determine how to achieve them. Your personal financial goals may include retirement, buying a home, or paying for college. Once you have decided on your goals, you can begin to invest to reach them. If you aren’t sure where to start, here are some helpful tips.

Have a Financial Management Plan

Creating a financial management plan is vital if you want to manage your money wisely. Without one, it can be difficult to know where to spend your money. To start, you should develop a budget and track your expenses. This way, you can see where you need to make adjustments to save more money, pay off debt, or invest more based on your goals.

Disclosure: We may receive a referral fee if you click on a link or image featured in this article. The content provided is not a financial advice and we recommend referring to a professional for investment advice.

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You may choose to use one of the many accounting software available online. But you’ll reap more benefits when you hire a professional accountant.  

An accountant will provide the following services: 

• account and record-keeping,  
• business advisory services,  
• tax advise, and  
• auditing services 

So, how do you find the right Quickbooks or Xero accountant?  

Let’s find out below. 

7 Essential steps to choosing a good accountant 

Determine the Key qualifications you need  

What services do you need from your accountant? The answer to this question will help you determine the qualifications you are looking for in an accountant.  

You can hire a non-certified accountant to handle business financial statements and bookkeeping. But for in-depth tax advice and financial analysis, you need an accountant who is certified and licensed. You can go for a certified professional accountant (CPA) or certified management accountant (CMA). Both CPAs and CMAs have business experience and are required to obtain continuing education credits. 

Apart from certifications, go for accountants who have some experience in your industry.  

Find a referral 

Most experts agree that the best way to find an accountant is by getting a referral from other businesses, your colleagues, friends, or attorney. Ask about their accountants and whether they are satisfied with the services provided. You can also get a referral from the Society of Certified Public Accountants in your state.  

Check out the referrals  

Perform a careful analysis of your candidate’s resume and certifications. Ask for client references. Call the clients to determine if they were satisfied with the services offered. You can also do a background check and look online to see if there are any complaints about the candidates you choose.  

 Determine how much work will be done by the accountant  

The volume work you need the accountant to handle is a crucial factor when choosing the right QuickBooks or Xero accountant. The work will also determine if you’ll hire a fulltime or part-time accountant. You can divide accounting services into  

• Recording and assembling business transactions 
• Generating returns 
• Generating financial statements 

Interview the Referrals  

During the interview, confirm the range of services that the accountant offers and communicate about the services you need.  

Additionally, ask about their availability and their preferred working location. Find out if they have any questions for you.  

Remember, an accountant needs to be someone you can trust with your money. A good one will save you money and help you grow your business. 

Evaluate your compatibility. Check out the accountant’s personality and find out how they will handle financial issues in your business.  

Here are some questions that you can ask during the interview: 

• Are you a CPA? (Not every accountant is certified) 
• What degrees have you earned? 
• When did you receive a license to practice? 
• Where are you licensed to practice? 
• What’s your area of specialization?  
• Who are some of your clients?  

Confirm the rates and fees 

Many accountants charge by the hour. But if they are part of a firm, they might charge a monthly retainer. You can get quotes from different accountants and estimate annual charges. Remember that higher fees usually mean more experience, which translates to more efficient services.  

Spell out the terms of the agreement 

After choosing an accountant, draft an engagement letter that shows the details of the services to be offered, including preparation of returns and financial statements. 

Regularly meet with your accountant to review your financial statements. Go over the numbers and identify cost-cutting opportunities. You can make your accountant’s work more comfortable by maintaining a good record of your checks and income sources.  

The post How to find a good QuickBooks or Xero accountant  appeared first on Money Management Intelligence.

Unfortunately, in the long run, not hiring an accountant can be costly. Small business accountants do not just fill and file forms. A good accountant will help you grow your business by providing valuable information on strategic financial planning. Professionals will also manage your tax return account and save you lots of money in taxes. 

In this article, we look at several reasons why you should look at utilising the services of a tax advisor.  

But first here’s an important question.  

How much will an accountant charge to do my business tax returns and personal tax return services? 

Tax preparation prices vary by region, depending on the size of a business and the number of services that will be required.  

Most tax preparers will give you a customized quote.  

According to SCORE.org, a small business nonprofit organization, small business owners spend $1000 to $5000 on accounting costs.  

According to the National Society of Accountants, for the 2018-2019 tax season, the average cost of having an accountant prepare a federal Form 1040 income tax return was about $200 for the most straightforward returns.  

Here are the benefits of hiring a small business accountant 

1. You save time and money  

It’s no secret that filing tax returns can be a tedious and time-consuming process. Trying to beat the deadlines and file accurate returns can leave many small business owners stressed out. By hiring an accountant, you can have more time to concentrate on your business.  

Tax advisory accountants will ensure that you don’t miss any tax return deadlines so that you can avoid penalties. Plus, they will check all your documents to ensure that your returns are accurate. You can avoid refilling taxes because of errors in your forms.  

You can try tracking how much time you spend filing and keeping track of your tax returns. Compare the time spent with your hourly rate. Check how much you would spend on an accountant per month. Most often than not, it is cheaper to hire a professional to handle your taxes and compliance issues.  

2. Reduce your tax liability   

As your business grows, you’ll want to reduce your tax liability. A professional accountant will advise you on how to run your business in the most tax-efficient way so you can save money.  

You’ll need to learn how to maximize your tax deductions. This will involve keeping track of every single expense throughout the year so that you can identify potential deductions. Without an accountant, it’s challenging to track and account for the essential things like depreciation and out-of-pocket expenses. Accountants will help you strategically plan for year-end deductions.  

Because of their in-depth knowledge of the tax regulations, accountants will help you work out tax-saving strategies. Such strategies include timing income to lower taxes, tax credits, and funding pension plans. With a good accountant, you can take advantage of tax law changes.  

3. You get strategic financial advice  

Apart from offering tax compliance services, a professional accountant will give strategic advisory services to help you make critical financial decisions for your business. You can consult them before investing in high-value assets. They will advise you about the implications of hiring more employees. Accountants will also help you with budgeting and monitoring cash flow. Plus, you will get advice on the best legal structure for your business.  

4. You will plan for the Future   

Building a sustainable business is not an easy task. You need to take the time to plan for the future of your business. Unfortunately, day-to-day business operations can keep you preoccupied. An accountant can look at the big picture and help you set financial goals to grow your business.  

By examining your financial data and records, accountants will advise you on how to stay viable and competitive. You’ll know when to buy inventory. You can determine the best time to make big investments.  

You don’t have to be alone at the end of the year trying to make sense of a pile of invoices and receipts. You can partner with an accountant who will provide expert guidance on your finances so that you can build a successful business.  

The post Benefits of Small Business and Tax Advisory Accountants  appeared first on Money Management Intelligence.

There’s a lot of work that goes into running a small business. As a small business owner you’re probably so busy trying to provide the best products and services to customers that you don’t have time to handle the accounting and finances. Small businesses benefit from hiring small business accounting services to take care of things for them.

Small business accounting services have the right people for the job. These services provide accounting, bookkeeping, and tax services – along with other financial services you may need. It’s like having your own financial department at a fraction of the cost.

Services Provided by Small Business Accountants

Small business accounting services for professionals cover the most important aspects of accounting and finance. An accountant will handle financial reports, tax returns, tax strategy, and CFO services. We’ll take a deeper look at the services a small business accountant provides. At the heart of it all, you can expect the talented team of small business accountants to manage any financial-related issue to give you more time to focus on running your business.

Financial Reporting

Accountants can offer daily, weekly, and monthly financial reports and updates based on what you need. These reports ensure that you are up-to-date with the latest financial information about your business. The reports include;

• Balance sheets
• Monthly business performance review
• Income statements
• Trial balance reconciliation
• Custom financial reporting

Tax Returns and Tax Strategy

Small business accountants help to come up with tax strategies as well as handle the actual tax returns. These strategies help you to comply fully with any rules and regulations while ensuring you get the most out of your tax credits and allowances. These services include;

• Preparing for income tax
• IRS representation
• Audit support
• Tax planning
• Creating and organizing entities

CFO Services

The CFO team can provide services such as labor optimisation, cash-flow forecasting, and budget analysis. CFO services include coaching calls reports, and the following services;

• Budget-to-Actual Reporting
• Break-Even Analysis
• Cash-flow forecasting
• Variable vs Fixed Expenses reporting
• Debt planning and reduction
• Labor cost management

If you run a business and need help taking care of your finances, don’t hesitate to consult a small business accountant. The services they provide will be invaluable to you. With an accountant handling the financial side of things, you’ll have more time to focus on running your business and providing the best service possible.

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