Get to know your trifecta of financial services: bookkeeping, accounting and financial planning—and find out why you need all three.
In your financial life, there is a trifecta of financial services. It has checks and balances involved in it that are really important to keeping your finances safe and sound. And so what are the three prongs of this trifecta? Bookkeeping, accounting and tax preparation, and financial planning.
So bookkeeping is what we do here at Good Cents Bookkeeping. It includes everything involved in keeping track of day-to-day business finances. The second is your accounting and your tax preparation. That’s either done by a CPA or somebody who’s an EA, which is a designation given by the IRS, called an Enrolled Agent. And the third is your financial planner, and that’s the person who helps you achieve long-term financial goals through the use of various investment tools like IRAs, stocks or bonds.
All three of these team members should be working together to help you achieve a strong financial foundation, and to achieve our financial goals. And one of the things that I find when clients first come in, is that they often don’t know the difference between these job functions, or assume that one person can or should do all three jobs. In this case, streamlining isn’t always best. Having only one person in charge of your financial well-being can lead to costly mistakes or worse, fraud and theft. Remember what I said about checks and balances?
In this video, I explain why you need the trifecta, and how they work together to protect YOUR financial interests. Give it a watch for my tips, plus take a peek inside our NEW headquarters! It feels a little cavernous right now. We’ll do a much bigger reveal once we get everything set up.
