Skip to content

When to Hire a Personal Financial Planner and Accountant

    Most people take care of the financial aspects of their lives themselves without ever hiring an accountant or a financial planner.  However, there may come a time when it makes sense to hire an accountant to assist in tax preparation or a specific financial need, or a financial planner who can help make money management decisions. Understanding what each professional can bring to the table is essential when deciding if, when, and what type of assistance is needed.

    An accountant can be helpful in specific tax situations that most people do not have, however they can be beneficial in saving money.  Accountants are needed if rental properties or small businesses are owned, if a large capital gain is expected to be received, money is given to children, or personal income reaches over a certain amount.

    Anything out of the ordinary that happens financially during the year may affect how you file your taxes. In instances such as these, accountants can help you better understand the laws that apply to your bookkeeping and taxes, ultimately assisting you in best filing measures.

    Accountants also are helpful if you have a tax situation that has become complicated. Such examples are a small business ownership, adoption of a child, or buying and selling property.  Ultimately, if you experience a big life change, it can be beneficial to hire an accountant to help sort out the financial repercussions for taxes.

    Even people who do not have a major change financially may benefit from consultation with an accountant around tax time, just to make sure everything is in order and on the right track before filing.

    However, if you are in search of advice on budgeting, debt reduction, or investing, a financial planner can provide the assistance needed.  Financial planners can tailor their services to fit your specific needs.  They can provide assistance on developing a budget that will provide a path to wealth creation or debt reduction, or they can provide specific products and investment tools for a detailed financial portfolio.

    A financial planner can help you reach your financial goals by presenting options that work best in your circumstances and for what you wish to accomplish. For some, that is investing extra income into the stock market for retirement planning, and for others it may be creating a budget that helps get kids through the college years, whatever the goal, a financial planner can prove to be a great resource.

    In some cases, both an accountant and a financial planner can be beneficial in navigating our financial landscapes.  Highly respected and experienced firms such as JTC CPAs provide both accounting and financial planning services in house, giving their clients the added benefits of both types of services.

    Consulting with a professional team is the first step in determining what type of service, accounting or financial planning, or both, that is right for reaching your specific financial goals.