The success combination in business is: Do what you do better... and do more of what you do...
Most of us strive hard to achieve a work life balance. In the bargain, we sometimes compromise on activities related to personal finance which are considered a little less urgent than others. Ironically, these activities help you balance your life over a longer term.
At Fides, we offer you specialized services in areas of personal finance. Our value objective is to help you concentrate on your business and enjoy life without compromising on your long term goals. Although we believe in the adage “a stitch in time saves nine” and recommend all Clients to initiate their wealth management process as early as possible, we have kept three different packages to add value to relevant needs of the Client.
Personal Tax Management
For most people the thought of tax planning make them cringe, the paperwork, the forms and of course the fine prints. But at Fides Advisory we are committed to free our Clients from all Income tax planning and related complexities. We offer a wide range of services to help you to minimize your tax exposure and to enable more efficient planning for your personal affairs, whilst ensuring you comply with all the latest tax legislation. Following are the services included within the ambit of tax planning.
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Effective Tax planning
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Tax return filing including ancillary services
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Advance tax calculation & payment
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Follow up with Income tax on refund
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Representation to Income tax whenever required (at nominal extra costs)
Personal Taxation & Management Accounting
Most of us do a lot of goal setting, budgeting & planning for our business. However, for variety of reasons, we are not able to do it in personal life. Finding motivation to tackle bad financial habits is easier said than done. Yet being in control of your economic destiny is the first step on the path of financial security. We would like to help you.
The first step towards better control is effective Management accounting. It is a tool which is forward looking and not historical; It’s a means to an end. Some of its benefits are outlined below:
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It helps in saving enough to be able to tackle any unexpected crisis and in making regular investments for a stable future.
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It helps in making credit decisions; in assessing the amount, timing, and uncertainty of future cash flows.
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It helps you control your money and makes the spending more purposeful. Builds our discipline and organizes our funds.
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Looking at your finances in regular intervals will allow you to spot trends and see areas that can be improved way before it becomes a problem. By preventing crisis from starting, you are way ahead of everyone else who can only react!
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Money is always a hard subject to discuss in the family. Management Accounting helps you to lay out the facts when talking about money matters and the expense tracker is the perfect tool to do this!
Management Accounting includes concepts like Financial Accounting, Budgeting & forecasting of cash flows.
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Financial Accounting is the field of accountancy concerned with the preparation of financial statements like Income/Expenditurestatement and Balance Sheet. It is a process of summarizing financial data from your accounting records, which could be bank statements, cash spending records, bills, credit card statements, investment records etc.
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Budgeting involves understanding how much money you earn and spend over a period of time. When you create a budget, you are creating a plan for spending and saving money. Here all sources of income are identified and expenses are planned with the intent of matching the outflows and inflows.
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A personal cash flow statement shows your personal sources and uses of cash to assist you in personal cash budgeting. It basically shows the movement of funds from income to expenditure. It is usually prepared for short term visibility.
Management accounting will be coupled with tax management services, details of which are provided above.
Personal Financial Planning & Wealth Management
While we are all aware that personal financial planning is an on going process of establishing personal financial goals and creating a way to reach there, wealth management is quite often misunderstood as portfolio management. In fact, wealth management is an advanced investment advisory discipline that incorporates financial planning. It is not only about creation of wealth to achieve the family’s personal goals but also includes philanthropic and other related aspirations.
Many of us make the two common mistakes in our personal wealth management. The foremost of it is to do it all alone. We all feel that we can manage our stuff but it’s always difficult to concentrate on your vocation and manage the wealth. We definitely compromise on either when we decide to go alone in the process. The other common mistake is to have different partners for wealth management. You need one wealth manager who understands your and is aware of your goals to give holistic advice on the wealth. He is a part of you. The risks can be distributed at the time of execution of advice.
At Fides, we position ourselves as your family CFO. We work with you on all your banking, legal, taxation, investment and estate planning requirements. We help you talk to the financial institutions and get the best product mix. All our recommendations and decisions are based more on factual data and less on emotions.
We believe that management of wealth is as difficult as creation of wealth. We help you in both. |
