3 Reasons You Should Sit Down to Budget With Your Spouse

They say that money problems are the leading cause of divorce these days. While many couples argue about money, money itself may not be the issue. Everything in your life affects your finances. Some personal finance coaches encourage couples to sit down once a week (later on, maybe more or little less often depending on your own situation) with their spouse and discuss the budget.

What benefits does this offer?

1. Both spouses (and the kids if they are invited) know exactly what the financial situation is for the family and can make decisions accordingly. It is getting close to the end of the month and the dining out budget has already been met, so the family opts to stay in and eat at home this Friday night. Or the kids can see that if they save up for that video game themselves instead of begging Mom and Dad for it, the family will be able to stay on track planning a fun vacation.

2. Arguments can be avoided! If John knows that there is not enough money in the budget to cover a week-long camping trip, maybe he can work out a weekend instead. At the same time, Jane knows that John has been working hard and deserves a vacation, so she can help spot areas where they can cut back and open up a little room in the budget to make that trip happen. Sitting down together to work on the budget reminds you that you are a team. You care about each other's needs and desires, and you work together to figure out how to make them happen. Besides avoiding arguments, you are actually building a stronger, more loving relationship.

3. You will reach financial goals sooner. If you hadn't really considered financial goals before, this weekly meeting is a good place to talk about them. Want to save up for retirement or the kids' college? Want to plan a family vacation? Each week, you can discuss your goals and see the progress you are making towards them. If a large bill comes up (suppose Mikey needs braces), then you can work together to adjust the budget. This is much better than one spouse simply cutting up the other's credit card to cover the new expense, leaving that other spouse feeling undervalued and not respected. I've heard of this happening, and trust me, it's better to talk about it and work together as the team you are!

iMoneyCoach is a financial life coaching company that exists with the goal of helping people reach financial freedom and a life the LOVE! At iMoneyCoach we not only teach the fundamentals of successful money management, but we also look at how life affects and is affected by finances. This is what sets us apart from other financial programs.

All successful athletes have coaches. A personal finance coach can take a look at your situation and see things from a different perspective or things you had not noticed before. We help you get out of debt, teach budgeting that fits your life, and show you how to set meaningful goals. At iMoneyCoach we want you to not only get out of debt but go on to enjoy financial success.

http://EzineArticles.com/6491478

What Should an Internal Audit Tell You?

Thanks to the good people at the IRS (and contrary to popular belief, most of them are good people just trying to do their jobs, not screw over their fellow citizens), there is a very negative connotation associated with the word "audit." Not always realized is that most major businesses perform audits on themselves (and they should if they don't). This is a very important part of any business' accounting departments. Why would they do something that most individual people dread? The answer to that is that, if conducted properly, there is a great deal of important information that can come from an audit.

First, it shows the accuracy of bookkeeping. Bookkeeping is typically viewed as one of the simpler aspects of modern business, especially with the advent of computer systems that automate entries that were once done by hand in multiple ledgers. However, that does not mean that bookkeeping is any less important than it was ten, twenty, fifty, or a hundred years ago. It is still critical to get the numbers right. If there is one process where the numbers are going askew, it is important to catch it and fix it as quickly as possible. This is also pivotal in helping businesses make future decisions. The effectiveness of decisions is dependent on the quality of the information available on which to base those choices. Only with accurate data can a business or company hope to consistently make decisions that will prove to profitable. Contrary to popular belief, most accounting errors occur not through unethical intentions, but rather from carelessness or honest mistakes.

Internal audits are also critical in preparing for tax time. While having inaccurate accounting data can lead to bad internal decisions that may or may not lead a company to a rough fate, reporting inaccurate tax returns to the government adds legal quandaries to the mix. When a business is audited by the government, it not only poses an immediate legal threat to that organization, it also does irreparable harm to that organization's reputation. Customers will think a business that cannot do its taxes properly will prove to be unprofessional in other departments as well.

Additionally, audits are used to determine fraud and theft where they do occur. They serve as the primary method of internal controls. Not only are they often necessary to help catch unethical behavior when it does occur, but they also help to serve as a deterrent against such behavior from one's own employees, suppliers, vendors, etc. I cannot even begin to describe the number of embezzlement cases I have heard which involved a situation where one person ran all the books all the time. Without any controls or oversight, these crimes can go on for months or even years before upper management discovers that there is a problem. Even once discovered, unless detailed records are kept, it will be tough to prove that the theft actually did occur.

More than anything else, audits should tell you whether you are doing things right. Now, it is up to your customers to tell you if you are doing the right things.

More accounting Info:
Ernst & Young - accounting
Apex Analytix - Accounting Software

http://EzineArticles.com/6506741

What Should an Internal Audit Tell You?

Thanks to the good people at the IRS (and contrary to popular belief, most of them are good people just trying to do their jobs, not screw over their fellow citizens), there is a very negative connotation associated with the word "audit." Not always realized is that most major businesses perform audits on themselves (and they should if they don't). This is a very important part of any business' accounting departments. Why would they do something that most individual people dread? The answer to that is that, if conducted properly, there is a great deal of important information that can come from an audit.

First, it shows the accuracy of bookkeeping. Bookkeeping is typically viewed as one of the simpler aspects of modern business, especially with the advent of computer systems that automate entries that were once done by hand in multiple ledgers. However, that does not mean that bookkeeping is any less important than it was ten, twenty, fifty, or a hundred years ago. It is still critical to get the numbers right. If there is one process where the numbers are going askew, it is important to catch it and fix it as quickly as possible. This is also pivotal in helping businesses make future decisions. The effectiveness of decisions is dependent on the quality of the information available on which to base those choices. Only with accurate data can a business or company hope to consistently make decisions that will prove to profitable. Contrary to popular belief, most accounting errors occur not through unethical intentions, but rather from carelessness or honest mistakes.

Internal audits are also critical in preparing for tax time. While having inaccurate accounting data can lead to bad internal decisions that may or may not lead a company to a rough fate, reporting inaccurate tax returns to the government adds legal quandaries to the mix. When a business is audited by the government, it not only poses an immediate legal threat to that organization, it also does irreparable harm to that organization's reputation. Customers will think a business that cannot do its taxes properly will prove to be unprofessional in other departments as well.

Additionally, audits are used to determine fraud and theft where they do occur. They serve as the primary method of internal controls. Not only are they often necessary to help catch unethical behavior when it does occur, but they also help to serve as a deterrent against such behavior from one's own employees, suppliers, vendors, etc. I cannot even begin to describe the number of embezzlement cases I have heard which involved a situation where one person ran all the books all the time. Without any controls or oversight, these crimes can go on for months or even years before upper management discovers that there is a problem. Even once discovered, unless detailed records are kept, it will be tough to prove that the theft actually did occur.

More than anything else, audits should tell you whether you are doing things right. Now, it is up to your customers to tell you if you are doing the right things.

http://goarticles.com/article/What-Should-an-Internal-Audit-Tell-You/5182456/