When you work in the accounting field, your clients expect you to have their best interests at heart. As a result, accounting is about much more than preparing tax returns and making financial recommendations. Because online money management is one of the financial tasks many people struggle with, accountants should learn about the most popular money management tools on the market. Mint.com helps people understand where their money is going, making it one of the most important tools for accounting professionals.
Mint.com is an online money manager that allows users to set financial goals, track spending, and identify spending trends. As an accounting professional, you should have a basic understanding of how Mint.com works so that you can discuss its features with your clients. Mint.com makes online money management easy because users can see all their accounts in one place instead of having to log on to several different banking websites. Mint.com also has a mobile application available, making it possible to perform money management activities on the go.
For clients who forget to pay their bills on time, the online money management tool has a valuable alert feature. The service sends reminders to email accounts or mobile phones to help users remember to pay important bills, potentially helping your clients avoid late fees and additional interest charges. After analyzing users' spending habits, the money management tool even sends alerts to advise them of ways they can save money. While the online money manager is not a replacement for your services, it can help your clients keep better track of their money and alert them to areas of concern so that you can discuss those concerns from a financial standpoint.
Although Mint.com is a valuable online money management tool, remember that your clients may have different individual needs. While some of your clients might need help using this type of money management tool, others might benefit more from other accounting services. In his article "Retirement Planning Missteps: Older Clients Need Less Money Management Advice," Mason Braswell says that older people need less advice about online money management and more advice about planning for long-term care and other issues common to the senior population. Paying attention to your clients' future needs can help them preserve more of their wealth, which will help ensure that their money goes to their children or their favorite charities instead of to nursing homes or long-term care facilities.
Your clients rely on you to give them advice that applies to their particular circumstances, so understanding the features and benefits of popular online money management tools like Mint.com can help you guide them in making better financial decisions. Although these money management tools are no substitute for your professional advice, they can help your clients do a better job of tracking their expenditures and learning how to save money.
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