In an era of economic hardship and a turbulent economic regime, Associate Director at Accounting and Advisory Services of KPMG, Reindolph Annor, is urging individuals and companies to plan their finances well in order to control cost and make significant savings in these critical times.
According to him, the current economic condition of the country calls for the need for people to plan their spending activities judiciously to avoid entering into a financial ditch.
Speaking in an interview on Market Place on Joy News, Mr Annor mentioned that an important component of financial planning is taxation, saying, people cannot evade taxes, but make good financial decisions to enable them to save some money from their taxes.
“As an individual or corporate, you need to plan your affairs to make some tax savings. You cannot avoid or evade taxes but you can plan your affairs to make some savings there”.
He added that people should endeavor to make short term financial plans to enable them to adapt to evolving financial expenses so that they can remain economically afloat.
“In these times, your plans must be a bit short-term and stay agile, so that you can adapt because the environment we find ourselves, things keep evolving and changing”.
“So your cash flow planning should be a bit short term. That you can come back to it and see what additions to make, he said.
He further advised people to set goals for themselves to guide their expenses and spending in these critical times of economic hardship and distress.
Reindolph Annor will continue with the Advisory Series on “Planning Finance in an Austere Economy” on Market Place and Business Live on Joy News at 1pm and 5pm today January 10, 2022.
