The Insurance Accountant And The Athlete
The typical responsibility of an insurance accounting professional is to calculate the periodical contributions to the health benefits plan, insurance policy, or pension fund. The accountant’s duties include:
– Reporting and accounting for pension plans, health plans, and insurance.
– Processing of journal entries and proper maintenance of sub-ledgers.
– Providing assistance to review and prepare the annual financial statements.
– Balancing sheet account reconciliations.
– Providing assistance to periodical closing activities.
A professional athlete’s body is his business. He uses his physical strength and ability to be on top of his game. Sometimes, it is inevitable to sustain some injuries that may diminish his current power. Aside from that, he has no power to stop his body from aging no matter how hard he tries. An athlete needs an insurance accountant to help him manage his finances, investments, tax, health and insurance plans, and pension plan. The accountant can help the athlete maximize his wealth while reducing the taxes that he needs to pay.
Advantages of having the Right Accountant
Everyone can be an accountant, but not everyone can be a good accountant. A wise athlete should take time in choosing the right accountant to manage his financials so he can retire without worry. He should be able to hire an accountant who can come up with an effective risk management plan.
A reliable accountant can effectively present a good financial forecast and set up an efficient budget to meet the goal. A reliable accountant can pull off discreet investments for the high-profile client using sensible methods. The accountant must be able to accommodate the things that the client wants to inject in the plan and analyze the impact of the client’s suggestion on the long-term goal.
Professional athletes and entertainers are bound to face unique challenges in dealing with their present and future finances. Even if the athlete has a bit of knowledge in accounting, he may still find it impossible to handle his finances efficiently.
A reliable insurance accountant understands the client’s financial planning needs. It is wise to plan early to reap more benefits later upon retirement.