Tag: financial planning

The Value in Certified Public Accountants

When businesses require financial assistance, we immediately think they’re either using accountants, bookkeepers, or a mixture of both to ensure their financial documents and taxes are in order. However, many large financial institutions and businesses use certified public accountants who act as financial advisers. Hawaii CPA

For instance, a Hawaii CPA will work on a wide variety of financial matters, including business and personal financial planning and tax preparation. What makes a certified public accountant different than a regular accountant is the distinction that they have through their certifications.

Not only do certified public accountants need to go through rigorous testing but they must go through continued professional education in order to stay up to date on financial regulations and rulings.  CPAs are regulated by the government.

Do You Need A Certified Public Accountant?

It’s recommended that if you’re running a business of any size, you should hire a certified public accountant as it’s unlikely that you’ll have the time to spend crunching numbers or trying to understand complicated tax forms.

The Advantages of CPAs

In addition to having the confidence in knowing your taxes are done correctly each year, a certified public accountant can help you create a budget that adheres to both your current revenue and expenditure streams, and offer strategic financial planning so you understand exactly where your business stands financially. CPA’s can also help with preparing financial statements, and help you with payroll and financial software setup.

Why You Should Start Saving Money for Your Child

As any parent will tell you, kids grow up fast. One day you’re feeding them in a high chair, the next you’re sending them off to school. Though parents of young children may be more worried about finding a babysitter than planning for their child’s financial future, the truth is the future is closer than you think. You’ll want to speak with a CPA in Honolulu in order to get your child’s financial future squared away, especially to handle what is often the biggest expense of a young person’s life – college. Financial Planning

As colleges around the nation are becoming more expensive, parents must start planning earlier and earlier to ensure that their child can afford to go to a good school. A child with parents who have carefully saved money for college will likely be faced with far less student loan debt than other students. This is very important, as research has shown that such debt can have a major limiting effect on a young person’s career and life choices.

The best course of action is to consult a professional who can guide you in making financial decisions for your child’s future. An expert will be able to develop strategies for maximizing your savings and getting the best possible return on your financial investments.

A knowledgeable accountant will be able to help you work with QuickBooks or another type of money managing software to make financial record keeping a breeze. Managing finances can be a headache if you’re not experienced in the area, and a professional will reduce stress and allow you and your child to focus on the choices that really matter. Call Michael J. Yuda at (808) 838-9008 to find out how we can help you manage your child’s future!

Financial New Year’s Resolutions

dollar-163473_640Did you make New Year’s resolutions this year? Were they related to your financial health and well-being? As we finish up the first month of 2015, many of us seem to have abandoned our resolutions, but that doesn’t mean you can’t reinstate those resolutions, and secure a healthier financial life. Here are some helpful ways to keep your financial resolutions in the New Year:

  • Set specific, measureable, realistic, and attainable goals! Creating a broad goal like paying off all debt, or just simply saving money is a recipe for failure. Making goals like saving $200 per month or $5,000 this year are more attainable and easier to maintain.
  • It’s important to figure out how much you can actually save per month. Calculate your monthly costs and income to figure out a number that you can put away and still be able to live day to day.
  • Revisit your goals often and adjust as needed. Every so often, it’s important to take a step back and see how you’ve been doing with meeting and maintaining your goals. It’s important to adjust your goals as needed, to ensure you can actually reach them.
  • Review things like your 401(k), meet with a CPA, and review retirement plan contributions to help ensure a financially healthier life beyond the New Year. There might be things you can be doing that will help you save more money.

When you’re in need of financial guidance, visit the premier CPA in Hawaii! Request an appointment with Michael J. Yuda, CPA, LLC in Honolulu, Hawaii today!

Is Saving for Retirement Important?

Jar of coinsWhile skimming through financial articles, we ran across the Fifth Annual Wells Fargo Middle-Class Retirement Study. Most of the statistics this study shows are more or less expected. It reports that, of those surveyed:


  1. 34% are not saving for retirement
  2. 19% have no retirement savings
  3. 68% find saving for retirement harder than expected
  4. 61% say they are not making sacrifices to save for retirement


Though we advise and want people to retire securely, we understand the difficulties. What really caught our eyes though was this statistic: 22% would prefer to die early than run out of money. As your dedicated CPA in Hawaii, this hit us hard. Traveling through retirement comfortably is important, but it isn’t as important as living. Moreover, you can do both.


If you have yet to start your retirement plan, start it. You can start small and work your way up. The important thing is that you start a plan. The earlier you begin, the easier it will be. If you are worried, rest assured you are not alone. According to the study, 48% of non-retirees surveyed are not confident their savings are enough to retire.


Do what you can now to remove or further remove yourself from the negative portion of these statistics. Call an expert when you need help. If you would like to discuss this issue any further, please let us know.

Saving Money for Children

family savingsCreating a financial base for children at a young age is a great investment for their future! Putting money away for the child will help them greatly as they embark on their college career and further along into adulthood. As the child grows older, getting them involved in the saving process will educate them on the importance of good spending habits and savings practices. It teaches them valuable lessons about money and how money works. Here are some simple ways to kick-start a child’s finances:

  • Open a savings account with a bank or other financial institution on behalf of the child. If possible, start the account when the child is just a baby. As time goes on, and the child is old enough to understand the concept, encourage them to deposit birthday or holiday money, such as checks, into the account for safekeeping.
  • Implement a college savings plan. A 529 college savings plan allows parents to put money away tax-free for their children’s education. Savings in this type of account can be used at any accredited college in the United States for undergraduate or graduate studies.
  • Create a jar or piggy bank for storing any money the child wishes to save in their presence. Sometimes the child will want to watch the money accumulate or feel how heavy a piggy bank will become over time, driving them to want to save more and more.

If you want to help make a difference in a child’s life and are looking for the guidance of a professional, don’t forget about the best CPA in Hawaii.  Visit Michael J. Yuda CPA, LLC today!

4 Easy Steps to Develop Good Spending and Saving Habits

medical costNot everyone can easily save money and create a personal budget; this is of course why some seek out a CPA in Hawaii. However, there are 4 easy tricks that can help you start developing better spending and saving habits.

  1. Know your expenses! It’s important to spend time to assess where the bulk of your savings go. Expenses such as rent/mortgage, utilities, and other important payments should be factored into your budget first.  Things like entertainment should be a second thought.
  2. Save until it’s safe to splurge. The more cash you have stowed away, the quicker it is for you to recover once you succumb to a splurge. Never live beyond your means! It’s important to have a good savings foundation built before spending money on things that don’t exactly fit into your budget.
  3. Resist upgrades! This is not only reserved for the newest gadgets and gizmos, but for everything! Essentially, what we mean is, don’t spend money on any new version of something that you have that works fine.
  4. Calculate nominal costs! Get into the habit of calculating nominal costs of reoccurring expenses. Before you sign up for a subscription service, figure out how much that will actually cost over the year, maybe over the next 5 years, and so on. Not committing to these can actually save you a load of cash in the long-run.

Summer Special

92001457_scaled_154x210Here at Michael J. Yuda, CPA, LLC, we’re extremely excited to announce our Summer Special. What exactly does it all mean? For a limited time, we will be offering a FREE 30 minute consultation for new clients. This exciting special is just another way to heat up your summer and get yourself down the path to better financial health. Michael J. Yuda is a premier CPA in Hawaii and offers a slew of services to help you make wise financial decisions. Yuda is here to help you manage your tax, accounting, QuickBooks, and other bookkeeping matters.

If you’re interested in benefiting from a free 30 minute consultation, please contact us today to schedule an appointment. Our firm can help manage your business or personal finances with the necessary technical experience and expertise to succeed. When you choose Michael J. Yuda, CPA, LLC, you’re getting personal, reliable, professional and trustworthy service–guaranteed. Take advantage of our amazing summer special today, and get 30 minutes of free consulting from the premier CPA in Hawaii. We firmly believe that your success is our success, and are committed to helping you.

To learn more about our services and to schedule your free consultation visit our website today! We’re looking forward to help you handle your finances.

Achieving Financial Wellness

Its raining money

What does financial wellness mean to you? Does it mean not living paycheck to paycheck? Does it mean having a little extra cash each month to spend on dinners out, the newest fashion and weekly Friday night happy hour? Or does it mean having the luxury to vacation annually anywhere in the world?

Financial wellness means something different to everyone, but the one key factor that applies to everyone is the need to manage our money so that we can live life without overspending and overextending our financial means. It’s never too late to take a step back, reevaluate your spending and living costs and come up with a plan that will lead you to financial stability.

Here are tips you can easily incorporate into your life that will allow you to achieve the financial wellness you desire!

1) Create a budget – The very first step to achieve financial wellness is to develop a budget that contains your monthly income and living expenses.

2) Automate your savings – Before you spend a single cent of your earnings, have your savings auto drafted to an account. If possible, set aside at least 10% of your income. If 10% is too much, don’t sweat it. Put as much as you can in, but do it every paycheck, automatically. It’s also a good idea to put any extra income – like bonuses or income tax refunds – into this account too!

3) Cut unnecessary expenses – Limit your surplus spending. Eating and drinking out is often the main culprit. How about that daily coffee that costs $5? That’s $150 per month in unnecessary spending. Do you need all those cable channels? Or how about that gym membership? If you’re only going once per month anyway, it makes sense to pay by the visit and save the difference.

4) Carry cash – Pay in cash when possible. Swiping plastic does not have the same realization as to what you are spending as handing over cash.

5) Plan for major purchases – Sticking to your budget means not splurging on a new flat screen TV or laptop on a whim. If you intend to buy something expensive, add it to your budget plan and save. This way you’ll be able to purchase it without using credit (and paying additional finance charges).

6) Plan for your retirement – It’s never too early – or too late for that matter – to start planning for your retirement. There are many options, including money market accounts that can exponentially increase your contributions. Seek out advice on how to best meet your future needs.

7) Get tax advice – Finally, if you’re not good with numbers and finances but you want to learn how to achieve financial wellness and you’re looking for a CPA in Hawaii, Michael J. Yuda CPA, LLC can help!

Planning for Your Retirement

Retirement is something that seems quite far away, however, it really isn’t. If we live long enough, some of us eventually reach a point where we leave our careers and opt for less intense work life. Many years ago, there was a time when companies included pension plans in their compensation packages and employees could look forward to receiving a percentage of their salaries to live on for the remainder of their lives. However, now it’s important to us to create a comfortable retirement that we rely on when we’re lucky enough to sit back and enjoy some time off. Here are a few tips for retirement savings:

Saving Retirement

  • Make a Plan! Saving for retirement might seem difficult at first, but with some guidance, coming up with a foolproof plan could be a breeze. Meet with a CPA to learn how much you can comfortable contribute to your retirement goal each year.
  • Start saving! It’s sometimes hard to just start saving money, but once you get into the proper mindset, saving becomes almost second nature. Designate an amount of your pretax income to contribute to your retirement savings on a monthly or bi-weekly basis. It’s easier to save money that you don’t have in your hands, so set it up so that your retirement savings automatically go into your savings account. Be sure to keep your hands off your savings!
  • Take advantage of retirement plans! Learn about programs your employer offers. From 401(k) plans to IRAs, take advantage of these.

There are many other ways to help amp up your retirement savings. If you’re looking for a CPA in Hawaii to help you guide you down the path of a more financially secure future, visit Michael J. Yuda CPA, LLC today!

Fun Facts You Didn’t Know About Saving Money

When you’re trying to save money, it sometimes seems impossible. However, there are a few tips and tricks that can help secure success. Below are just a few fun facts about money saving:Saving money

  • Did you know that by watching less television, you might have an easier time saving money? When you avoid TV, you’re less exposed to guilt-inducing ads, and ultimately a high cable or electric bill. Advertising makes so much money because it works. However, advertising isn’t always friendly on your wallet.
  • Many credit card companies will work with you on a rate reduction. Although these deductions aren’t extremely high, you can save up to $150 a year.
  • When we’re stressed, we’re more prone to impulse buys. Going to the gym or participating in any type of exercise isn’t just good for our bodies; it’s great for our wallets too. Exercise reduces stress, which can prevent impulse buys.
  • Delete your credit card numbers from your online accounts. Everyone loves the convenience of 1 click shopping, but by un-synching your account, you might re-consider your purchase, helping you save money.
  • Many people aren’t aware of all the benefits they have at their jobs. Do your research and see what types of benefits you might be overlooking; these could help you save money. If you find yourself spending a lot on entertainment, you might find that your employee offers benefits like free or discounted tickets.

If you’re looking for financial guidance and want to finally reach financial stability, consider choosing the premier CPA in Hawaii, Choose Michael J. Yuda CPA, LLC.