Is Household Accounting Necessary In Modern Times?

Planning and financial management lately have not only been the concern of companies that are engaged in the commercial sector but now the concept of financial management has also begun to be looked at by many families and households. Many families, especially new families, do not yet understand how to properly and properly manage and plan household finances. This can be seen from the number of families who still feel deficient in fulfilling their needs even though they have sufficient income. This condition has also become the concern of many accountants, especially those with expertise in financial planning, to open seminars and training on financial planning for families. This also seems to be a new business opportunity for public accountants, especially financial planners, to become personal financial planning consultants. If you need accountant services for your household needs, we are the best inventory bookkeeping can provide the best service to you.

Indeed, family financial planning and management is the process of financial planning to achieve both short-term and long-term financial goals for family and household activities. Family financial planning and management is the application of accounting principles to family financial transaction activities. Therefore, planning and managing family finances are often referred to as household accounting. Simple household accounting is to record household income and expenses in a certain period, usually every month.

Household accounting is easy to learn but negligent to implement. The difficulty in implementing it was not due to the difficulty of the method and principle of recording, but that the difficulty stems from the reluctance of the family to apply it. Usually, the family will ignore the recording of income and expenditure that occurs in the household. They consider it trivial and so they are reluctant to do it. Even though many benefits can be obtained by applying household accounting. One example is by recording family financial transactions, a family can see how much benefit the family gets from the transaction. Also, families can find out which expenditure items are deemed unnecessary so that in the future they can save more. Especially in modern times that are completely digital and online like now. Family shopping transactions are done very quickly and easily. This is because to shop, a family doesn’t have to bother going to a mall or other shopping centers. They only have to open their computer, laptop, or smartphone to shop. Payment is also made instantly, namely via internet banking or credit card. Of course, this is not uncommon for a family to go crazy shopping and unwittingly spend a lot of money. If you look at the conditions above, it can be said that household accounting is needed by the family.