ACCA & Pace University “Finance & Money App”

©ACCA ACCA (the Association of Chartered Certified Accountants) Founded in 1904, ACCA is the global body for financial and accounting professionals, with over 170,000 members and 436,000 students in 180 countries. The ACCA Qualification provides an entire understanding across both the management and financial accounting disciplines. It includes tax and audit, which means that our finance professionals are best placed to support business change, growth and efficiency because they have a complete understanding.

©ACCA Finance & Money 101  Budgeting Basics  Tax Preparation  Stock Investment  Retirement Planning

©ACCA Budgeting Basics  A budget is nothing more than a breakdown and plan of how much money you have coming in and going out  First step in creating a budget is to track your income.  Second step is to track your expenses.  Now that we now what comes in and goes out, we know how much is remaining. A positive number is great while a negative number suggests that we need to figure out how to cut costs or increase income.

©ACCA Tax Preparation “In this world nothing can be said to be certain, except death and taxes.” Benjamin Franklin

©ACCA Tax Preparation  Taxes are mandatory contributions to the city, state and country that you live in.  Taxes are complicated and every year, Americans overpay the government about $400.  Staying organized is the most important thing a tax payer can do every year. This means saving:  Government confirmation of your return & refund  Receipts of charitable donations  Large medical or dental bills  Records of business or job hunting costs  Forms from your job showing income you’ve made  Purchases, sales, and improvements to real estate property  All actions in your investment & IRA accounts

©ACCA Stock Investment  Stocks represent ownership in a corporation that entitles you to part of that corporation’s earnings and assets.  Some people prefer to buy individual stocks in a company  Some people prefer to buy shares in a mutual fund which represents diversification and spreads the risk out

©ACCA Retirement Planning  401k – retirement account from employer  Pension – fund into which money is added during an individual’s employment years  IRA – many different versions but the most popular is when contributions are tax-deductible

©ACCA Many resources in the marketplace Mint Excel Quickbooks TurboTax/H&R Block CPA Potential Apps & Features What challenges do we face? Are these the right solutions for a senior population? Are they easy to use? Are they in the right language? Is text large enough? Is there a way to assist a senior throughout the year to organize and prepare for one of the topics we covered?

©ACCA Feedback from Around the Globe  Provide prompts when bills are due  Creative ways to access (pictures, fingerprint, etc.)  Voice option for visually impaired  Ability send screenshot to son/daughter  No jargon (pay bill, check balance, etc.)

©ACCA Questions?