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What Are the Different Types of Financial Health Services?

Article Details
  • Written By: Geri Terzo
  • Edited By: PJP Schroeder
  • Last Modified Date: 24 March 2018
  • Copyright Protected:
    2003-2018
    Conjecture Corporation
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Businesses and individuals can obtain financial health services in order to improve or assess the overall condition of income, assets, and debts. For a business, a financial audit, which may be done by an accountant to ensure that conditions are being represented properly, leads to an analysis of financial activities. An individual may have an audit performed as well. Businesses and individuals looking to improve financial health could turn to firms that perform consulting and financial advisory services.

One way for an individual or family to obtain financial health services is to engage the help of a professional. A financial adviser could work to improve the financial health of a person by making recommendations as well as attempting to protect and increase the assets of a client. This professional may determine the health of an individual based on the amount of debt in relation to income streams and any assets, such as real estate. There is a healthy level of debt that is acceptable, but it is also possible to incur excessive financial obligations, and the financial health services provided by an adviser may help an individual to avoid troublesome debt.

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For a business, a consultant may be turned to for financial health services. This professional can assess if a company is utilizing all of its resources to the fullest potential. In the event that a consultant is hired to evaluate the way that corporate assets are being directed to grow a retirement fund, for instance, investment changes could ensue. A consultant may provide financial health services that determine if an organization will have enough assets to pay for liabilities at a given time in the future and, if not, then what to do about the problem.

Audits are proactive types of financial health services that may be performed on behalf of businesses or individuals. This type of service could be done internally with the proper resources, or a company can hire a third-party accounting firm. The involvement of an accountant for a financial audit supports the confidence that other outside parties, including investors and lending institutions, may have about a business or an individual. An audit is meant to confirm the truthfulness of the way that financial activity is disclosed. In the event there are any inconsistencies, errors, or misleading information on a financial statement, an auditing firm can identify the issue and advise on a solution to lead to a healthier financial condition.

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