MARIELA RUIZ, CPA, PLLC

Helping Individuals and Businesses Financially Thrive.

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What is a PLLC and What Do They Do?

January 24, 2020 / / 0 Comments

Chances are you have seen the letters LLC posted after a company’s name, but do you know what it means? It’s important to first understand what a limited liability company (LLC) is and what it does in order to understand what a professional limited liability company (PLLC) is. Follow along with this blog to find out the difference between the two, who can form these groups, and why they do.

LLC vs PLLC

An LLC is a term used in the U.S. to describe a type of hybrid corporate structure used by some professional companies. These companies are owned by multiple partners, or members, which work to ultimately combine the liability protections of a corporation with the tax benefits of a partnership. The most notable difference here between the two is that unlike a PLLC, virtually anyone can become a member of an LLC.

A PLLC is essentially the same as an LLC but is owned and operated by licensed members of the same profession who will only be performing services specific to their profession. Some states require these professionals to form PLLC’s rather than standard LLC’s because they are licensed specialists. A major difference between these two types of companies is that members of a PLLC are personally liable for their own malpractice, should it occur, but not each other’s.

Who can form a PLLC?

In the states where PLLC’s are required to do business, groups are generally made up of lawyers, doctors, engineers, accountants, and other licensed professionals. This partnership arrangement requires documents to be filed with and approved by the state the business hopes to operate in. Additionally, each of the members will need to have their licenses validated by the state before approval.

Benefits of a PLLC

There are some pretty notable benefits in establishing an LLC or PLLC rather than a corporation. The main benefits of PLLCs are their limits on liability and the tax perks. More specifically, their limitations on liability for owner’s taxation and the availability of pass-through taxation. Pass-through taxation enforces that PLLC’s are the responsible parties at tax time, and not the owners. Additionally, these individuals will not be personally liable for the business’ debts or any lawsuits against the business.

Conclusion

At the end of the day, only licensed professionals of the same profession can establish PLLC’s. Though it’s important to keep in mind that each state has their own list of rules and regulations about PLLC’s and the steps that must be taken to establish and operate one. Ultimately, these two types of companies are much easier and cheaper to form than traditional corporations are.

Deciding if you should choose to do business with a member of a PLLC is a no brainer. Professionals who are members of PLLC’s will most likely be very serious licensed professionals who are supported by a group of other educated professionals. For a top notch certified public accountant who is also a PLLC member, call on the offices of Mariela Ruiz, CPA, PLLC.

How to Find a Reliable Accountant

December 27, 2019 / / 0 Comments

When it comes to our finances, there is no such thing as too much organization and attention to detail. The notion of having our money taken care of and kept in the right places can do wonders for alleviating our stress and allow us peace of mind. One of the best ways to ensure our financial security is by hiring a professional. The only tricky part of bringing in a certified personal accountant (CPA) is finding one you can trust with your livelihood. Keep reading to learn some tips on how to spot a qualified CPA and help you keep the money rolling in smoothly.

They Are Always Communicating With You:

One of the most vital aspects to a good CPA is their communication skills. If your accountant isn’t keeping you in the loop about what’s going on with your finances, that’s not a great sign it will be a smooth working relationship. The ability to articulate information to you about the state of any aspects of your portfolio, from your assets to your investments or liabilities, is paramount to your future and the reason CPA’s are hired in the first place.

They Plan Your Finances Throughout The Entire Year:

While this statement seems to be a no-brainer, you would be surprised to find out how many accountants struggle to focus on your long term futures and securities as opposed to more immediate financial management strategies. One of the best upsides to having a CPA you can trust should be the knowledge that they are spending time planning your financial strategy throughout the entire fiscal year or even longer, as opposed to advising you on week to week transactions. Keeping an eye on the future while managing the present is always the best way to grow your personal wealth, so finding a CPA that understands that can be crucial.

They Give You Tips On How To Budget:

Hiring a personal accountant that cares more about coming in, doing the basic necessities of their job each day and then clocking out will never bring you the returns that you are looking for. It is often hard to see from the outside if your accountant is going above and beyond or not, but one of the best indicators of this is the advice they give you and the regularity with which they give it. Daily, weekly and monthly budgeting tips, while not a requirement, should be expected from any CPA. The more any client knows about their finances, the better it will work out in the long term. Whether it’s merely calling to advise against a trend of purchases they see you making or providing a helpful way to save money in an area they see you are spending too much, a CPA is your financial lifeline, which means they should always be there to have your back on any financial matter.

They Don’t Mind Explaining Anything To You:

To most people, this seems like a relatively simple and obvious task for a CPA, because it merely requires them to not find your lack of knowledge about intricate financial matter frustrating. However, it is shocking how many CPA’s believe relative autonomy is the way to go when it comes to your money, which is a relatively absurd notion. While it’s true that any CPA should have deeper knowledge of your financial situation, there needs to be a consistent dialogue between them and their client that centers around informing them as much as they can about any financial matter. The more a client knows, the better they can work with their CPA to ensure they flourish when it comes to short-term and long-term financial goals.

Conclusion:

There are so many factors that go into choosing the right CPA for you. It’s important to feel safe and secure leaving your finances in another person’s hands, so why not know you are getting the best person for the job right from the start? With Mariela Ruiz, CPA, there’s nothing more important than the financial success of clients, so schedule a consultation today and take that first step towards a more prosperous future!

What You Can Expect When Hiring a Business Consultant

November 25, 2019 / / 0 Comments

Making the decision to bring on a business consultant can be a step in the right direction for your business. Whether you’re searching for a strategic planning partner or more insight into your financials, finding a consultant who can keep your business on track is a game changer. You should hire someone with background knowledge on your industry, organized planning skills, and the ability to develop training programs based on your needs. For more information on what a business consultant can do for you, keep reading!

Initial Assessment

When you set up an official meeting with a consultant, he or she will be able to provide you with an initial assessment. With this assessment, the consultant can detail your business’ strengths and weaknesses, as well as ways to implement improvements. You can also discuss goals and expectations up front, which will help your consultant understand what your wants and needs are. The more information you give up front, the better results and growth you will see overall.

Strategic Planning

Once you’ve gone over the assessment of your business, here’s where your consultant’s organized planning skills will come into play. He or she will come up with manageable business strategies that you can start applying to the company. Small adjustments to your business, like upgrading to newer technology or addressing management problems, are just some of the suggestions your consultant might talk to you about. Of course, a quality business consultant will hold you accountable to make these actions, while giving you guidance along the way. The proper consultant would want your business to succeed!

Effective Training

If your business is underperforming in certain areas, your consultant might recommend management and staff development training. Training targeted for specific levels in your departments can improve communication between management and build quality leadership skills. Although the progress and change you’re hoping for will take time, aiming for the desired results is possible today. Your commitment as a business owner and as a leader to the company is important; your goals can be achievable!

Conclusion

If you want to see improvements for your business, we suggest hiring a business consultant to meet your financial and consulting needs. Here at MARIELA RUIZ, CPA, PLLC, we can address your management concerns and form a plan of action. To get in contact with one of our professional consultants, please call or visit our website today!

What’s the Difference between Accountants and Bookkeepers?

October 30, 2019 / / 0 Comments

When it comes to accounting and bookkeeping, there are many differences. While these careers have many similarities and common goals, they are there to support your business in very different ways and for different parts of its business operations. Simply put, bookkeeping is more transactional and administrative while accounting is there to give you proper business insights based on bookkeeping information. We understand that you might not know the differences between these careers; we hope the following blog will give you all the information you need.

Accounting

As previously stated, accountants take care of the big picture   by providing you with business insights based on bookkeeping information. An accountant will process all the financial information that was brought to you by the bookkeeper or business owner. From there, he or she will create a financial model using that information. Accountants’ analysis should inform you on business trends and growth opportunities.

Accounting Duties:

  • Analyzing costs of operations
  • Aiding in the understanding of the impact of financial decisions
  • Completing income tax returns
  • Preparing and adjusting data entries
  • Preparing company financial statements

Bookkeeping

Bookkeepers, on the other hand, will play more of an administrative role in the business. They are more focused on recording financial transactions.  This will help build a business to be financially successful. The bookkeeper is on the ground floor, managing your daily transactions and looking out for changes to the organization or significant financial events that should be addressed immediately.

Bookkeeper Duties:

  • Completing payroll
  • Maintaining and balancing subsidiaries, general ledgers, and historical accounts
  • Posting debits and credits
  • Producing invoices
  • Recording financial transactions

Businesses will succeed more often than not when they have a complete picture of their finances, and bookkeepers and accountants each look at a business’ numbers through different lenses. In order to receive the best advice for your business, it is essential to have both an accountant and bookkeeper by your side. If you are looking for someone you can trust with your bookkeeping or accounting services, you can count on MARIELA RUIZ, CPA, PLLC. No matter what you are looking for, we have got you covered.

Why You Should Hire a Tax Expert

September 24, 2019 / / 0 Comments

Nobody looks forward to doing their taxes. If you’re a business owner, doing taxes can be a huge, time-consuming burden. Seeking help from a professional is a service you should really consider! To learn more about why you should contact a professional during tax season, continue reading our blog!

Employees

Doing taxes by yourself when you have a large group of employees can be nearly impossible. Trying to run your business professionally while keeping track of everyone’s wages and taxes is a stressful burden. When you hire a professional, they are able to help by keeping track and crunching all the numbers for you. This allows you to focus on being a professional and attentive business owner without the constant worry about your tax status.

Save Time

At the end of a long day, nobody wants to come home and focus on numbers all night. As a business owner, you are already doing a lot of work that often cuts into your personal time. Between worrying about your facility and how your employees are performing, you don’t have time to stress about sorting forms and numbers for tax season. Instead of spending your free time doing more work, allow a professional to step in. Their job will be to take care of the numbers and forms while you spend some much needed time away from work and with your family instead.

Numbers

Not everybody is an expert in math. If you struggle with numbers or simply would rather not deal with them, hiring a professional to work on your taxes is best. Keeping track of everything can be stressful and is unneeded when you can easily have someone handle your receipts and payroll information.

Laws

As a business owner, it’s important to know all the laws regarding your business. However, having tax laws memorized can be a bit excessive. When doing your business taxes, you don’t want to risk making any mistakes. Contacting a professional can minimize the risk of illegally doing anything that may harm your business. You’ll have peace of mind and also a connection to other business-minded people!

Conclusion

At the end of the day, taxes are stressful. The last thing anyone wants to do is come home after a day of work and continue to sort tax information. If you’re interested in hiring a tax professional to help with your books, check out our website to get started!

Qualities of an Excellent CFO for Your Small Business

August 31, 2019 / / 0 Comments

As a business owner, you understand the importance of making sure your finances line up month after month. Hiring a CFO or chief financial officer to keep an eye on your business’ money is a big step. Keep reading to learn four of the qualities to look for in your ideal candidate in order to ensure a prosperous future for your company.

CFO display.
CFO display.

Knowledge of Your Company’s Industry

Every industry is different and each has different financial needs. Ensuring you choose a financial team member that understands the ins and outs of your company’s financial field is incredibly important. In order for your CFO to be successful in the company they need to fully understand where your clients and stakeholders are coming from to make the best money choices.

Reliability

If you are ready to take the step of hiring a CFO, you’re choosing to hire a leader that you will be able to rely on in any given situation. They will not only be leaders of your accounting and financials but they should also be reliable during difficult times in order to keep the business moving forward.

Problem Solving Skills

No matter what stage your business is in, there are always problems to be solved. Whether concerns faced by small businesses or issues that arise after profitability, you need to trust your CFO will have the problem solving skills necessary to address the issue.

Nameplate with CFO printed on it.
Nameplate with CFO printed on it.

Wide Range of Financial Knowledge

It goes without saying that your CFO needs to understand the ins and outs of finance. However, it would also be highly beneficial to work with someone that understands other aspects of business such as investments and risk management. A CFO with this knowledge would be incredibly helpful for the growth of your company.

Thoughts

Choosing to work with anyone in a financial capacity is a big step, especially if you own a business. These are only a handful of the qualities needed in the perfect CFO for your company. That’s why MARIELA RUIZ, CPA, PLLC prides our self on holding all of these and many other positive aspects that make a good chief financial officer. Visit our website today to learn how we can best help your company keep growing.

3 Types of Small Business Audits

July 25, 2019 / / 0 Comments

All business audits share things in common, but do you know what they entail? The auditor, whether someone within your business or an external auditor, will do a thorough evaluation of your accounting books and financial statements. They usually check an entire year’s worth of financial data, including income and expenses. If you’re a small business owner, or maybe just curious about the auditing process, keep reading to learn about the different audits for businesses.

Internal Audit

An internal audit is a self-audit that’s scheduled and conducted by a representative of your own company. Many businesses do an internal audit once a year to ensure the accuracy of their books and financial statements. An internal audit is for your own purposes, and to check for errors or other issues.

Larger companies usually have audit departments, but a smaller business might employ just one or two people to conduct audits. Internal auditors don’t just check business finances; they also check company policies, procedures, and processes to check compliance with internal guidance and federal, state, and local laws.

External Audit

An external audit, also known as an independent audit, is an audit conducted by someone outside the organization. This is called an independent audit because the auditor has no loyalty or responsibility to the business that could create a conflict of interest. In their report, they’ll have to provide an opinion as to whether your company passed the audit. An auditor might take one of the following stances in a business audit:

  • Clean opinion – The business’s books and financial statements accurately represent the company’s financial position.
  • Qualified opinion – The auditor disagrees with parts of the company’s financial records, but the audit was too limited in scope or access to come to a definitive conclusion.
  • Adverse opinion – The auditor found that the business financial records materially misrepresent the company’s financial position.
  • Disclaimer of opinion – In this type of report, the auditor doesn’t give any opinion on certain financial records.

IRS Audit

An IRS audit occurs when the IRS finds potential errors in your tax return. Usually, the IRS schedules audits for tax returns that were filed in the last three years. A few factors can trigger an IRS audit. For example, if you claim losses for multiple years in a row or report high income levels, you may be subject to an IRS audit. 

Conclusion

As you’ve read above, small businesses go through the audit process to check on financial records and other important documentation. Whether it’s an internal or external audit, it’s best to let a professional do the job. At MARIELA RUIZ, CPA, PLLC, we have the audit services you need to keep your business in check. Contact our team today!

Why You Need a Bookkeeper

June 28, 2019 / / 0 Comments

Running your own business can be a tricky and stressful job. Taking charge and managing everything from stock and employees, to sales are all important tasks you must take care of when you are a business owner. While some of these tasks can only be handled by the owner, there are other tasks that can be overseen by a professional who is willing to help. A bookkeeper is one of the best resources you can have as a business owner. Follow along with this blog to find out why you should hire a bookkeeper.

Personal Escape

One of the most difficult aspects of running your own business is finding balance. Outside of your business, you also have a personal life. It can be all too easy to get caught up in everything that needs to be done at work. While it’s great to be focused on your work life, having some personal time to spend with your family and friends is equally as important. Hiring a bookkeeper to manage all your business finances can help you find time to spend outside of the office. You can leave work knowing that someone is going to help balance and take care of your expenses, transactions, and income.

Second Opinion

Staying sharp and up-to-date on all current business owner education and information is important. However, some aspects of running your own business can be opinion based; that is why having a bookkeeper who sees all your finances and income can help you view things through a different perspective. If you are considering making a few changes within your business, your bookkeeper should be your go-to person for a second opinion.

Scheduling

Being a business owner can be very demanding. There are multiple places where you need to be, differing situations you must take care of, plus attempting to balance family time. All of these things must be handled while also keeping track of when bills are due. Hiring a bookkeeper can make a huge difference in your ability to balance all these tasks and deadlines. Your bookkeeper will be able to take care of the books and pay all your bills on time so that you can keep up with your travel and family obligations. Bill deadlines are just another thing you can cross off your to-do list when you hire a bookkeeper.

Conclusion

Running your own business is a very demanding job. Having as much help as possible is very important. Hiring a bookkeeper to help you keep track of all your financial moves can make all the difference in your ability to balance work and personal life. Knowing that your books are being taken care of and your bills are getting paid even while you’re away can give you peace of mind. If you’ve been convinced, head on over to our website to get started with your bookkeeping process.

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May 20, 2019 / / 1 Comment

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