MARIELA RUIZ, CPA, PLLC

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Why Your Business Isn’t Making Money and How to Fix It

January 8, 2024 / / 0 Comments

Businesses may offer outstanding products, maintain satisfied customers, and experience steady growth, but still face challenges in generating profit. This issue is frequently seen in small businesses but it’s not exclusive to them. Even long-standing, well-established businesses can experience this problem. In this month’s blog, we will explore the common reasons businesses struggle financially and provide practical solutions.

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Lack of Budgeting and Financial Planning

Failing to plan is planning to fail, especially in business finance. Many businesses don’t have a detailed budget or financial plan, leading to overspending or misallocation of resources.

Solution: Keep a close eye on your finances. Implement strict budgeting and use integrated accounting software to track expenses and revenues. Regular financial audits can also help identify and rectify issues before they escalate.

Related: Learn more about when to consider a financial audit for your startup here.

Inadequate Tax Planning and Compliance:

As a business, it is your responsibility to ensure you’re paying the appropriate amount of taxes specified. Any non-compliance with tax laws can lead to hefty fines and penalties. For instance, in Texas, ignorance regarding the filing of tax returns will result in a 5% up to 20% penalty.

Solution: Work with a tax professional who can help in strategic tax planning and ensure compliance. This may involve tax-friendly business structures, tax deductions, and credits that your business can benefit from.

Related: Learn more about the reasons you need to hire a tax expert here.

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Unstructured Financing

Borrowing money or having a line of credit is expected and useful for growing businesses that feel the pressures of tight cash flow. However, what should relieve pressure can become a source of stress if it is not well-structured. High-interest business loans come with high monthly payments, which can tighten cash flow and increase monthly costs.

Solution: Businesses with high monthly payments should seek accountants for professional guidance on how to manage their debts effectively. An expert accountant can assist in creating a customized strategy for managing debt, pinpoint ways to save costs and guarantee the financial stability of your business.

MARIELA RUIZ, CPA, PLLC: Your Partner In Managing Your Business Finances

At MARIELA RUIZ, CPA, PLLC, we help businesses just like you thrive by providing comprehensive financial solutions. Our approach combines personalized financial planning, innovative financing strategies, and cutting-edge technology to empower your business’s growth journey. Visit our website at mruiz-cpa.com or give us a call at (956) 997-0067 to learn more about how we can transform your financial challenges into growth opportunities.

What To Consider Before Getting Accounting Software Implementation

July 10, 2023 / / 0 Comments

Many small businesses reach a point where the traditional manual procedures and fragmented accounting practices that were once used to manage their financial matters become more of a hindrance than an advantage. This calls for the need for personalized accounting software, but the process of implementing accounting software demands careful consideration and planning. In this month’s blog, we will discuss key factors that should be considered when considering the implementation of an accounting software system.

Identify Your Organization’s Needs

Before choosing accounting software, it’s critical to thoroughly evaluate your business’s specific needs and requirements. As your business expands, your financial processes may become more complex, so you want to choose accounting software that offers scalability. Speak to your accountants to gain better insight into what difficulties they face daily with the present accounting software.

Related: Learn more about the importance of hiring an accountant when starting a business here.

Evaluate The Software’s Features and Functionality

While many accounting software options are available in the market, not all will cater to your business’s specific requirements. Therefore, it is crucial to evaluate the features and functionality offered by potential software solutions. You don’t want to pick the wrong software, so check out the basic features such as accounts payable and receivable, financial reporting, inventory management, payroll, etc.  

Related: Learn more about the key considerations and best accounting practices for startups here.

Security And Data Protection

Accounting software often handles sensitive financial information, making security and data protection paramount considerations. However, reports show that small business rank highest in occupational fraud frequency, and you don’t want to be one of them. Evaluate the software’s security measures, including user access controls, and regular updates to safeguard against potential cyber threats.

Related: learn more about how forensic accounting saves your business from fraud here.

Rely On MARIELA RUIZ, CPA, PLLC!

Implementing a new accounting software system is a crucial decision that can significantly impact the financial management of your business. At MARIELA RUIZ, CPA, PLLC, we have been accumulating invaluable insights for many years, having guided numerous clients through successful accounting software implementation. Call us at (956) 997-0067 or visit our website www.mruiz-cpa.com to learn more about how we can help you.

Best Bookkeeping and Accounting Practices for the Success of Your Business

March 9, 2023 / / 0 Comments

Managing your personal finances is one of the primary priorities in one’s life, and a majority of people can manage this on their own. But when it comes to bookkeeping and accounting for business finances, it is entirely different. There is a lot more to consider, and with employees and customers counting on you, the stakes are much higher. The following are some of the best bookkeeping and accounting practices you can adopt for the success of your business.

1. Set internal control over finances.

Setting internal control over the business finances can reduce the risk of fraud. Your bookkeeping policies should be diversified and not solely dependent on one person. Establish dual control of processes that include purchasing or receiving payment.

In simpler words, the person who opens the mail for bills should be someone other than the one who writes the check. And the person who writes the check should not be the one to authorize it. The list of payments should be forwarded to the accountant, so the entire process is free of fraud.

Related: “What Can a Forensic Accountant Help You With?”

2. Determine the accounting method that suits your business needs.

There are two standard accounting methods widely practiced in business management—cash basis accounting and accrual accounting.

Cash basis accounting is one of the simplest methods and approaches for accounting and bookkeeping. Cash basis accounting records transactions at the time cash actually changes hands and is usually only recommended for companies that do business strictly in cash payments.

The accrual method uses the matching principle to record revenues and expenses in the time frame they occur, regardless of when payments are made or received. The accrual method is usually the best choice for any business which will be invoicing clients.

3. Keep your personal and business finances separate.

Keeping your personal and business finances separate is crucial to ensure clarity in the management of accounts and finances. Ensure that you and your employees are not using the business funds for personal purchases or expenses.

Have separate bank accounts and credit cards for your business expenses. This will immensely help you when you are filing for taxes and ensure you keep the records. You don’t want to face legal action because your business and personal finances were intermingled.

Related: “Why Is It Essential to Hire an Accountant When Starting a Business?”

Conclusion

Whether you run a startup or manage a large corporation, you can benefit significantly from the services of a professional bookkeeper in meeting your financial goals. MARIELA RUIZ, CPA, PLLC, offers financial consulting, professional accounting, bookkeeping, tax preparation services, and more in Mission, TX. Visit our website to learn more about our services or call us at (956) 997-0067 for further assistance.    

Why Is It Essential to Hire an Accountant When Starting a Business?

November 18, 2022 / / 0 Comments

Accounting is of great use when starting a business. Indeed, it is the tool that makes it possible to provide and store data related to the financial state of a company. However, when you embark on a business launch in Mission, TX, a large number of accounting procedures are essential stages as per Texas law. A seasoned accountant can help you in this new business venture, from the time of launch to the final steps. Let’s explore more in this month’s blog.

Get the Right Business Plan

Your business plan is the complete presentation file for your creative project. It is necessary to obtain professional aid. However, during this key stage, an accountant can support you and provide you with the knowledge on how to deal with taxes, legal and social obligations, and most importantly, how to achieve your company’s objectives. This is called the right business plan.

Ensure the Credibility of Your Project

Not only does the creation of a business have a cost, but in addition, you often need to build your credibility as a business owner and earn respect and trust for the work you do. Here, an accountant can help you analyze your market as part of your market study, carry out the legal formalities for the creation of your business, and finalize your business plan. In this area, accountants are real strategists and second-to-none. 

Detect Any Scams That May Hamper Your Business Launching Process

Money frauds are everyday things in business if you ignore organizing your records from the beginning. To avoid such kinds of potential financial losses, you must have a trusted person to keep a regular check on your cash flow and manage your records. A seasoned accountant or bookkeeper is a sensible investment to operate a successful business. You need to play smart if you want a successful launch.

Related: Learn more on how an accountant can save your business from fraud here.

Conclusion

Remember, launching a business is a big achievement in itself, but hiring the right accountant will be another feather in your cap. Rely on our accountants and bookkeepers! Contact MARIELA RUIZ, CPA, PLLC to be well-supported and guided at each stage of the creation and development of your business. Our accountants take the time to explain each possibility to you.

How Forensic Accounting Saves Your Business from Fraud

August 26, 2022 / / 0 Comments

No company in the world is completely safe from a variety of internal and external threats such as fraud and misinformation. As such, it is critical for a business to work with forensic accountants to make sure everything is in order regarding accounting and bookkeeping operations. Forensic accountants have keen minds and they like figuring out what really happened! In this month’s blog, we will discuss how forensic accounting keeps your business away from fraud and how to choose the right accountant for this task.

You May Benefit From A Forensic Accountant If…

First of all, before hiring a forensic accountant, you have to determine when and why you need their services and help. Well, if you have been robbed, are suffering from commercial damages, or even if you catch one of your employees stealing from your business, then it’s time to seek their assistance. A forensic accountant is a trained professional that combines a set of skills to investigate financial cases from the inside out.

Related: Learn more about the main role of a forensic accountant here.

How to Hire the Right Forensic Accountant

A forensic accountant must have many skills to be able to do their job to the fullest and provide the desired results. Nevertheless, forensic accountants can specialize in a variety of industries. Therefore, hire someone who has undertaken similar cases before. Not to mention that you have to research their portfolio, experience, and credibility.

The Objectives of Forensic Accounting

While forensic accounting primarily aims to detect fraud in financial activities, it has much more far-reaching implications than simply identifying fraud.

Below are four forensic accounting objectives:

  • It can help the company reduce losses significantly.
  • Forensic accounting ensures that business activities are legitimate.
  • It can help businesses avoid a range of legal threats.
  • Forensic accounting can help a company develop value-added economic policies.

Related: Learn more about forensic accounting and how it works here.

Conclusion

Nowadays, our news feeds are constantly flooded with stories regarding fraudulent acts. The age of the internet has given scammers and cybercriminals an opportunity and a channel to fraud businesses. This is where a forensic accountant comes in handy. If you need seasoned a forensic accountant in Mission, TX, choose MARIELA RUIZ, CPA, PLLC. We have many years of experience in the industry and specialize in all accounting areas. To learn more about our accounting firm and services, visit our website.

Ways to Help Your Clients Survive an Audit

June 24, 2022 / / 0 Comments

Audits can happen to anyone and at any time and can easily stress and petrify any client or tax professional. As a result, it is your responsibility to look after your client and ensure that they face the situation with caution. With your assistance, advice, and support, your clients can deal with audits professionally. Not only this, but with your necessary accounting and tax services, your clients can easily overcome late tax payments, fines, and other issues. To help you out, we have created a guide that will help you know what to do if your client ever goes through an audit.

You can be a representative.

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At times, tax rules can be complicated and can vary depending on the situations and clients. Therefore, it becomes necessary to have adequate counsel from a professional and well-experienced tax specialist. If you are a CPA or an enrolled agent, then you can easily be a volunteer and represent your client. This way, you can ease the stress of your client and seek out better solutions for audits.

Related: “How to Minimize Your Chance of an Audit”

Assist your client with their tax record.

Try to assist and work with your client to make sure all the valid records are arranged in the correct order and can easily be submitted to the IRS for a successful audit. You can also advise your clients to keep clear and transparent records throughout the year. This way, you have all the important information readily available if the IRS needs it.

Everything is written in black and white.

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Ask your client to demand their auditors capture their contacts on paper or with narrative explanations. Not only that, but you can also encourage your clients to keep records of all their formal and informal contacts with their auditor. This allows you to easily take care of the official requests and document exchanges that may likely appear in the future.

Related: “What is the Audit Process?”

Plan ahead of time.

Instead of rushing at the end, encourage your client to plan ahead of time. Ask them to arrange all the paperwork correctly and provide support for the position they have taken or plan to take. Though time extensions are frequently granted on legitimate requests, it is still better to take the proper time to plan ahead because you might not know what circumstances and challenges you might encounter in the future.

The Bottom Line

If you need professional auditing advice, rely on MARIELA RUIZ, CPA, PLLC. We are here to make the process easy and stress-free for our valued clients. Just let us know your requirements and we will ensure all your audit needs are successfully met. Learn more about our services by visiting our website or by calling us at (956) 997-0067.

How Accountants Can Help You Make the Leap from Good to Great

February 18, 2022 / / 0 Comments

Behind every successful business is a great accountant – that is one of the key reasons why small companies become great.

Being a business owner is a huge job with many facets, since running a business involves so many important challenges and you are responsible for them all. But skilled accountants can lighten your load by taking responsibility for a few of these challenges based on their deep knowledge of tax loopholes, deductions, and government subsidies.

In this month’s post, we’ll show you exactly how the work of an accountant supports the long-term growth and success of your business.

What Do Accountants Do?

To begin with, we’d like to bring to your attention that there are many types of accountants, and each accountant can specialize in a particular area. However, public accountants might be the most critical financial consultants for business accounting. Public accountants often work independently and may contract with companies. Not only will they improve financial processes and produce reports and data, but they will also advise you on planning strategies, helping you with tax preparation, and other financial planning.

Is an Accountant Able to Transform Your Business From Good to Great?

While some companies settle for good results, there are other companies in the same industry and with the same opportunities that manage to make the leap from good to great. You may wonder how that is possible, and if so, how? The answer is figuring out if your business needs accountants, then handing over your financial tasks to them and having confidence in them. You heard it right!

Accountants can do an amazing job in improving business efficiency and saving money. An experienced accountant strives to give you all the information you need to make competent and effective business decisions.

Here are some of the specific services provided by a masterful accountant:

  • Advice and Assistance in Selecting a Business Entity

You have to work extensively with an accountant before any official registering of your business, because every decision you make early on will have a huge impact on the future potential of your company. Therefore, getting all the information you can get is crucial to making the right choices.

  • Create and Maintain Cash Flow Projections

A healthy cash flow is essential for a healthy business. That’s exactly what a masterful accountant will do. They will help you assess your cash flow and take control of it by studying your business and keeping you up-to-date about your business budget.

A great accountant will provide you with neat weekly and monthly budget reports so you can know how the budget is flowing in and out of your business.

  • Offer Financial Advice

In the business world, there is nothing better than an experienced accountant to advise you. When working with clients and jumping in to make big purchases or start new marketing campaigns, it’s best to consult with an accountant who can analyze the risks and benefits of your options.

Final Thoughts

The leaders of great companies get the right people on the bus and put them in the right seats; then they figure out where to drive it. Be sure to work with the best accountant in your city. MARIELA RUIZ, CPA, PLLC offers the most professional accounting services in Mission, TX. Our experienced accountants will cover all of those exhausting tasks and accompany you through your business journey. Please call us at (956) 997-0067 to learn more information about our working hours or visit our website for more information.

3 Signs That Your Business Needs Accounting Services

January 19, 2022 / / 0 Comments
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For startups, it is easy to get by without the services of an accountant in the beginning as there is barely any need of it. If you own a business and have access to an accounting software with the know-how of accounting for small business owners, you will do just fine. But as you continue to expand, there will be tell-tale signs that it is time to hand over the task to a professional accountant.

1. Your business has experienced a major growth spurt.

With great power, comes great responsibility. Every business owner dreams of such progress and if you are experiencing such a shift in paradigm, you will need to expand. More staff, inventory, work processes, and internal system only leads to more paperwork and calculations. It is wise to have a person dedicated to this task and responsible for keeping all the finances in order.

2. You find yourself in need of professional financial reporting.

If your business is in search of investors or loans, it is better to have your company’s financial state and history in order. It is one of the most integral parts of a loan application or a proposal to investors. You will need a professional who knows the trade inside out. An accountant understands the relevant information that needs to be included with financial reports to score investors and loans. An accounting specialist will also produce financial forecasting for your business. This will provide insights for what direction your business is heading to.

3. An audit hangs over your head.

An audit due can be a stressful experience. If it is your first time being audited, you should know what the audit process is. If you don’t have a professional accountant by now, it’s high time you get one. An accountant will work through your paperwork and help you organize and identify the information that the IRS will inquire about in the audit. Your hired accountant can also directly liaise with the IRS on your behalf. This will free up your time to work towards more productive and constructive goals. 

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Conclusion

MARIELA RUIZ, CPA, PLLC offers professional accounting and bookkeeping services in Mission, TX. We guarantee you success through our highly experienced team of accountants, tax experts, and bookkeepers. We don’t ask for your vote of confidence – we will earn it through our services. Get yourself an accountant at MARIELA RUIZ, CPA, PLLC or call us at (956) 997-0067 to book an appointment.

How Accounting Services Can Drive Your Business

December 30, 2021 / / 0 Comments

Accounting refers to the detailed and systematic recording of any financial transaction in a business. Accounting plays an essential role in running a company, mainly because it helps track income and expenditure. In addition, accounting enables statutory compliance and provides the government, investors, and management with qualitative financial information vital to making business decisions. Furthermore, it helps in scaling a business, as it generates critical financial statements, such as:

  • The income statement gives profit and loss information.
  • Balance sheets give a clear understanding of the financial position of any business.
  • A cash flow statement acts as a bridge between the income statement and the balance sheet.

Accounting reports the cash the business generates and spends during a specific period. Any business must keep its financial records clean and updated to enable the company to run smoothly. Below are the key points on how accounting can help speed up your business.

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  1. Enables Business Evaluation

Accounting helps in evaluating your business since financial records reflect the business operations. It also allows you to see the business’s financial position and get a better understanding of the business’s financial state. In addition, it enables in keeping track of gross margin, expenses, and compares the current data with the previous accounting. This report supports allocating budgets appropriately.

2. Allows for Budget Creation and Future Projections

Financial records play a crucial role for any business, especially for future projections. Budgeting is critical as you base business trends and forecasts on vital financial data provided by well-structured accounting processes.

3. Filing of Financial Statements

It is a requirement that businesses file financial statements with the register of companies. In addition, it’s critical to file them with the stock exchange, direct and indirect tax filing purposes. Accounting plays a vital role in these scenarios for business evaluation.

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Conclusion

For any business to be successful, there have to be clear financial records that govern the company. Business success is fundamental if you are looking to understand the financial state of your enterprise. If you need accounting, bookkeeping, audit, tax, and business management consulting services, contact our team of specialists at MARIELA RUIZ, CPA, PLLC.

What Can a General Ledger Tell You About Your Business?

November 27, 2020 / / 0 Comments

According to The Blueprint, “The general ledger is an essential part of accounting and bookkeeping processes. The general ledger serves as a repository for every transaction that is recorded, and is a must for any business using double-entry accounting.” Companies can use a general ledger as a way to view specific details from transactions from month to month or even the current year. Learn more about what a general ledger can do for your business.

Manage Expenses

Have you noticed you are paying more utilities and rent? Are there increased costs for professional services you were not aware of? You can access your transactions by running a general ledger report to see activity. These transactions are recorded in different account types, such as assets, revenues, expenses, etc. Within your expense category, you can find detailed information on rent, payroll, and professional services you use. A general ledger allows you to manage overhead costs and get an overall view of your business expenses.

View Monthly Activity

If you need to look at expenses from March to April, run a general ledger report for more details. This accounting practice is encouraged for company owners to see their activity for a specific time period. The general ledger will have beginning and ending balances for the months you need. Any activity between those time periods are shown, which can be activity from sales, payroll, inventory adjustments, and more.

Catch Any Errors

If there is an unusual increase in expenses from a certain category, turn to your general ledger. You can look for errors by viewing the activity. In addition, you can check on any journal entries recorded or modified. Corrections for any errors can be made within the journal entry. If the journey entry is true, then no correction is necessary.

Conclusion

When you need general ledger accounting, contact MARIELA RUIZ, CPA, PLLC. We review and analyze your general ledger for any discrepancies and determine if corrective action is necessary. To learn more about our general ledger service, call (956) 997-0067 or visit us online here.

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