MARIELA RUIZ, CPA, PLLC

Helping Individuals and Businesses Financially Thrive.

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Importance of Hiring a Bookkeeper For Your Business in 2023

If you are a business owner, you understand how important it is to have your finances and books in order. With this rapid growth of innovative startups in the business sector, hiring a bookkeeper gives you the freedom to focus on the company’s well-being than tedious bookkeeping. Following are some of the reasons you should consider hiring a professional bookkeeper for your business in 2023.

1. Your books will always be up to date.

One of the most critical components of running a successful business is cash flow. If your cash flow is being accounted for and tracked in a place, you will have a better understanding of where the finances are flowing. You can invest and delegate your money accordingly for maximum returns. A bookkeeper plays a more hands-on role in keeping your cash flow under control. Financial transparency allows you to be proactive about growing your business and ultimately lets you plan and forecast without risky guesswork.

2. Hiring a bookkeeper will save your time.

A bookkeeper will take all the technical aspects of managing your books off your hands. This will save you immense time. Rather than wasting your precious time on maintaining your cash flow and books, you can focus on the development and wellness of your business. If you are not disturbed by the reconciling financial records, you will be more focused on sales, marketing, and team building for the best outcomes for the growth of your company. Hiring a bookkeeper will save your time.

3. A bookkeeper will eliminate every margin of error from financial records.

A bookkeeper is responsible for managing, sorting, and keeping track of your business financial transactions. They have access to your entire cash flow and control it depending on the budget set for the business growth and development. Bookkeepers are experts that will identify and eliminate every margin of error from financial records to avoid any unnecessary financial leaks.

Related: “Bookkeeper vs. Accountant – Which Is Better?”

Conclusion

Whether you are an individual with a job or a business owner, you can benefit greatly 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 simply give us a call at (956) 997-0067 for further assistance.     

How Outsourcing Allows You to Be Free of Business Accounting

We understand that accounting isn’t for everyone and how problematic it can be to keep track of your business finances. Are you a business owner struggling to prepare to close the books for 2022? Guess what! You’ve landed on the right article. We will help you understand how an outsourced accounting services provider will help you with your accounting tasks and budgeting for next year’s finances. Without further ado, let us take a closer look at this in-depth blog.

It gives owners complete peace of mind.

Business owners often struggle with managing finances as well as numerous accounting tasks. Though they might have things under control, there still might be times where they need to focus elsewhere in order to keep the business operating and growing. So, if you’re a business owner having a hard time focusing on growing your business, it’s time to consider finding someone who can handle the accounting of your company more professionally. You can consider hiring an outsourced service provider. They will help you manage the following:

  • Control the day-to-day transaction coding.
  • Accounts receivable
  • Accounts payable
  • Payroll
  • Management of financial reporting
  • Many other services as needed by the company

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

It will help you focus on growth with technology.

As a business owner, if you want to have access to top-tier technology that will make running your business even easier, teaming up with an outsourced accountant will be the best choice you can make. They will introduce and connect you to new technology that will help you handle your finances, marketing, sales, supply chain, customer service, and other business functions even better. By opting for more efficient programs, processes, and procedures, your business can have the tools that it needs to grow without the need to hire more people to help in the office.

Related: “How Accountants Can Help You Make the Leap from Good to Great”

Wrap Up

If you’re looking for professional accounting and bookkeeping services, you can rely on Maria Ruiz, CPA, PLLC. We offer professional accounting and bookkeeping services and support from a team of knowledgeable experts in Mission, TX. Check our website to learn more about our services, or simply give us a call at (956) 997-0067 for further assistance.

Bookkeeper vs. Accountant – Which Is Better?

Bookkeepers and accountants both support and manage businesses at different stages of the financial cycle. Therefore, it gets hard to distinguish between each process. Do you want to learn about the difference between bookkeeping and accounting? To help you get a better understanding, we have compiled an in-depth analysis that will explain the functional differences between accounting and bookkeeping. Scroll down to read more!

The Key Differences between Accounting and Bookkeeping

Bookkeeping Tasks 

  1. It helps you record and categorize your business’s daily payments and expenses. 
  2. It helps you send customer invoices.
  3. It also helps you to record all the payments received throughout the month and year.
  4. It even helps you conduct bank reconciliation every month.
  5. It helps to prepare books for the accountant.

Related: “What’s the Difference between Accountants and Bookkeepers?”

Accounting Tasks

  1. It helps you perform accurate audits.
  2. It provides you with tax advice.
  3. It even helps you file tax returns and conducts tax planning.
  4. It helps you analyze the cost of operations.
  5. It even helps in advising business owners during their financial decision-making.

Related: “Accounting for Small Business Owners”

The Functions of Bookkeeping and Accounting

Bookkeeping is comprised of:

  1. Posting debits and credits. 
  2. Producing invoices.

Accounting is comprised of:

  1. Analyzing the costs of operations.
  2. Completing income tax returns.

Related: “How to Find a Reliable Accountant”

Which Is Better?

Both bookkeepers and accountants are required for organizing financial records and balancing finances, along with accurate tax filing. Plus, both accounting and bookkeeping play a vital role in contributing to the long-term success of every business. However, you should know that the charges for accounting and bookkeeping may vary accordingly. Lastly, it all depends on your choice, as whichever option you choose, your main concern should be to help your business grow and expand at the same time.

Wrap Up

If you’re looking for professional accounting and bookkeeping services, you can rely on MARIELA RUIZ, CPA, PLLC. We offer professional accounting and bookkeeping services and support from a team of knowledgeable experts in Mission, TX. Check our website to learn more about our services, or simply give us a call at (956) 997-0067 for further assistance.

3 Signs That Your Business Needs Accounting Services

An accountant sitting at a desk with a computer doing taxes

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

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 You Need to Know for the 2021 Tax Season

Many will agree that 2020 has been a year of unique challenges but 2021 is just right around the corner! With that being said, below we discuss some things to keep in mind as we approach 2021 and the upcoming tax season.

Tax Day is Thursday April 15th, 2021

This is the date you must file you taxes before! Most can take the standard deduction which has increased from this year to $12,400 for single filers and $24,800 for married couples filing jointly. You may also itemize your deductions which is a little bit more painstaking, however is worth it if your itemized deductions exceed your standard deduction.

Stimulus Checks Aren’t Taxable

The CARES Act was instituted near the beginning of the COVID-19 pandemic and gave many citizens a onetime payment of $1200. These payments will not count as taxable income in the upcoming year which is great news for most tax payers! You can think of it as a kind of advanced refund you would have received as part of your 2021 tax refund.

Unemployment Income is Taxable

The pandemic has caused much of the country to shut down for extended periods of time, leaving many Americans jobless through no fault of their own. If you were one of the millions of Americans who received unemployment benefits in 2020, you have to pay taxes on that income. If you opted to defer taxes on your unemployment payments before you received them then you will need to save for the taxes that will be due when you file, or pay estimated quarterly taxes to stay ahead.

Final Thoughts

As always, consult your tax professional to get the most out of your taxes in 2021 and speak with someone who can help you in your specific financial situation. Mariela Ruiz, CPA, PLLC is here to help individuals and business owners in the Mission, TX community with their taxes and wishes you all a prosperous 2021!

What Can a General Ledger Tell You About Your Business?

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.

Should You File Your Taxes Jointly or Separately?

For married couples who live together and share finances, tax season can bring with it a lot of questions about how you should file and why. In this month’s blog post we briefly dive into what couples need to know before filing their taxes and how they can determine if they should file jointly or separately.

Married Filing Jointly

Your filing status determines your tax rate and the amount of deductions you can qualify for. For most couples filing jointly is the best option for several reasons. Basically, married couples can continue to qualify for a lower tax rate despite having a higher taxable combined income. This tax break in addition to one of the largest standard deductions offered by the IRS makes filing jointly the best option for the vast majority of married couples.

Married Filing Separately

The circumstances in which a married couple would benefit more from filing separately are far and few between. They mostly include situations where one spouse has outstanding deferred debt that needs to be collected promptly. Examples can include having large amounts of student debt or costly outstanding medical bills. Filing separately is also the best option for couples who are expecting to get divorced within the year.

Final Thoughts

If you’re still unsure of which status makes the most sense for you, call on a highly qualified and experienced CPA. One tax service does not fit all so it’s important to turn to a professional who is committed to finding the absolute best option for you and your family. Contact the experts here for a variety of services including forensic accounting, tax services, financial consulting, bookkeeping, and much more.

The CPA: Your Litigation Support Professional

There are a wide variety of types of court cases that can require the additional support of a CPA. Oftentimes in civil and business litigation, courts and powerful legal teams will require a CPA to weigh in based on their expertise in finances and accounting. Follow along with this blog to learn about the types of cases they typically work on and how having a CPA on your legal team can help you get the case results you seek.

Forensic Accounting

While forensic accounting may sound like a job reserved for detectives or the secret service, it is broad term used when a certified accountant applies the theories and principles of accounting in a legal setting. A CPA hired for litigation support purposes will review bank statements, receipts, time sheets, and any other necessary financial documents involving the case.

Business and Civil Litigation

Too often complex accounting, appraising, and tax issues find their way into business litigation. A certified public accountant with litigation support experience most often work either for or against a business to prove or disprove alleged disputes. For example, forensic accounting can either make or break cases involving bankruptcy, fraud, data analysis, damage evaluations and more.

In addition to business litigation, civil litigation cases will often require the additional support and expertise of a CPA as well. Most often their role in court will be as a consultant, but there are times when they are asked to stand as an expert witness too. Civil cases that could benefit from a CPA’s support can include those involving marital settlements, taxes, valuations and more.

Conclusion

When litigation is simply unavoidable, ensure that you have a solid legal team working in your favor. A CPA working to support your case will able to provide a judge and jury with indisputable evidence and facts that less qualified individuals wouldn’t have been able to uncover. For a CPA who’s highly experienced in providing top notch litigation support and forensic accounting services, contact us today!

How to Find a Reliable Accountant

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!

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