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Bookkeeping for Freelancers and Self-Employed Individuals

April 9, 2024 / / 0 Comments

For freelancers and self-employed individuals, managing finances effectively is crucial for the success and growth of their business. Unlike traditional employees, freelancers must handle their own bookkeeping to track income, expenses, and taxes accurately. By establishing sound bookkeeping practices, freelancers can gain better control over their finances, make informed business decisions, and ensure compliance with tax obligations. Let’s explore some essential tips for freelancers and self-employed individuals to streamline their bookkeeping processes and manage their finances efficiently.

Keep Your Personal and Business Finances Separate

One key aspect of effective bookkeeping for freelancers is to separate personal and business finances. Maintaining separate bank accounts and credit cards for business transactions can help simplify record-keeping and ensure that business expenses are properly tracked. Tracking income and expenses diligently is essential for monitoring cash flow, identifying tax-deductible expenses, and preparing accurate financial statements. Utilizing accounting software or cloud-based bookkeeping solutions can streamline the process and provide real-time insights into the financial health of the business.

Develop an Organized System

In addition to tracking income and expenses, freelancers should also stay organized when it comes to invoicing and payment tracking. Sending invoices promptly, setting clear payment terms, and following up on outstanding payments are essential practices for maintaining a steady cash flow. Keeping detailed records of client invoices, payments received, and expenses incurred can help freelancers monitor their financial performance, identify opportunities for growth, and prepare for tax season efficiently.

Related: “Tips For Keeping Accurate and Organized Financial Records”

Asset and Legal Protection

Maintaining accurate financial records not only helps freelancers and self-employed individuals make informed business decisions but also plays a crucial role in protecting their assets and ensuring legal compliance. By keeping track of income, expenses, invoices, and receipts, freelancers can demonstrate transparency and accountability in their financial dealings.

Proper documentation of financial transactions can provide protection in the event of an audit, dispute, or legal challenge, helping to safeguard assets and mitigate potential risks. Additionally, accurate financial records can serve as evidence of income and expenses in the case of legal proceedings, contract disputes, or tax inquiries, offering a layer of legal protection and ensuring financial stability for freelancers and self-employed professionals.

Rely On an Experienced CPA

Ready to take control of your finances as a freelancer or self-employed individual? Contact MARIELA RUIZ, CPA, PLLC in Mission, TX, for expert bookkeeping and accounting services tailored to your business needs. Our team is dedicated to helping freelancers and self-employed professionals manage their finances effectively and achieve their business goals. Visit our website at mruiz-cpa.com or call us at (956) 997-0067 to schedule a consultation and optimize your financial management today.

Tips For Keeping Accurate and Organized Financial Records

September 14, 2023 / / 0 Comments

For every business, performing fast and accurate accounting is a matter of utmost importance. However, many businesses need to be aware of the different regulations surrounding keeping financial records. In Texas, businesses must keep certain records for at least four years unless the comptroller gives written authorization for earlier destruction. This shows the importance of keeping accurate and organized financial records. In this month’s blog, we will explore some valuable tips that can help you maintain accurate financial records, ensuring better financial management and peace of mind.

Keeping Track of Income and Expenses:

The first step towards maintaining accurate financial records is to diligently track your income and expenses. This can be done by regularly updating a spreadsheet, using accounting software, or even keeping physical receipts. These accounting practices can help you identify areas where you can cut costs and make informed financial decisions.

Related: Learn more about best accounting practices for startups here. 

Go Digital and Use Software:

One of the best ways to ensure accuracy and organization is to use financial software. Tools like QuickBooks or Mint can help in categorizing and tracking every transaction. These software programs often come with features that allow automated data entry from bank accounts and credit cards, reducing the chances of errors. Moreover, opting for cloud-based solutions ensures that your data is accessible from anywhere and gets backed up automatically, protecting against potential data loss.

Related: Learn more about what to consider before getting accounting software implementation here.

Schedule Regular Financial Check-ins:

Just like a regular health check-up, it’s important to routinely review your financial records. Set aside time monthly or quarterly to go over all transactions, ensuring that they are categorized correctly. This also gives you the chance to reconcile your records with bank statements, identifying any discrepancies or fraudulent activities. Additionally, during these check-ins, ensure that all documents are stored systematically. This way, when you need a specific document, it’s easy to locate without sifting through countless folders on your computer.

Related: Learn more about the best bookkeeping and accounting practices for the success of your business here.

Rely On MARIELA RUIZ, CPA, PLLC

For expert assistance in maintaining accurate and organized financial records, contact MARIELA RUIZ, CPA, PLLC. Our team is well-versed in financial management and can provide personalized solutions to suit your needs. Contact us at (956) 997-0067 or visit our website at www.mruiz-cpa.com to learn more about our comprehensive accounting services.

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.    

Importance of Hiring a Bookkeeper For Your Business in 2023

January 13, 2023 / / 0 Comments

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

December 16, 2022 / / 0 Comments

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.

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.

Bookkeeper vs. Accountant – Which Is Better?

September 23, 2022 / / 0 Comments

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

January 19, 2022 / / 0 Comments
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.

Accounting for Small Business Owners

June 30, 2021 / / 0 Comments

One of the most challenging jobs entrepreneurs and small business owners are responsible for is accurately managing their finances and taxes up to legal standards. From payroll services to tax preparations most small business owners find that investing in expert outside help is well worth ensuring meticulous perfection throughout the books. Below we review some key points you or your CPA should be aware of when managing the finances for your small business.

Bookkeeping

It’s crucial for small business owners to keep accurate financial records regarding all aspects of their business through bookkeeping. Bookkeeping can include anything from payroll services and financial statement preparation to reviewing invoices and managing expenses and revenue. It provides vital data that can help with management decisions, taxes, and getting approved for business loans.

Audits

Nearly all successful businesses will perform regular internal and external audits to ensure authenticity and search for any inconsistencies. External audits are more effective than internal audits than because they eliminate any possible conflicts of interest, must be completed by a CPA, and provide impartial results.

Taxes

When it comes to small business taxes there is so much more involved than just the tax preparation itself. Many small business owners benefit from strategic tax planning and audit representation to further ensure their business is safeguarded by the best. Texas is home to the second largest economy in the country and with that comes unique tax conditions for franchise owners, limited liability companies, sole proprietorships and other small business owners.

Final Thoughts

Over the years Mariela Ruiz, CPA, LLC has provided countless business owners in Hidalgo County, TX with affordable and convenient bookkeeping and payroll services including audits, tax preparations, financial consulting, forensic accounting and much more. Visit our website for a full list of our array of services or call (956) 997-0067 for any questions you may have.

Ways Small Business Owners Can Prepare For Tax Season

March 31, 2020 / / 0 Comments

Just the thought of tax season approaching can cause people of all kinds to stress. Whether you are self-employed or own a small business, taxes are confusing and overwhelming. If you are a small business owner, we’re here for you! Follow along with these tips to see how you can best prepare for filing!

Here are some tips: 

One of the first ways you can feel prepared is by consistently keep your personal tax information separate from your business’s tax information. It is important to remember you will have to file each separately, so keeping them from getting mixed together is a great way to avoid stress later on down the line. 

Another great way to prepare is by keeping track of all your business records. Ensuring your payroll and other lists detailing your expenses are all in order is a great way to feel less lost. When you can easily lay everything out, there will be less confusion! If you are struggling with understanding the types of documents needing to be saved, hiring a professional bookkeeper is the best way to ensure your confidence. 

Finally, seek help with payroll! While it may seem easy enough, hiring a professional who can keep track of all your payroll expenses and documents is a great investment. Not only can you cross the worry of weekly payroll duty off your list, but also come tax season you are going to have a perfectly laid out file. You and your tax professional will be much happier with perfectly kept records from an experienced bookkeeper!

Conclusion

Tax season is unavoidable, so instead of stressing and putting off the inevitable, feel prepared! Hire a bookkeeping expert to help you year-round. Visit MARIELA RUIZ, CPA, PLLCto get started today.

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