business consultant – MARIELA RUIZ, CPA, PLLC

Tag: business consultant

Tips for Managing Expenses as a Small Business Owner

Starting a small business is often fueled by passion, but managing expenses requires a sharp eye and a steady hand. However, according to a study by Fundera, 20% of small businesses fail in their first year and 30% of small businesses fail in their second year. These statistics underscore the importance of solid financial management from day one. In this month’s blog, we will walk you through some tips to help you manage your expenses effectively and maximize your profits.

Set a Realistic Budget and Stick to It

Creating a budget isn’t just about making numbers match. It’s a roadmap for your business’s financial health. Start by categorizing your expenses, such as operating costs and employee wages. Aim to keep your fixed costs as low as possible in your early stages. Once you’ve laid out a realistic budget, do your best to stick to it. Budgets also help you differentiate between your business and personal expenses, a critical aspect if you’re transitioning from a hobby to a business.

Related: Learn more about accounting considerations when transitioning your hobby into a business here.

Monitor Cash Flow Regularly

Cash flow is the lifeblood of any business. Monitoring it allows you to understand exactly how money is moving in and out of your business. Regular cash flow analysis will show you patterns, like times of the year when revenue is low or when expenses tend to spike. Tracking cash flow on a weekly basis can help you anticipate shortfalls and plan accordingly. You can always use accounting software to automate this process.

Plan for Retirement Early

It’s easy to focus all your energy on your business, but don’t overlook your personal financial future. Planning for retirement should start as soon as possible, even in the early years of your business. Setting up a retirement plan is not only a smart personal investment; it also offers tax advantages for your business.

Related: Learn more about how to plan for retirement as a business owner here.

Keep an Eye on Fixed Costs

Fixed costs are the expenses that remain the same month after month, such as rent, utilities, and payroll. While some fixed costs are non-negotiable, there are ways to manage them smartly. For example, consider using a co-working space instead of renting a full office. The less you spend on fixed costs, the more flexibility you’ll have in managing other expenses.

Final Thoughts

Managing expenses is a cornerstone of any successful business. By following the above tips, you can ensure your business remains financially healthy. If you need further assistance with expense management, MARIELA RUIZ, CPA, PLLC is here to provide expert guidance. Contact us today at (956) 997-0067 or visit our website at mruiz-cpa.com to learn more about our financial consulting services.

3 Reasons Why Outsourcing a CFO Saves You Money in Business

October 17, 2023 / admin / 0 Comments

Outsourcing the CFO services can be a huge money saver for your business. However, when entrepreneurs and small business owners reach a specific size or level of complexity, it can be beneficial to outsource CFO services. By partnering with a trusted accountant, you can position your business to grow and make it stronger and more secure. In this month’s blog, we will explore three compelling reasons why outsourcing a CFO can save you money in business.

business technology internet network concept

Remain Focused on Financial Goals

When running a business, it’s easy to get caught up in day-to-day operations and lose sight of your long-term financial goals. This is where CFO services come in handy. By outsourcing your CFO responsibilities to experts, you can ensure that someone is dedicated to managing your finances, monitoring cash flow, analyzing financial data, and developing strategic plans to keep your business on track.

Related: learn more about tips for keeping accurate and organized financial records here.

Streamline Your Bookkeeping & Tax Filing Process

As a business owner, you have to deal with a maze of tax regulations. You must stay on top of federal, state, and local regulations, and in a lot of cases, you may end up subject to taxation in multiple jurisdictions. Hiring a CFO who doubles as a trusted CPA is a clever way to save your business money. A CFO will implement efficient bookkeeping systems, automate processes, and provide expert guidance on the latest tax regulations.

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

senior CFO developing strategies for businesses

Access to Expertise

A recent report by Datarails indicates that CFOs spend around 10 hours per week on manual work rather than on strategic financial analysis. This means, that when hiring a CFO, your budget, cash flow management, and financial data are all done off-site by a CFO whose only job is to ensure your finances are running smoothly. This could also help you avoid pitfalls that could harm your small business.

Related: Learn more about mistakes that can harm your business here.

Interested in Outsourcing CFO Services?

At Mariela Ruiz, CPA, PLLC, we have a team of dedicated professionals who are ready to provide you with comprehensive CFO services tailored to your specific needs. From financial analysis and forecasting to strategic planning and cost optimization, we have the expertise to help you achieve your financial goals. Visit our website at mruiz-cpa.com or call us at (956) 997-0067 to schedule a consultation and experience the benefits of outsourcing a CFO for your business.

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

February 18, 2022 / admin / 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.

What You Can Expect When Hiring a Business Consultant

November 25, 2019 / admin / 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!

MARIELA RUIZ, CPA, PLLC

Helping Individuals and Businesses Financially Thrive.