MARIELA RUIZ, CPA, PLLC

Helping Individuals and Businesses Financially Thrive.

Tag: business finances (page 1 of 2)

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.     

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

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?

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.

Expenses That You Didn’t Know Were Tax Deductions!

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Tax deductible expenses are basically work or company expenses in which the government allows tax relief. During tax season, it is much better to come prepared and have all your books and records straight for a successful financial audit. You can claim tax deductions on expenses that are exclusively made in the interest of the business as per HMRC. The following is a list of tax deductibles that you can claim this tax season.

1. Expenses of Your Business

If you have invested a significant amount of capital on the expenses of a startup or your business, you can claim it all as a tax deductible by showing it as a business expense. All the hardware and supplies like computers and office stationery necessary to set up your business, the cost of business registration as a licensed product, the web domain fees, and advertising are all under the umbrella of tax deductibles. Any expenses that are paid for using personal funds can be claimed when the company or legal entity starts trading, so be sure to keep receipts and maintain accurate records.

2. Office Maintenance

For any repairs and maintenance work for your office, the amount is tax deductible. If you are working from an office, you can also file your rent for the premises as a tax deductible as well. This also includes small business owners who work in a home office. In this case, you would have to report what percentage of your home is used for your business and measure your work space.

3. Electricity, Water, and Gas Bills

Due to the spread of COVID-19, people were assigned to work from home. If you also work from home, you can easily claim a certain percentage of your electricity, water, and gas bills as tax deductibles. Determine how much of your home is used for professional work purposes. The said amount will be registered as a tax deductible amount from all your expenditure. This includes power bills, council tax, and even some part of the interest on your mortgage payment.

4. Subscriptions

If you are paying for subscriptions strictly for professional purposes, it can also be stated as a tax deductible. For example, a production company will have access to multiple editing and animation software products.

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Conclusion

Claiming tax deductibles is a technical aspect and should be left to seasoned professionals to take care of it. Are you looking for a public accountant to take care of your financial affairs? Let a professional do it for you. MARIELA RUIZ, CPA, PLLC offers professional accounting, bookkeeping, and tax preparation services at affordable rates 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 the Landscape of Internal Auditing Will Change in Coming Years

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COVID-19, undoubtedly, affected the entire work dynamics and environment on a global level. Every field had to adapt to new circumstances. Internal auditing faced a number of unprecedented challenges. It brought a number of opportunities and challenges alike. It has, in fact, become a race against time to be prepared for the inevitable. The following are the key risks we believe that internal auditors will need to focus on.

Cybersecurity

Cybersecurity is an elephant in the room and we need to address it fast. With COVID-19, we saw an increased dependance on technology among all organizations, no matter what field you choose to review. Cybersecurity has become one of the greatest concerns among corporations and businesses. Data security should be the first concern of internal auditors in 2022.

Other Risk Factors That Require Auditing Efforts

Apart from cybersecurity, the following are growing key risk factors that all internal auditors must be prepared for by 2030:

  • Continental drifts in the global economy
  • Diversity of the workforce
  • Efficacy of management from the top hierarchy
  • Inevitable climate change
  • Rising artificial intelligence and its implementation

Strategies and Resources to Overcome the Upcoming Challenges

There is always a silver lining to a dark cloud. Amidst the crisis, resources have grown considerably in favor of internal auditors to tackle the aforementioned risks of the future. Here are some tactic driven approaches to take out the problem in a constructive manner:

  1. Proactively prepare for the key risks by considering their solutions right now rather than later.
  2. Figure out the necessary skills required for the future and train your staff, so everyone is equipped with an adequate skill set for a relevant job market.
  3. Develop a communication link between the workers and stakeholders in the organization for a better understanding of the company’s future goals.
  4. Introduce and adopt technology and the latest methods and practices of the trade to maximize results and stay up to date with the market.
  5. Gather all the experience and data retrieved through remote working and test possibilities with a hybrid-working environment.
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Conclusion

Internal audit requires many qualifications and years of experience to develop an insight on how finances run through the market and corporations. Are you looking for a public accountant to take care of your financial affairs? Let a professional do it for you. MARIELA RUIZ, CPA, PLLC offers professional accounting, bookkeeping, and tax preparation services at affordable rates 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.     

What Can a Forensic Accountant Help You With?

A forensic accountant is a person who has all the expertise and skills needed to thoroughly investigate financial cases. He or she can also provide you with professional advice and solutions to overcome issues. So, if you’re thinking about which matters a forensic accountant can help you with, stress less. To clear your doubts, we’ve discussed all the possibilities that you can consider.

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1. A Shareholder or Partner Dispute

If you’re a person who is involved in a shareholder or partner dispute, fret not. A forensic accountant can help you with all sorts of disputes. The accountant will carefully study, analyze, and take the whole situation into consideration. Without being biased, the accountant will help determine the benefits and compensation that are owed to each shareholder and partner. The accountant will also ensure that the shareholder and partner agree to continue a diplomatic partnership. Not only this, but also accepting the outcome.

2. Selling your business

A forensic accountant can also assist you in figuring out a precise valuation of your company, so that you are well aware of how much it’s worth when the time comes to sell it. Even if you don’t plan to sell your company, at least you will know the value of your business and stay in the loop.

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3. Account Record

It becomes quite crucial to keep an eye on your business and also ensure that it is in good trustworthy hands when there are many people handling your records, because accounting malpractice can happen at any time. But if you lack expertise and you are suspicious about your bookkeeper, a forensic accountant can help you maintain accounting records. The accountant will walk you through the whole record your bookkeeper is maintaining and review how exactly they were handling.

4. Commercial Damage

You can also refer to a forensic accountant if you are suffering from commercial damage. The accountant will accurately study all the breaches of the contract, fraud, and construction claims and will provide you with expert testimony. Once the review of all the complexities of a commercial damage case is completed, your accountant can also help you present the facts to the jury.

5. The Fraud Risk Assessment

Not every person working and holding a position of power can be trustworthy. If you believe that your manager is involved in fraudulent activities, you can hire a forensic accountant. The accountant with all this expertise and experience will perform a fraud risk assessment. This process will help you prevent further financial theft at your workspace.

Conclusion

If you come across any of these situations, you should consult the professional services of a forensic accountant immediately. They will undoubtedly protect you and provide you with the best solutions. For instance, if you’re looking for a forensic accountant, you can rely on MARIELA RUIZ, CPA, PLLC. We offer professional forensic services 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.

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

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

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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

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.

Financial Controller Services

The growing pains that flourishing companies experience look different and fluctuate over time based on department, company size, rate of growth, and other key factors. In finance departments, management may notice that as transactions increase in volume and complexity, managing the day-to-day duties of accounting and finance, while maximizing growth and performance can get overwhelming. When this happens, it may mean it’s time to invest in adding a financial controller to the payroll.

What is a Financial Controller?

A financial controller is someone who’s a certified public accountant (CPA) or has equivalent industry experience and education in accounting or finance. Controllers are hired when a company’s finance department requires supplementary support with some of their financial oversight. Every financial controller job is unique, but most will be responsible for ensuring maximum financial efficiency, health, and compliance within their company.

Who Needs a Controller?

As a company becomes more inundated with business overtime, it is normal to crave additional assistance in order to ease the increasing workload on each individual. It is often the chief financial officer (CFO) of a company who will eventually require the direct support of a financial controller. Depending on the company, a financial controller may be responsible for helping the CFO with financial reports and statements, preparing budgets, providing internal audits, preparing taxes, managing purchase orders and other financial related duties.

Final Thoughts

Outsourcing financial controller services for your growing business can provide a cost-effective resource of support at a critical time in your business’ development. Whether your company needs temporary or permanent financial support, you can rely on Mariela Ruiz, CPA, LLC of South Texas! She has a proven track record in her field and is committed to honesty, efficiency, and success every time! Call our team today at (956) 997-0067 to find out how we can help you and your business thrive!

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