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Accounting Mistakes That Could Harm Your Small Business

May 1, 2023 / / 0 Comments

While large businesses may have the resources to bounce back from financial blunders, small businesses, on the other hand, may not have that cushion. For entrepreneurs and small businesses looking to keep their cash flow steady, there are some steps they can’t just skip trying to make the leap. In this blog post, we will discuss some of the most common mistakes that can sink and destroy small businesses.

No Rainy-Day Fund

Failing to save for emergencies is one of the biggest financial mistakes that even the savviest business owners go wrong with their small business financial management. A rule of thumb is to have at least six months of running business expense as your rainy-day fund to avoid any financial shortcomings. The last COVID-19 pandemic did a number on many high-profile companies in the US, and this is a case in point on the importance of saving for emergencies and planning for the unexpected.

Mismanaged Taxes

Going for DIY taxes software to quickly cross off your to-do list can simply lead to costly tax issues. Managing your business taxes is an entirely different ball game than managing your personal ones. You need an expert well-versed in local and business laws to help you with your taxes. As a small business owner, you already have a lot on your plate, which is why hiring a tax expert can be a smart investment for your small business.

Being Oblivious to Fraud

Small business owners often wear many different hats and accounting might be one of their skills. While it’s a good thing that you’re able to handle your small business finances on your own, there is a risk of failing to catch the signs of fraud. Specialized accountants like forensic accountants have keen minds and it’s their job to ensure your business activities are legitimate and everything is in order. In cases of fraud detection, we believe that one can never be too careful. Hiring an accountant will minimize the risk for you.

Related: Learn more about how forensic accounting can save your business from fraud here.

Starting a Business without the Backup of an Accountant

Having your business see the light of the day is a big step. However, 20% of small businesses fail in their first year and being one of them is the last thing you want. That shows the importance of having a good business plan and the backup of an experienced accountant. No business can survive without a solid long-term plan and a vision to execute it.

An accountant can assist you with market forecasting and analyze the current situation to devise a plan for your business’s future. A seasoned accountant can help you put your business plan together and be your key success as you move forward.

Related: Learn more about why it’s essential to hire an accountant when starting a business here.

Let MARIELA RUIZ, CPA, PLLC Help You Reach Business Milestones

Small businesses face unique financial challenges that require careful attention and planning. MARIELA RUIZ, CPA, PLLC is here to ensure that you are well-supported and guided at each stage of the creation and development of your small business. Check our website to learn more about our services or simply give us a call at (956) 997-0067 for further assistance.

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.     

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.

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.

What Can a Forensic Accountant Help You With?

April 22, 2022 / / 0 Comments

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

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
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.

Financial Controller Services

August 30, 2021 / / 0 Comments

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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