MARIELA RUIZ, CPA, PLLC

Helping Individuals and Businesses Financially Thrive.

Tag: finance management

A Foolproof Plan to Get Your Finances in Order in 2023

Managing one’s finances is full of complications and technicalities. It is essential for people to take out some time to manage their finances. If a person can learn to manage their money, they are already on the path to financial freedom. If you struggle with financial management, you are not alone. The following is a foolproof plan to get back on track with your finances.

1. Set a budget.

The first step to getting a hold of your finances is to make a budget. Figure out and calculate how much you spend every month. This includes your rent, utilities, fuel expenses, and groceries. Having set numbers for the exact budget helps you control your expenses, and you have a fair idea of how much you can save and spend on other things. Sticking to your budget will help you start off with an understanding of your spending behavior.

2. Save money by distinguishing between wants and needs.

Saving money is the hardest task for many people. If you want to save money, we have a simple way for you to plan your savings easily. Distinguish between your wants and needs. Drawing this line helps you figure out where you are wasting money or whether it is even necessary to spend or not. After figuring out your budget, make a realistic goal of how much money you will save every month. Believe in the principles of compound interest and see your savings soar in a year.

Related: “Expenses That You Didn’t Know Were Tax Deductions!”

3. Use automation to your advantage.

Automating your bill payments is another step towards taking control of your finances. Automating your finances will make sure that you are sticking to the plan and that no bills go overdue. There are many benefits of using automation to your advantage in this regard. It takes away the stress of remembering to pay on all the different dates. Plus, it also saves you from late payment fees.

4. Be done with your debt.

The next step in this plan is to get rid of your debts in the first place. With your accumulated savings, pay off your debts before it starts accumulating more interest. It is always better to be done with your debts so you can move forward more freely and be in control of your finances. Experts advise building up an emergency fund right after you have paid off your debts. This fund will secure your assets from liquidation in case of any emergency.

5. Strategize for your long-term financial plans.

The best time to start investing in long term financial plan was yesterday. The second best is right now. Do not delay in making long term plans regarding your finances. The best approach towards planning is careful and informed deliberation of your finances. Now that you are clear of your debts and have an emergency fund set up, start looking into your retirement plans and generating enough to develop a fair passive income. Ask yourself what you want for your retirement and get the help of a professional to help you with it.

Conclusion

Financial checkups should be treated just like an annual visit to the doctor. You can discover a lot of new things while managing your finances. If you need assistance, hire the professionals who will do it for you. Whether you are an individual with a job or a business owner, you can benefit greatly from the services of a professional accountant 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.      

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.

Accounting for Small Business Owners

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.