Uncategorized – Page 8 – MARIELA RUIZ, CPA, PLLC

Category: Uncategorized (page 8 of 8)

Why You Should Hire a Tax Expert

Nobody looks forward to doing their taxes. If you’re a business owner, doing taxes can be a huge, time-consuming burden. Seeking help from a professional is a service you should really consider! To learn more about why you should contact a professional during tax season, continue reading our blog!

Employees

Doing taxes by yourself when you have a large group of employees can be nearly impossible. Trying to run your business professionally while keeping track of everyone’s wages and taxes is a stressful burden. When you hire a professional, they are able to help by keeping track and crunching all the numbers for you. This allows you to focus on being a professional and attentive business owner without the constant worry about your tax status.

Save Time

At the end of a long day, nobody wants to come home and focus on numbers all night. As a business owner, you are already doing a lot of work that often cuts into your personal time. Between worrying about your facility and how your employees are performing, you don’t have time to stress about sorting forms and numbers for tax season. Instead of spending your free time doing more work, allow a professional to step in. Their job will be to take care of the numbers and forms while you spend some much needed time away from work and with your family instead.

Numbers

Not everybody is an expert in math. If you struggle with numbers or simply would rather not deal with them, hiring a professional to work on your taxes is best. Keeping track of everything can be stressful and is unneeded when you can easily have someone handle your receipts and payroll information.

Laws

As a business owner, it’s important to know all the laws regarding your business. However, having tax laws memorized can be a bit excessive. When doing your business taxes, you don’t want to risk making any mistakes. Contacting a professional can minimize the risk of illegally doing anything that may harm your business. You’ll have peace of mind and also a connection to other business-minded people!

Conclusion

At the end of the day, taxes are stressful. The last thing anyone wants to do is come home after a day of work and continue to sort tax information. If you’re interested in hiring a tax professional to help with your books, check out our website to get started!

Qualities of an Excellent CFO for Your Small Business

August 31, 2019 / admin / 0 Comments

As a business owner, you understand the importance of making sure your finances line up month after month. Hiring a CFO or chief financial officer to keep an eye on your business’ money is a big step. Keep reading to learn four of the qualities to look for in your ideal candidate in order to ensure a prosperous future for your company.

Knowledge of Your Company’s Industry

Every industry is different and each has different financial needs. Ensuring you choose a financial team member that understands the ins and outs of your company’s financial field is incredibly important. In order for your CFO to be successful in the company they need to fully understand where your clients and stakeholders are coming from to make the best money choices.

Reliability

If you are ready to take the step of hiring a CFO, you’re choosing to hire a leader that you will be able to rely on in any given situation. They will not only be leaders of your accounting and financials but they should also be reliable during difficult times in order to keep the business moving forward.

Problem Solving Skills

No matter what stage your business is in, there are always problems to be solved. Whether concerns faced by small businesses or issues that arise after profitability, you need to trust your CFO will have the problem solving skills necessary to address the issue.

Wide Range of Financial Knowledge

It goes without saying that your CFO needs to understand the ins and outs of finance. However, it would also be highly beneficial to work with someone that understands other aspects of business such as investments and risk management. A CFO with this knowledge would be incredibly helpful for the growth of your company.

Thoughts

Choosing to work with anyone in a financial capacity is a big step, especially if you own a business. These are only a handful of the qualities needed in the perfect CFO for your company. That’s why MARIELA RUIZ, CPA, PLLC prides our self on holding all of these and many other positive aspects that make a good chief financial officer. Visit our website today to learn how we can best help your company keep growing.

3 Types of Small Business Audits

July 25, 2019 / admin / 0 Comments

All business audits share things in common, but do you know what they entail? The auditor, whether someone within your business or an external auditor, will do a thorough evaluation of your accounting books and financial statements. They usually check an entire year’s worth of financial data, including income and expenses. If you’re a small business owner, or maybe just curious about the auditing process, keep reading to learn about the different audits for businesses.

Internal Audit

An internal audit is a self-audit that’s scheduled and conducted by a representative of your own company. Many businesses do an internal audit once a year to ensure the accuracy of their books and financial statements. An internal audit is for your own purposes, and to check for errors or other issues.

Larger companies usually have audit departments, but a smaller business might employ just one or two people to conduct audits. Internal auditors don’t just check business finances; they also check company policies, procedures, and processes to check compliance with internal guidance and federal, state, and local laws.

External Audit

An external audit, also known as an independent audit, is an audit conducted by someone outside the organization. This is called an independent audit because the auditor has no loyalty or responsibility to the business that could create a conflict of interest. In their report, they’ll have to provide an opinion as to whether your company passed the audit. An auditor might take one of the following stances in a business audit:

Clean opinion – The business’s books and financial statements accurately represent the company’s financial position.
Qualified opinion – The auditor disagrees with parts of the company’s financial records, but the audit was too limited in scope or access to come to a definitive conclusion.
Adverse opinion – The auditor found that the business financial records materially misrepresent the company’s financial position.
Disclaimer of opinion – In this type of report, the auditor doesn’t give any opinion on certain financial records.

IRS Audit

An IRS audit occurs when the IRS finds potential errors in your tax return. Usually, the IRS schedules audits for tax returns that were filed in the last three years. A few factors can trigger an IRS audit. For example, if you claim losses for multiple years in a row or report high income levels, you may be subject to an IRS audit.

Conclusion

As you’ve read above, small businesses go through the audit process to check on financial records and other important documentation. Whether it’s an internal or external audit, it’s best to let a professional do the job. At MARIELA RUIZ, CPA, PLLC, we have the audit services you need to keep your business in check. Contact our team today!

Why You Need a Bookkeeper

June 28, 2019 / admin / 0 Comments

Running your own business can be a tricky and stressful job. Taking charge and managing everything from stock and employees, to sales are all important tasks you must take care of when you are a business owner. While some of these tasks can only be handled by the owner, there are other tasks that can be overseen by a professional who is willing to help. A bookkeeper is one of the best resources you can have as a business owner. Follow along with this blog to find out why you should hire a bookkeeper.

Personal Escape

One of the most difficult aspects of running your own business is finding balance. Outside of your business, you also have a personal life. It can be all too easy to get caught up in everything that needs to be done at work. While it’s great to be focused on your work life, having some personal time to spend with your family and friends is equally as important. Hiring a bookkeeper to manage all your business finances can help you find time to spend outside of the office. You can leave work knowing that someone is going to help balance and take care of your expenses, transactions, and income.

Second Opinion

Staying sharp and up-to-date on all current business owner education and information is important. However, some aspects of running your own business can be opinion based; that is why having a bookkeeper who sees all your finances and income can help you view things through a different perspective. If you are considering making a few changes within your business, your bookkeeper should be your go-to person for a second opinion.

Scheduling

Being a business owner can be very demanding. There are multiple places where you need to be, differing situations you must take care of, plus attempting to balance family time. All of these things must be handled while also keeping track of when bills are due. Hiring a bookkeeper can make a huge difference in your ability to balance all these tasks and deadlines. Your bookkeeper will be able to take care of the books and pay all your bills on time so that you can keep up with your travel and family obligations. Bill deadlines are just another thing you can cross off your to-do list when you hire a bookkeeper.

Conclusion

Running your own business is a very demanding job. Having as much help as possible is very important. Hiring a bookkeeper to help you keep track of all your financial moves can make all the difference in your ability to balance work and personal life. Knowing that your books are being taken care of and your bills are getting paid even while you’re away can give you peace of mind. If you’ve been convinced, head on over to our website to get started with your bookkeeping process.

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May 20, 2019 / admin / 1 Comment

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MARIELA RUIZ, CPA, PLLC

Helping Individuals and Businesses Financially Thrive.