Most individuals don’t think about their taxes until April. Even businesses fall into this trap with their own situations, which can lead to a rush in late March or early April to gather documentation and submit your taxes.
All of this gets pushed to a certified public accountant who won’t have time to find all the tax breaks you could benefit from.
If you only visit your accountant once a year, you’ll be missing out on tax breaks and giving yourself more stress. Seeing them more often can save you money and help you plan for the future.
Prevent Future Surprises With Consistent Check-ins
If you only see your accountant when you need your personal or business taxes done, you may miss out on valuable tax breaks. You may also be blindsided by how much you need to pay.
To prevent future surprises, the best thing to do is to check in with your certified public accountant regularly.
The absolute minimum is twice a year. If you contact them every six months, they’ll have a heads up on your situation and can more accurately estimate how much you’ll owe in taxes. This makes it much simpler to plan for the expense and have funds in place.
If your business is experiencing a lot of growth or major changes, like a new location, you’ll want to contact your accountant every month or so. Once a quarter is a good compromise if you’re not sure how much things may change over the year.
Plan for Tax Time and the Future
Your accountant can help make sure all your documents are in order for tax season. Giving them more time can help ensure you get more breaks and that any problems are spotted early.
You can also take any advice they have for the financial future of your business. If you handle all your accounting tasks and daily operations, these check-ins can help guide you to the best practices for your business.
Save Time and Stress
Gathering up all your tax documents right during April can stress you out. You need to spend time finding your documentation on the double. However, if you prepare early, you can avoid the hecticness and stress that come with late planning.
If something doesn’t add up, your accountant can also help you avoid the stress of a tax audit. Having that extra time to prepare will give you more breathing room.
See Your Accountant in January
Getting on top of your new year accounting can help you in the long run. You’ll be able to get a better idea of the taxes you owe and will still have plenty of time to prepare.
Your accountant will also have an easier time going through your records for the last year. You can also ask for advice on how to plan for the upcoming year to keep your business thriving.
Let Gonzalez & Arrambide Help Your Business Grow
Make your January accounting tasks a priority and get your ducks in a row instead of sweating to meet deadlines. Gonzalez & Arrambide, Inc., can help you with tax preparation along with your financial needs during the rest of the year.
Don’t wait until April to find an accountant — contact us today!
Over the most recent decades, emerging technologies and more sophisticated softwares introduced new opportunities to various industries. The field of accounting has proven to be no different.
All businesses want to grow, diversify clientele, and seize as many lucrative opportunities as possible, and the Weslaco CPAs and vCFOs at Gonzalez and Arrambide know how to make this a reality.
Learn how our team of skilled accounting specialists can help your company reach its goals!
What Can Be Achieved With a Virtual Chief Financial Officer’s Help
Though the full list of benefits a talented vCFO or certified public accountant brings to the table is long, we want to explain some of the more important skills they provide:
- Expert Financial Analysis – It’s not just good for business owners to understand what their financial reports tell them — it’s critical. A vCFO is not only able to provide the “what,” but the “how”, “why”, and “when” of any financial analysis to offer owners a clear picture of where the business stands financially.
- Thinking Big – One of the most important roles of a financial analyst is to link a company’s current financials to where they want to be in the long term. To do this, vCFOs look at the “big picture” through metrics, such as consumer engagement, potential investments, and the state of the market.
- Stability and Structure – When a business fails to keep up with its accounting metrics, it may begin to make poor decisions that destabilize the entire business. Through keen bookkeeping, cVFOs avoid these problems and help owners make the right choices.
Gonzalez & Arrambide: Weslaco CPAs and vCFOs to Better Your Business
Through better bookkeeping, crucial financial analysis, and other valuable accounting practices, there’s no doubt that the CPAs and virtual chief financial officers at Gonzalez & Arrambide in Weslaco can greatly improve your business.
Every business has the shared mission of success and stability, but not all of them understand what it takes to reach those goals. Our team of certified public accountants and vCFOs is ready to better your business. Contact Gonzalez & Arrambide today!
Over the years, businesses have had to contend with a number of external factors that have negatively affected their financial situation, such as natural disasters, supply chain disruptions, and, of course, the COVID pandemic.
However, a new danger has arrived that also needs to be taken into consideration — inflation.
Gonzalez & Arrambide, the Rio Grande Valley’s most knowledgeable and effective financial advising firm, has experienced CPAs and virtual chief financial officers in Weslaco with tips to help fight against inflation!
Understand Your Operation and the Indicators of Inflation
One of the most important pieces of advice we can offer is to know your operation inside and out. While this may seem obvious, CEOs and other executives have a variety of other tasks to attend to, so some things may fall through the cracks.
Our vCFOs offer business owners the ability to constantly monitor and analyze their cash flow cycles, costs, and profits, then analyze them through the lens of inflation.
If you stay on top of your company’s financial arrangements, you’ll be able to better recognize and forecast the effects of inflation and prepare!
Diversify Payments and Debt
Another clever strategy is to make it so that your business can accept and make payments in various ways. Accepting credit cards, utilizing electronic banking, and dealing in different currencies are great ways that a vCFO can help your company go about this.
At this point in time, it may also be wise to hire a vCFO to diversify your lender portfolio. Leveraging debts with key lenders could be a smart move for the future.
Ensure Accountability at All Levels of Your Organization
In addition to financial strategies, vCFOs offer the passive ability to ensure that your company remains accountable to itself and in good condition.
Three key goals that help achieve this include:
- Mission – Ensure everyone within the organization shares the same vision.
- Adherence – Work as a team every day to make the company mission a reality.
- Health – Help other executives become more functional and effective leaders.
Fight the Effects of Inflation With the Rio Grande Valley’s Best vCFO’s
While the financial effects of inflation may seem frightening, rest assured that our Weslaco CPAs and virtual chief financial officers have what it takes to help get your company through the toughest of times.
If you’re worried about how the effects of inflation will impact the financial situation of your company, seek out the help of professional Weslaco CPAs and vCFOs. Contact the talented financial experts at Gonzalez & Arrambide today!
As we get closer to Tax Day, the more important it is to make sure you’re prepared to file everything correctly. It’s common to have questions around this time of year, so we’ve organized some additional notes on being ready for tax time.
Your Rio Grande Valley CPAs at Gonzalez and Arrambide want to ensure you feel ready when Tax Day finally comes.
Make a Decision on Filing Yourself or With a Tax Preparer
Depending on your financial situation, you will want to decide between filing your taxes on your own or with a professional. There are a few factors at play when you determine the best course of action:
- Do-It-Yourself Tax Filing – If you work a job that provides you with a W-2, don’t have any dependents, aren’t a homeowner, or your situation is overall uncomplicated, it is probably simpler and less expensive to file using a tax software.
- Get the Help of a Professional – Say you own a business and need to file personal and business tax returns or you’re married, working two to three jobs, with several dependents. It may be less of a headache to seek out a CPA for their skilled help.
Whatever your tax situation, the accountants in Weslaco at Gonzalez & Arrambide offer a FREE consultation. They can help you decide what’s best for you!
Check and Adjust Your W-4 Withholding
For people who work a straightforward W-2 career, every January your employer will request a completed W-4 form. This document will determine how much is withheld from your paycheck, based on:
- Overall Tax Situation
- Household Status
- Number of Dependents Claimed
- Other Adjustments Like Additional Deductions or Income
You can see yourself if you’re withholding too much or too little by comparing two fiscal years’ returns. If the financial situation was overall the same, a large refund could mean withholding too much. However, if you owe the IRS money, not enough money may have been withheld.
Decide if Filing an Extension Is Right for You
“What happens if unexpected problems arise this month?”
If you want to err on the side of caution, think about filing an extension, which, if approved, would give you until October 2022 to complete the tax filing process. Keep in mind that while filing the extension costs nothing, you could incur additional interest on what you owe.
Even if you’re fairly certain everything will go smoothly, an extension can never hurt as it allows for extra time to make sure everything is correct. To actually file the extension, you or your tax preparer will need to fill out IRS Form 4868.
Get the Best Tax Advice from the Rio Grande Valley CPAs at Gonzalez & Arrambide
Regardless of your financial situation, it can be helpful and reassuring to seek the support of tax professionals. That’s why the Weslaco certified public accountants at Gonzalez & Arrambide offer a FREE consultation. We want to make sure you’re both knowledgeable about and ready for tax season!
Don’t stress over questions anymore! Contact the accountants in Weslaco at Gonzalez & Arrambide for a FREE consultation now!
A vCFO, or Virtual Chief Financial Officer, performs the same duties as a full-time CFO. However, they do their work on a contractual, remote, and/or part-time basis. So, you may be asking yourself, “Why should I hire a vCFO instead of a standard, on-site Chief Financial Officer?”
The experts in tax procedure and bookkeeping at Gonzalez & Arrambide in Weslaco are vCFOs who want to help you understand exactly why you should obtain the services of one.
Fortify Your Financial Strategies With a vCFO’s Help
Undoubtedly, one of the leading benefits of hiring a vCFO to assist with your firm’s bookkeeping is that they have great decision-making skills. A large aspect of a vCFO’s duties is to deliver on strategic goals and financial outcomes that a company desires.
Not only will you be able to reach greater heights as a company, but you will have a data-focused financial analyst who can effectively gauge your company’s potential. For example, vCFOs excel in financial risk management and cash flow forecasting, which means they can provide you with detailed reports of wise financial decisions to make in the future.
Save Your Business Time and Money
You may ask yourself, “Why not hire a full-time CFO instead of the virtual option?”
A driving factor that makes the vCFO the more attractive option is money. Because they are full-time as opposed to contractual, CFOs require benefits, equity, and other aspects on top of a six-figure salary.
Additionally, you may have more work than you can handle but not enough to justify hiring a CFO. The freelance aspect of vCFOs allows you to both pay a lower amount and open up more of your schedule, ultimately saving you time and money.
Expertise That Grows Exponentially
Another fact that sets vCFOs apart from CFOs is the former’s deep knowledge of one or more niches, such as eCommerce or Digital Marketing. Whereas a standard CFO will mainly develop knowledge of just their own company, a vCFO works with various clients to gain a greater understanding of a variety of industries.
While your vCFO provides you peace of mind and handles your bookkeeping, they are simultaneously gathering expertise in other fields. This means that your potential plans for the future, whether they be expansion, acquisition, or even selling your business, will be seen through various lenses.
In the end, your vCFO will have the knowledge and strategies necessary for you to make the best financial decisions.
Let vCFOs in Weslaco Help With Your Company’s Finances Today
The Weslaco virtual Chief Financial Officers at Gonzalez & Arrambide want you to understand the benefits of bringing a vCFO onboard. Let us not only save you time and money, but set you up for future opportunities not previously possible!
Now That You Know the Benefits of Hiring vCFOs in Weslaco, Call Gonzalez & Arrambide To Set Yourself up for Success!