All Posts tagged vCFO

What Comes After Tax Season for Weslaco CPAs?

What Comes After Tax Season for Weslaco CPAs?

While it’s undeniable that Tax Day is one of the most important days of the year for accounting firms, virtual chief financial officers in Weslaco can offer business owners help long after it’s over. If you are wondering how certified public accountants can come in handy after Tax Day, the team at Gonzalez and Arrambide is here to shed light on the topic.

Continue to read and learn all the ways virtual chief financial officers in the Rio Grande Valley can be utilized by businesses all year long!

A Litany of Financial Resources 

One of the most beneficial qualities of virtual chief financial officers in Weslaco is that they have a variety of skills and knowledge that can be applied to a broad range of situations: 

  • Financial Advising – One of a CPA’s best talents is their ability to expertly analyze cost efficiency, helping to maximize profits and minimize costs in the process. Many CPAs specialize in certain niches including strategic planning, market forecasting, forensic accounting, and other areas.
  • General Consultation – Certified public accountants can also be hired by companies for comprehensive accounting and consultation purposes. CPAs are able to assist with bookkeeping and payroll duties, address issues with quarterly findings, and make tax season much less stressful for the company.

File Extensions and Prioritize Internal Operations

While Tax Day is a certified public accountant’s biggest day of the year, the work hardly ends there. Not only do some firms need more time to file for the current year, but they may also have a variety of year-round reports that need to be completed.

Virtual chief financial officers can support your organization with: 

  • Extensions After April 15th – Many companies need to file for extensions for various reasons, which means tax season goes past April. In addition to handling the added stress of an extension, virtual chief financial officers in Weslaco can help employers avoid the need to file extensions in the future.
  • Addressing Audits and Other Reports – In the tax “off-season,” there are still many functions a Weslaco CPA can serve. These include filing missed returns for previous years, preparing financial statements, and even dealing with audits by the IRS.

Continuous Education

In all industries, it’s important to learn and adapt to changes in the financial world, and the same is true for accounting firms both public and private. Weslaco CPAs have a lot to offer when it comes to furthering the education of individual companies. For example, certified public accountants can:

  • Provide Quickbooks training
  • Teach classes in Microsoft Office
  • Give seminars on tax preparation, forecasting, and other topics

A lot more goes on day-to-day in an accounting firm than just preparing for April 15th, and the decision to have a vCFO on staff can have incredible benefits.

It’s Wise to Hire a Virtual Chief Financial Officer in the Rio Grande Valley

While tax day is one of the main focuses of all accounting firms, there’s no doubt that the help of certified public accountants can be beneficial year-round. Gonzalez and Arrambide boast a team of highly-trained Weslaco CPAs and virtual chief financial officers in Weslaco.

If you are in need of post-tax season help, look no further than the certified public accountants at Gonzalez and Arrambide in the Rio Grande Valley!

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More Tips on Preparation for Tax Season 2022 From the Top Weslaco Certified Public Accountants

More Tips on Preparation for Tax Season 2022 From the Top Weslaco Certified Public Accountants

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!

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Why You Should Hire a VCFO in Weslaco for Your Company

Why You Should Hire a VCFO in Weslaco for Your Company

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!

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What Is Positive and Negative Cash Flow and How Does It Affect a Business?

What Is Positive and Negative Cash Flow and How Does It Affect a Business?

As a business owner, it is crucial to understand cash flow and how it can affect your business and your profit. 

We implore you to work with a qualified virtual Chief Financial Officer (vCFO) who can help you determine what practical steps should be taken to reach your business goal. In the world of business finances, a cash flow report can make or break a business, and is one of the reasons your vCFO will be an indispensable part of your team.

Determining the Quality of Your Cash Flow

Cash flow can be either positive or negative. 

When your business account is receiving more cash than it is paying out, you will have a positive cash flow result. This usually means that your company is receiving more money in sales of products or services than it is spending on business expenses or anything else, which results in a good, positive cash flow. The remaining money after business expenses is your profit. 

However, if expenses for payroll, maintenance, rent, and other services are exceeding the flow of money being made, you will start losing money, resulting in negative cash flow.

How Does Your Cash Flow Affect Your Decision Making?

Positive cash flow is the foundation of a solid business. Positive cash flow can pay for expansions in operational capability and help you to recognize when targeted profit goals are within reach. 

However, negative cash flows can also be a necessary part of life for every business, especially during start-up and periods of rapid expansion. Cash flow reporting during these times will help you determine if your business finances will remain strong enough to last until the expected revenue increases finally appear and bring your cash flow back into the positive.

Your cash flow ultimately determines if you have the means to expand, maintain, or upgrade your business.

Planning for Future Growth

Cash Flow Report is an important tool for your vCFO’s; it can be used to determine which investments have the best chance of resulting in future revenue gains without putting the business at risk of bankruptcy.

Your virtual CFO will be an architect designing the profitable business you have always envisioned.

Hiring a vCFO Can Assist in Succeeding in Your Business Plan

The Virtual Chief Financial Officers at Gonzalez and Arrambide, Inc. in Weslaco can help you maintain a profitable cash flow for your business. We strongly suggest learning about cash flow and how it affects your business. 

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What Does a Virtual Chief Financial Officer Do?

What Does a Virtual Chief Financial Officer Do?

Now that you’ve started down the path of entrepreneurship, there are a series of essential roles to fill, like CEO and marketing team positions. However, many people make the mistake of leaving the financial department last in the staffing queue.

Within the financial department, the most ignored position is that of Chief Financial Officer, also known as the CFO. The lack of a CFO is the reason many enterprises don’t make it.

At Gonzalez & Arrambide, we want to showcase the importance of hiring one of our vCFOs to help your business boom.

What are the Duties of a vCFO?

The CFO is responsible for managing the financial aspects of your business. Yet, a full-time, in-person CFO can be costly. This is where hiring a virtual CFO (vCFO) could make a lot of sense for small businesses and startups.

A vCFO is a consultant or business that offers the services of a CFO but does their job remotely and usually on a part-time basis. The vCFO will focus on creating high-level financial strategies and putting them into action, such as:

  • Managing and monitoring the bookkeeping
  • Creating short and long-term financial goals and providing valuable feedback
  • Providing competitor analysis
  • Cutting out any financial waste, with growing your business efficiently in mind
  • Managing your business spending
  • Generating key financial metric reports

Our vCFOs at Gonzalez & Arrambide can provide financial services on a weekly, monthly, or quarterly basis. Our vCFOs are also ready to provide advice for any specific project you have in mind. However, if you already retain the services of a full-time CFO, investing in a vCFO may not be an optimal decision for your business. Keep in mind, however, that it is more fiscally advantageous to hire a vCFO over a CFO.

At the same time, if you have a new startup, hiring a vCFO is always the better decision to save on overhead costs.

Find the Weslaco Financial Services You Need at Gonzalez & Arrambide

As your business grows, a vCFO can grow with you. Get all of the skill set you need with a traditional CFO working with you at a more affordable rate. Whether you only need the Gonzalez & Arrambide vCFO services one day a week, or part-time as you become more successful, we are here to support your business at every step.

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