Tuesday, 30 January 2018

PART 2 - How should you get your small business accounting practices organised?

Providing professional payroll services in San Antonio has taught us about commitments we make. Therefore, here we are to provide you with more tips on how to get your small business accounting practices organised. 

3. Maintaining Inventory Records – One should always avoid misplacing merchandise – or theft – by noting stock numbers,dates purchased, dates sold, sale prices, and purchase prices. The thing to remember is that if you are more organized, it’s always better.

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4. Separate Personal and Business Expenses – Have a dedicated business bank account, that includes a credit card and checking, making sure to save your time when it comes to  tallying up the deductible expenses. As an accountant San Antonio we understand how this can be tough. However, this small business accounting practice saves you major pain down the road.

5. Tracking Every Expense – Categorize and label every expense, in order to track your cash flow. You can run out of money without even being aware of it. A good way to go about it is to use the business credit card for all purchases. This way, you won’t end up with a wallet full of paper receipts. With this you can earn  cash back or rewards for your expenses. However, if cash is the only option you have, then it’s better to file digital copies of receipts into your accounting software.

6. Accurately Recording Deposits – Revenue from sales, loans, and any other cash infusion is really easy to lose track of. Further, this leads to paying unnecessary income taxes. Consult your accountant to ask about the best small business accounting practice that can be used for recording such deposits.

7. Keeping Tabs on Labor Costs – When it comes to paying employees, including yourself, it might just be your largest expense. Hence, you should always take note of perks, overtime, along with  other benefits that you offer in order to prevent under- or over-paying.

8. Follow Up on Receivables and Invoices – Remember, sending an invoice doesn’t mean you are definitely going to get paid. Avoiding overpaying on taxes as well as hours spent sifting through your receivables listing and revenue account is a good idea.

The tips above are imperative for you to follow as finance is the backbone of any business. For hiring professional payroll services or learning good small business accounting practices get in touch with us today at 210-701-1040.

Wednesday, 17 January 2018

Why and How should you get your Small Business Accounting Practices Organised?

When you have a small business to run, there are immense number of things to consider. This would typically include things like getting an accountant San Antonio and more. For example, tracking costs, expenses, and revenues is an important activity. This process is crucial in order to keep your business out of the paperwork load and cash flow messes. Further, it lets you concentrate on activities that are important to grow your business.
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Initially, you might think that you can avoid doing your own bookkeeping and get away with it. However as soon as you realise that your business has to file tax returns and you do not even know how to do that, the real trouble begins. Not spending enough time in figuring out about such processes can be a big mistake as a small business owner. However, your boat can sail by hiring a professional for bookkeeping or accounting service. This would maximize your tax advantages.
Automating the small business accounting practices with the help of modern finance software applications has become easier. QuickBooks is one of the best amongst them. However, every small business should go for the software that best suits its needs. A great idea would be to have user-friendly iPad applications or cloud-based access.
Out of the many chores that the businesses have, bookkeeping is one of the most necessary ones. In a simple language, bookkeeping ultimately helps you in managing your operations and eventually avoiding an audit by giving the IRS exactly what they require.
Like every small business owner, you would want to focus on and achieve your long-term goals while increasing profits. In order to do the same, you can easily follow these essential tips and get your small business accounting practices in order.
1. Major expenses might head your way.                                                         
You should always expect and keep an eye out for expenses like equipment replacement, upgrading of computer systems, and tax deadlines coming closer. These should not come as a surprise to any small business owner. During slower months, there are usually larger capital expenses. Therefore, planning to avoid a cash crunch would be a great idea.                                                                                                               
2. Update your books.                                                                                           
Get necessary paperwork in order, by setting a weekly time to avoid letting invoiced receivables or receipts pile up.
In our next blog, we are coming up with more tips on how you can get your small business accounting practices organised. Stay tuned! Till then, if you have any questions related to business accounting in San Antonio, call us at 210-701-1040.

Tuesday, 26 December 2017

Features of a Good Accounting Firm

It is pretty simple right? A good accounting firm San Antonio is the one, which has a proper accounting system. However, is it that simple to keep a great accounting system?

Along with professional payroll services, Uhlenbrock CPA has been providing various accounting services to its customers for a very long time now. The firm has always satisfied its customers, and hence has the confidence to tell you what it takes to a have a good accounting system. 

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So, let’s see what makes a good accounting firm San Antonio.

1. Reliability

The information that the accounting system holds should be free of error. There should be no space for guesswork when it comes to a firm’s accounting system. If there is, then it becomes a major problem. In order to avoid this, a firm has to make sure everything is setup correctly and all the entries are correct. After all, the accounting system would only work with the information you feed it.

2. Relevance

A good accounting system would know that only that information is relevant which influences the decisions of the business. For this to successfully happen, the information must be available on time. Secondly, it should have that level of detail, which is significant enough in order to show comparisons, trends and other information influencing the business decisions.

3. Easy-to-Understand

If there is a space for guesswork in an accounting system, then the company is more prone to errors. However, when the accounting system is easy-to-understand and user friendly, then there is more chance of the accounting system being implemented to its full capacity.

Hire the best Certified Public Accountant in San Antonio! Call Uhlenbrock CPA at 210-701-1040 now.

Monday, 18 December 2017

Clear all your doubts about the IRS!

We know how you hold Uhlenbrock as your trustworthy Accounting Firm in San Antonio. That makes it our responsibility to clear all your doubts when it comes to accounting. Now, when we talk about accounting, it is majorly affected by the activities of IRS, which eventually affect you. Therefore, it is time to clear all your doubts about IRS.

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In this blog, we have tried our best to compile some of the most frequently asked questions about IRS. Here they are.
Q1: What should I do if I have unfiled tax returns?
The best and quite frankly the very obvious thing to do is to file your tax returns as soon as possible. With the help of contractors, employers, mortgage holders or the assets, you have purchased, the IRS will find out about the non-payment anyway.  When it comes to fines you would have to pay, they would only increase with time. You might be able to qualify for an Installment Agreement, Offer in Compromise, or Currently Not Collectible Status if you are unable to pay all of your taxes. In order to prepare for resolving previous years of unfiled tax returns you should collect all tax documentation that would be required for the same. However, if you are not able to find some of the documentation, then our accounting firm in San Antonio can help you with IRS representation.
Q2: What are my options, if I cannot pay what I owe to the IRS?
In the case of financial inability, if you are not able to pay to the IRS what you owe, then you might be able to negotiate an Offer in Compromise. This is where you can settle the taxes for a lesser amount than you owe. If you are lucky and the IRS accepts your offer, then you are eligible to pay the amount agreed upon. Moreover, all federal tax liens or levies are removed. However, the process of
negotiating an Offer in Compromise is long and complicated. It can last up to 18 months. The statistics show that around quarter of all offers are accepted. This makes us come to the next point of hiring a professional. In matters like these, you want to get it right from the beginning. A professional can majorly help.
We understand how you may have more questions, and therefore are providing you with the continuation of this topic in the next blog. For Professional Payroll Services San Antonio and other accounting services in San Antonio, call 210-701-1040.

Thursday, 30 November 2017

How should you Deal with Payroll Taxes?

As tax professionals in San Antonio, we know that many of you out there find it difficult to manage payroll taxes in your company. We have also acknowledged the fact that many of you do not know the consequences of not handling them well. Here we are, to the rescue.

 tax professionals in San Antonio | tax services San Antonio
If the calculation of payroll taxes is not done properly and they are not duly paid, IRS can get you into some serious trouble.
In case of you being a business owner, you need to withhold the due taxes from every paycheck. Further you are required to remit payroll taxes to the IRS quarterly. This means that you have to do it in March, June, September, as well as December. In addition, it totally depends on you to do the calculation and acknowledge the amounts of the social security tax, Medicare and federal income tax, and this has to be withholding from the paycheck of each and every employee of the organisation. In case of you being a the business owner of a small or local business, with just a handful of employees, the same rule applies. Hiring someone for the tax services in San Antonio is hence, a good call.

Here’s what happens if you don’t pay the payroll taxes.
When you fail to remit the payroll taxes, it could cause a good amount of problems to your business. Such problems generally start with interest on back taxes and penalties, which could add up really quickly, and make it way more difficult for you to carry out the process of sorting your payments. IRS is always pretty keen when it comes to making small businesses pay their. Time would fly and you won’t even realise that, not paying the payroll taxes has lead to a huge tax debt and maybe even the loss of your business. This would make you learn that ignorance isn’t a bliss in this case.

Well, this is where we can help. With our tax services in San Antonio, we will sort it all out for you before the IRS ever gets involved. As tax professionals in San Antonio, Uhlenbrock CPA has the ability to bring your tax calculations and payments up to date. We would not only help you once, but will also make you maintain this good habit. In this way, you will be able to focus more on how to grow your business, rather than how to save it from tax penalties.

Wednesday, 15 November 2017

Stay away from These Common Tax Misconceptions

As one of the most successful tax professionals in San Antonio, Uhlenbrock CPA has observed some common misconceptions that business owners hold in their minds. However, as we always want our customers to be completely aware of the right and the wrong, here we are to clear a few of them.
Misconceptions related to tax can lead you to some great trouble. Now is the time, to practice your art of paying close attention.

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1. The only tax-related legal obligation that I have is to prepare FORM W-4

One of the most common misconceptions that people have is that the US government would automatically deduct the appropriate tax amount from my salary. This makes them think that now they only have the responsibility of preparing FORM W-4. Although, it informs your employer about the tax amount to be deducted from your monthly salary, the actual amount you own by the end of the year maybe a bit more or less than the deducted amount. You are therefore required to fill the accurate income tax return by the end of the year. After this, IRS compares the amounts on your FORM W-4 with your tax return and decides if they will deduct additional tax money, or give a part back or maybe even all of the money that was initially held.

2. The simplified FORM 1040EZ to file for income tax can be used by everyone

Uhlenbrock CPA has been providing tax services in San Antonio for a long time now, and as the tax professionals in San Antonio, we have observed this to be another common misconception. The IRS has developed FORM 1040EZ particularly for residents of the US. Residents for tax purposes and permanent resident aliens are the other two categories who can use this form. However, if you aren’t a resident of the United States yet, or you belong to any of the other two categories, then you are allowed to file the 1040NR EZ form. This form is much more straightforward as compared to the traditional 1040NR form. It can also be filled faster. Seeking the help of a professional at a time like this is the best idea.
The best way to go about it is to hire an expert who can provide you with tax services in San Antonio. There would then be no space, for misconceptions.

Friday, 27 October 2017

It is Time to Say YES to Automated Bookkeeping

Accounting software and apps are growing rapidly adding more to automated bookkeeping. We have discussed numerous times that essential bookkeeping San Antonio is imperative. However, the idea of automated bookkeeping services in San Antonio is something that people are either unaware of, or are reluctant of.  That is where we come in. As a successful provider of bookkeeping services in San Antonio, we take it as our responsibility to make you understand why you should say yes to automated bookkeeping.

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In this blog, we are going to share with you, the reasons why you need to incorporate more automation and step up the pace when it comes to the workflow, despite being afraid of it.

1. Ain’t Nobody Got Time for That When it comes to automating bookkeeping San Antonio, the first obvious reason becomes saving time. However boring, people would consider bookkeeping activities, they are crucial. Hence, they do not deserve to be affected by things like weather, attitude or mood. Automation is a mechanical process and so provides a much better accuracy when it comes to basic bookkeeping tasks. It saves a huge amount of time for your business, which you can put to better use.
Let us take the example of QuickBooks Online. It has the ability to automate most of the data entry. QuickBooks Online set up bank rules and uses bank feeds in order to automatically post repetitive transactions.

2. Where is your money, honey? We all know the importance of money in our business lives. We do not even want to spend a penny where it can really be saved. Lucky for you, automated bookkeeping can save a lot more than a penny for your business. Since what we are talking about is an automated process, it definitely saves a lot of money on hiring someone to do this job. Moreover, hiring could involve misjudgement on the recruiter’s part as well. This saves you the trouble of such extra processes and gives you what you want without having to spend your dimes on it.

We know these reasons are enough to get you at least thinking about adapting automated bookkeeping. However, everything has a few downsides as well. As we said earlier, it is our responsibility to keep you aware; we will be discussing those as well. Stay tuned for more in our upcoming blogs. Call 210-701-1040 to hire an expert bookkeeper in San Antonio.