Monday, 26 March 2018

Bookkeeping 101 - Understanding the Basics (PART 1)

This blog is dedicated to all of you out there, who have realized the importance of booking but have no clue of how to actually execute it. This would act as a tutorial for beginners like you.

For starters, bookkeeping in your business firm is the basis of the accounting system of your firm.
As the owner of a small business, you have to either set up your own accounting system or hire bookkeeping services in San Antonio to set it up. As someone who is self-employed, it becomes a one-person business, and hence, you do it yourself. You may want to hire a controller who can handle your financial management as well as accounting, in case of  hiring staff and anticipating a lot of growth. You may hire a bookkeeper or an accountant who can provide you with bookkeeping services in San Antonio, if the business is going to grow slowly.

bookkeeping services in San Antonio | bookkeeping San Antonio
Bookkeeping Services with Uhlenbrock CPA, San Antonio
Bookkeeping is important part of business accounting. Here are some more things that you need to know about bookkeeping in San Antonio -

What is the role of an accountant?
A bookkeeper has the job of recording and classifying the financial transactions of the company. On the other hand, an accountant would take the next step and get to analyzing, reviewing, reporting, and interpreting financial information for the firm.

What is the role of a controller?
A controller acts as the firm's chief accounting officer. This person has the duty of setting up as well as maintaining the firm's accounting system. A controller is accountable for managerial and financial accounting. He or she responds to the company's accounting data in a responsible and appropriate manner. 

Let’s move on to another important thing that you should consider, when it comes to bookkeeping San Antonio. 

Should you go for single or double Entry bookkeeping?
When it comes to single entry bookkeeping, it is  like keeping your check register. It involves recording transactions as and when you pay the bills and make deposits in your company account. This only works for a small company which has a really low volume of transactions.
However, if the firm is of a larger size holding more complexities, then one should go for setting up a double entry bookkeeping system. This is where, at least two entries are made for every transaction. The two entries are of debit to one account and credit to another. This becomes the key to double-entry accounting.

Get the help of bookkeeping experts in San Antonio! To hire Uhlenbrock CPA, give a call at 210-701-1040.

Thursday, 15 March 2018

Part 2 - Why hire a professional for tax preparation?

In “Why hire a professional for tax preparation? Part 1” we discussed a few reasons for the same. They included saving money and time, as well as playing it safe. However, we also concluded on a note that there are more reasons to be discussed for one to be convinced of the importance of hiring a professional for tax preparation. You need to understand that you not only need an accountant for bookkeeping services in San Antonio but also for tax related processes.

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Therefore, in this second part we are going to explore new reasons to hire a CPA in San Antonio - 

4. The experience of a professional always counts.

Usually, the tax professionals that promise a great tax preparation service have been around in the business of accountancy for quite some time. This gives them an edge in understanding all the nuances that come along in filing taxes. Such nuances are faced by all accountants regardless of them working on a joint, individual, or even business basis.

This is exactly where you let their experience benefit you and your work. Their experience would help you get through the whole process quickly as well as in an effortless manner.
A professional tax preparer would deal with the IRS, if it ever comes to a situation where there are any kinds of questions on your return. In case of you being a self-file, the IRS comes directly to you looking for answers that regard your filing. This means that hiring a tax professional in such a situation is a great idea, since you are not only paying and getting their services, but you get their experience as a big add-on in the event of an audit.

5.  Taking you out of despair

All the above reasons of hiring a tax professional, tell you everything about their special skills and how they can use the same, to give you a great tax preparation service. However, not everyone wants a person, to just barge in, execute the process and go away. After all, this is your money we are talking about. Don’t you want to know why and where is it getting spent? Therefore, you do not need tax professionals only because of what they know. You want them, also because they can explain what they know. Hence, when you hire a professional tax preparer, you are hiring someone who can clear all your doubts, and answer all your questions, no matter how difficult or basic they are.

Therefore, hiring a professional for bookkeeping and tax preparation San Antonio is a great way to go about tax preparation. Get your tax preparation related questions answered by the experts in San Antonio. Call Uhlenbrock CPA at 210-701-1040.

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.

Accounting Firm San Antonio | Professional Payroll Services San Antonio

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.