Monday, 11 November 2019

Why Should I Go for Managed Payroll Services?

It is a known fact that companies are constantly making an effort and trying to get lean as well as mean by streamlining their business functions. However, business owners are always facing the question of whether they should keep performing tasks in-house or should they go for outsourcing the functions which don’t generate revenue or add value to core activities of their business.  

Payroll in Stone Oak and at many other places was typically handled in-house for a long time. However, after there was a greater need for efficiency discovered, many companies saw the benefits of managed payroll services.  

payroll in Stone Oak

Here is a list of three of those benefits:

1. Everything will be under your control:
There are many business owners who fear outsourcing. This is because it gives an implication of a loss of control. But, when it comes to managed payroll services, everything is in your control. This is because the engagement is defined in detail within the contract. Managed payroll services let you pick exactly which functions you want to hand over. 

2. You will have compliance risk management:
Payroll and tax regulations in Stone Oak can be complex as well as nuanced. If you have a great provider, you will be able to gain access to expertise in privacy, government regulations, legislation, as well as security for mitigating risks. It is greatly valuable if you own a small business, having limited payroll expertise in-house. You can easily ensure compliance with regulations, which will make sure that the data is secure from the risk of payroll theft as well as fraud.

3. The accuracy that is enhanced:
When we talk about payroll, you should know that you would be needing to get the numbers right or there’s going to be trouble with the IRS. On investing in managed payroll services, you would get guaranteed accuracy. This will ensure that your workers are getting paid correctly as well as promptly, every time. It would lead to you not losing your employees’ trust. So, no forgetting of their overtime pays or getting their hours wrong. Ultimately, you won’t get audited when the numbers are all and always accurate.

Always remember that payroll processing needs to be strategically managed. You may feel like it isn’t a core function but using managed payroll services would prove to be highly beneficial for you and your company.

To know more about payroll or any other tax preparation services San Antonio, get in touch with Uhlenbrock CPA at 210-701-1040.

Wednesday, 30 October 2019

Personality Traits of a Great Accountant!

It is surprising to know about the personality traits of an accountant, as they are quite different from what you’d expect. This blog has a list of all such traits that you might find interesting when attached to the personality of an accountant for great business accounting San Antonio.
accounting firm San Antonio

Have a look:

Personality traits of successful accountants are as follows:

1. They are attracted to puzzles:
A great accountant will always enjoy piecing together jigsaw puzzles. It might even include figuring out riddles. Whether it is about conducting an audit, or it’s just working through corporate taxes, or even about figuring out the right way of handling a given transaction, all accountants are doing, is solving puzzles.

2. They are good at explaining exceptionally complicated concepts in simpler ways:
Accountants have a personality trait where they are very well able to succinctly summarize as well as communicate really complex ideas into simpler and easier-to-understand language. This is how the clients always understand how their money is being handled by their accountant. 

3. They prefer to work in teams:
For justifying this trait, you need to understand that accounting is a team sport. Therefore, all the accountants, at least the great ones, almost always like to work in teams. It gives them more exposure to new ideas as well as already existing knowledge. 

4. Their persistence never dies:
Yes, accountants are known to keep looking until the moment when they finally have the answer. There are many times when the first place they look doesn’t have the answer for them. However, even if takes spending hours on the Internet or elsewhere to track down facts as well as data, they will do it. All this, just to get to the right answer. 

5. They’re inclined to learn about new people, things and places:
Accountants usually have a tendency, which makes them curious and eventually explore a new place, person or thing in the first go. Life as an accountant is one filled with learning new things. These can be the ins and outs of new clients, new cases and so much more.

Apart from these 5 prominent personality traits, accountants have many more exciting ones. To find out all about them, you can sit and chat with a real accountant. Maybe you’ll be able to spot more of them.

To know more about accountants, their work life, and their personality traits get in touch with Uhlenbrock CPA - the best accounting firm in San Antonio at 210-701-1040.

Monday, 21 October 2019

What is Number One Secret Key to Simple Bookkeeping?

When you think about bookkeeping in San Antonio, or anywhere else you might think of the process, why it’s crucial, and most importantly how complex it is. Yes, bookkeeping is popular to be a complex process. However, it has the scope of becoming simplified. This is possible when you know the secret to simple bookkeeping. 
bookkeeping San Antonio
 Consider yourself very lucky about the fact that you landed here, on this blog, because it is going to reveal that secret key to you right away!

The secret to simple bookkeeping: Say ONE to everything!

Curious? Dive right in!

Simply say ONE to all of the following questions:

1. What is the number of bank accounts that you need? 
Answer: ONE. 
When it comes to a small business, you do not need three new accounts like checking, payroll, and savings. What you absolutely need is a checking account and decide to leave everything else alone.

2. What is the number of employees that should get a debit card? 
Answer: ONE. 
Yes, only one. Who, you wonder? Oh, it’s you. Simply understand that debit cards pull cash from the account instantly. This is why it is too difficult to keep track of the balance. If you were to pass debit cards out to your staff, you’d lose complete control of your account. This would lead to unknown balances, eventually leading to much higher fees as well as bounced checks.

3. What is the number of credit card accounts that you’d want? 
Answer: ONE.
It’s important to understand that each of the credit cards comes with a paper statement, a password, a website, a credit limit, a cash advance password, along with its own fees as well as payment date. So, even if you take two, you would have way too much to keep track of. Keeping your business expenses on ONE credit card is one of the smartest things you can do, so you will be able to know what the payment date is and will be able to track everything in one place.

Your answer to questions like the number of days in a week for writing checks and the number of people having check-writing authority should also be ONE.

Therefore, when it comes to bookkeeping in San Antonio, or anywhere else, the secret key to simple bookkeeping remains number ONE!

Apply this secret key “ONE” and see the changes for yourself! Happy simple bookkeeping to your small business!

To know more about bookkeeping, get in touch with Uhlenbrock CPA at 210-701-1040.

Wednesday, 25 September 2019

How Can I Prepare Myself For Tax Filing?

If you’re at a point in your life, where you just need someone to guide you through the procedure of tax preparation and filing, then you’ve come to the right blog.
tax preparation services in San Antonio

You can simply choose to do the following to help yourself:
1. Decide to start your tax planning a little early
When the tax year is beginning, you can choose to plan how you are going to arrange the financial affairs. This is to be done in order to lower your tax bill. However, there is something that you should keep in mind. In case, your tax affairs are too complicated for you to handle you might just need some expert advice. Let’s say you earn investment income or are self-employed, you might go for tax preparation services in San Antonio. They could recommend strategies that minimize and defer your taxes. 
2. Keeping good receipts and records throughout the year
One of the best things to do is to organize as well as file receipts as and when they come in. This makes it fairly easy at tax time. This will include tax information slip. It would also go on to include supporting documents, like bills, receipts for car, credit card statements, business expenses like home or office etc, stock transactions, and records of the business, housing, and rental property.
3. Making sure that you are receiving all tax information slips
This would be including receipts for charitable donations, RRSP contributions etc. Bot only this, but it also includes the following:
  • In case of you being an employee- T4 slip  
  • In case of you receiving a pension income, self-employed commissions, lump-sum payments, or even annuity income - T4A
  • In case of you earning an income from a trust- T3
  • In case of you receiving investment income- T5
Something that everyone should remember about issuing these slips is- 
All these slips should be issued by February 28th. This is with an exception for the T3, as that is issued 90 days post the trust’s tax year-end.
Don’t worry, if, in the end, you still feel lost, or simply not up to the task, then you could just go for tax preparation services in San Antonio. Preparing yourself for tax preparation is possible if you are willing to learn and willing to take a risky chance of getting a few things wrong on the way. 
To know more about tax preparation services in San Antonio and avail services of tax consulting North San Antonio, get in touch with Uhlenbrock CPA at 210-701-1040.

Thursday, 12 September 2019

A World Without Bookkeeping!

At many points in your business life, you must have heard people giving you advice on why business bookkeeping in San Antonio is important. It may be possible that you read about it at various places. However, there is another way to make yourself learn why bookkeeping carries the importance that it does.  

business bookkeeping San Antonio

In this blog, you are going to be stretching your imagination a tad bit far. Often, to understand the cruciality of something, the best way is to imagine a life without it. Therefore, to understand the vital role that bookkeeping plays in accounting, let’s imagine a world where there is no bookkeeping.  

Here’s what happens in a world like this:

1. Obscured Business Finances:
When you cut off bookkeeping completely, it means that the books won’t be painting a clear picture of the company’s financial viability anymore. When there is a lack of records that are accurate, it becomes nearly impossible to track the cash flow projections as well as statements.

When one cannot accurately measure cash flow, items like overdue invoices, held inventory, or even recurring variable expenses like sales commission, hourly wages, or even shipping costs become easily obscured. When there is a clear understanding of variable as well as fixed costs, it easily allows one to identify the break-even point.

Something to remember is that the cash flow helps one in identifying money-in as well as money-out. If you fail to track cash flow and you’re financially struggling, then having a record trail may help in revealing the problem. However, the lack of bookkeeping leads to no trail but merely a stack of records on a desk kept somewhere.

2. Your Money would Start Disappearing:
Without business bookkeeping in San Antonio, you’ll soon realize how you’’ ll lose track of your invoicing cycle. Soon, payroll problems will start arising as well. And before you know it, managing your expenses will become a tricky job to pull. You should think of it this way; when you won’t be organizing your records, then the money that could have been yours would end up in someone else’s pocket. 

3. Limited Options for Financing: 
When the books are not up-to-date, financing options are going to be limited for sure. The lack of detailed records, mean that you are likely to not receive a loan, and therefore, a cash advance might just be your only option.

Now, ask yourself, would you like to live in such a world? 

Curious to know about CPA services in San Antonio? Get in touch with Uhlenbrock CPA at 210-701-1040.

Tuesday, 27 August 2019

Do you Really Need a Personal Accountant?

In the world of accounts, surrounded by offerings like CPA services in San Antonio, there comes a point where everyone asks themselves; ‘Do I really need a personal accountant? Well, some people might put off an answer by saying it’s totally subjective. But why do that when you can read some points and get an answer that isn’t vague and is right for you.

CPA services in San Antonio

In this blog, we will be focusing on the three options of hiring a professional or doing it yourself or combining both of them. 

Option 1: Using an expert

When you don’t have time or it's worth more than what you are willing to pay for hiring someone, then you may simply engage in professional help. However, you need to be able to select the professional who will be meeting your needs.

Have a look at the following professionals:

A. Bookkeeper- He or she might offer concierge services for personal finances that include paying bills, balancing checkbooks and looking over the credit card statements as well. They may or may not possess any kind of special training. 

B. Accountant- An accountant is someone who is trained and mostly, has a college degree in the subject of accounting. They can very well handle bookkeeping chores. 

C. CPA- It refers to an accountant who has a college degree and most probably a master’s degree in the subject of accounting. Although, CPAs are well equipped to be providing bookkeeping services, they might be a little expensive for the same. 

Option 2: Do it yourself 

Today, even for the average consumer, user-friendly software as well as cloud solutions are available. The following are some leading options:

A. Quicken 

Both of these options have mobile applications that can record information reliably and efficiently. However, something to remember is that there are certain limitations to these options. There is also a chance of errors that professionals wouldn’t usually make. So, keep that in mind before choosing this option. 

Option 3: Combining the two

Sometimes, working with a bookkeeper and getting started with personal accounting is a good idea. Someone who is knowledgeable in the software you are using is a big help. They can set up accounts, operating like folders. This would simplify tax return preparation They can also review the work periodically, making sure that the recording of income and expenses is done properly.

The Conclusion

Combining the two might just be the perfect cocktailed answer to your question of going for CPA services in San Antonio, or doing it yourself. However, try and test it before you put your finger on a permanent answer. Hereby, we wish you luck and smooth accounting. 

To know more about CPA services in San Antonio, get in touch with Uhlenbrock CPA at 210-701-1040.