Thursday, 26 January 2017

Bookkeeping Basics Every Business Owner Needs to Know by Uhlenbrock CPA

Bookkeeping is an important part of accounting process. It is not possible to maintain balanced books with accurate bookkeeping. But most business owners find bookkeeping cumbersome and time consuming and it is often overlooked. Business processes involve various financial transactions that need to be tracked. An organized bookkeeping system allows the business to get insights into performance of their business and its profitability. Bookkeeping also has an influence on tax planning and other accounting processes. For professional tax preparation services in San Antonio, get in touch with Uhlenbrock CPA.

Are you unsure on where to start with bookkeeping for your business? Here are few bookkeeping basics that you need to know –
·         Maintain electronic registers or ledgers of cash to track income and expenses regularly. You can also maintain manual cash registers, but managing paper receipts can be difficult. Keep separate journals for Cash Disbursements and Cash Receipts.
·         If your business involves physical goods, take stock of goods on hand and match them with inventory listed. Carefully track the inventory on a regular basis.
·         While filing invoices, store them in a chronological order. It is advisable to keep Invoices that need to be paid first followed by receivables.
·         At the time of tax filing, you need to file various tax forms. Tax professionals will rely on your bookkeeping records for details that need to be filled in tax forms. If your bookkeeping is not accurate, it will influence the tax preparation and filing process.
·         Tally bookkeeping records with bank statements to get a clear idea of where you are spending your money. Also maintain your personal and business accounting completely separate.
If you are new to accounting or are busy with other business processes, it is advisable to hire professional tax services in San Antonio. By hiring a CPA in San Antonio, you can outsource your bookkeeping, tax planning advice, tax preparation and other accounting tasks. For a Certified Public Accountant in San Antonio, call 210 701 1040.