How Can You Know If A Bookkeeper Is Good Or Not?

At any point in time, you may realize that you need a bookkeeper. However, when you’ll be looking for bookkeeping Services in Stone Oak, you will come across one very important question in your mind; how can I know whether a bookkeeper is good or not?

Well, before that time comes and you are filled with despair, be prepared instead!

In this blog, we will be talking about the things that will tell you if a bookkeeper is good for bookkeeping Services in Stone Oak or not. Please have a look at the following:

1. Awards and Referrals:
One out of many ways for identifying a good bookkeeper is with the help of a referral from someone. This should be someone whose judgment you can trust. The sources include other business owners, bank representatives, business partners, as well as clients. If you're considering someone online, ask the bookkeeper for references. Also, ask for a list of any recently received service-related recognition or awards.

2. Services and Skills:
Another way is by reviewing skills, experience as well as services being offered. A great bookkeeper will always use up-to-date accounting software. They are detail and math oriented. They have a firm grasp of accounting terminology as well as extensive experience when it comes to tracking accounts receivable and payable and recording transactions. A good bookkeeper is also someone who understands bookkeeping as well as financial challenges for particular types of businesses.

3. Certification:
You must be thinking that a bookkeeper doesn't require possessing a certification to work in the US. However, bookkeepers who possess the Certified Bookkeeper designation from the American Institute of Professional Bookkeepers, are said to be good as they meet certain qualifications for receiving that certification.

4. Work Ethics:
If you’ll come across a good bookkeeper, you’ll see how he or she won't ask you to work on their schedule. Instead, they will be understanding of the fact that your business can run smoothly only when he or she does their job in a timely as well as efficient fashion, which is based on your schedule. A good bookkeeper, for example, would usually provide a guarantee that you will receive the receive monthly financial sheets, at the same time every month.

If you find these in a bookkeeper, you can assure yourself that he or she is a good one! All the best with the hunt!

To know more about bookkeepers and bookkeeping Services in San Antonio, get in touch with Uhlenbrock CPA at 210-701-1040.

It’s Time To Clear All Your Doubts About The IRS

When it comes to accounting, it’s always better to clear all your doubts. 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.

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 professionals can help with tax consulting in North San Antonio. 

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 for tax consulting or tax preparation services in San Antonio. In matters like these, you want to get it right from the beginning. A professional can majorly help. 

For any more questions on the same, get in touch with Uhlenbrock CPA at 210-701-1040. 

Why Is Getting Your Taxes Prepared By a Professional So Important?

When it comes to tax preparation services in San Antonio not many people are convinced that it is something they need. Therefore, there is a major need to make people aware of the fact that there is a lot that they are missing out by not allowing a professional to help in preparing their taxes. 

In this blog, we will be focusing on the numerous advantages that a person enjoys when he chooses to have a professional prepare his taxes.

Have a look at the following points and decide if you want to be that person or not:

1. Easing the Burden:
When it comes to some tax returns, they can be really complicated. If you are a small-business owner, and you itemize your deductions, then you have to complete as well as file IRS 1040, Schedule C, Schedule A, and also Schedule SE, along with other forms. Each of these forms requires loads of information from the taxpayer's records. This can be information like amounts that are listed on 1099s or 1099-INTs. Navigating yourself through complicated tax returns is time-consuming. The risk of errors gets increased with the forms that need to be filed. Therefore, a professional tax service helps ease this burden.

2. Reducing the Errors:
The IRS always keeps a list of the most common tax errors that people make. On this given list, there are computation errors while entering payments on the wrong line, determining taxable income, and even simple math errors. When there is an error on the return, it can majorly delay any refunds that are due. If the mistake results in tax liability, then the fines, as well as interest, accrue from the date on which the taxes were filed. No tax professional is flawless, but the chances of making a very simple mistake are reduced when you use tax preparation services in San Antonio. 

3. Avoiding Adverse Consequences:
When signing the end of a tax return, you are declaring that the information is true as well as accurate to the best of your knowledge. If IRS happens to audit your return and it finds errors, then you could face some serious legal consequences. When you have a professional to prepare your tax returns, it adds a little safeguard to all such potential liabilities. Everyone needs to be cautious though. Of course you should be going over the return yourself, for ensuring that all the numbers are correct.

There are many more such advantages which tell you why tax preparation services in San Antonio are so important to use. 

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

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.  

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.

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.

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.

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. 

 

 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.

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.

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.