Tuesday, 30 July 2019

A better way to execute bookkeeping!

Are you also a businessman who worries too much about your numbers being added up correctly? And do you really wish to spend so much time on a task that you don’t need to do, especially when you should be giving your time to something more important? The fact remains that making mistakes adds up. This is especially the case, when those mistakes end up leading to an audit or something even worse like bankruptcy. 

business bookkeeping San Antonio

Statistics show that around 30% of small businesses fail within two years. This is because of the expenses continuously outweighing the profits. This is exactly why it’s crucial to keep an accurate book. 

This blog will simply talk about a better way to execute business bookkeeping San Antonio

The suggestion being made here is to hire a bookkeeper! Although this way comes with its own cost, it can save your business big time in the long run.

Here’s how hiring becomes your best option:

1. Your bookkeeper will prevent errors

Even if you think you’re the most seasoned business owner, you might just end up messing up on your books, simply because of the lack of proper experience in this area. Such kind of mistake could range from missing entries to data entry errors, from mixing up types of expenses to double entries etc. However, when you hire a professional bookkeeper with a keen eye, he or she is less likely to make such kind of newbie mistakes.

2. Your bookkeeper will keep a tight schedule

One of the roles that a bookkeeper plays on getting hired is paying the bills. This is why they’ll always  know what time is the best for spending within the budget. Moreover, they’ll be accurately invoicing with timeliness. When you’re running your own business, it is very easy to fall behind, when it comes to paying and accounts receivable. With a bookkeeper, you won’t need to pay any late fees and you’ll also get paid on time!

3. Your bookkeeper will analyze and understand the company’s standing

After hiring a bookkeeper for business bookkeeping San Antonio, you can know where the company stands financially. This would help in figuring out where you can/should invest/allocate/cut back money. He or she would simplify as well as clarify any confusions and explain important concepts.

In conclusion, there is a better way to execute bookkeeping; Hiring a bookkeeper is the way to go!

For more tips on business bookkeeping San Antonio, get in touch with Uhlenbrock CPA at 210-701-1040.

Thursday, 18 July 2019

A guide to understanding payroll!

When it comes to payroll in North San Antonio or anywhere else as a matter of fact, there are many things that are important to know. However, to start with the basics of it all, is something absolutely crucial. Therefore, this blog attempts to give you appropriate information about payroll and how it works.

Payroll North San Antonio

The most basic question; what is payroll?

A definition given by Investopedia, states that payroll refers to the total of all the compensation that a business should be paying to its employees. It is for a set period or on a particular date. The payroll includes wages, salaries, bonuses, deductions, as well as net pay. In a lot of cases, the payroll is handled by a business’ accounting department. When it comes to small-business owners, they might also opt that their payroll should be managed directly in-house. They may even go for an associate.

Typically, for a business, payroll makes up to the largest deductible. This is because of the expense that it takes for compensating each employee’s wage or salary. The pay periods may also vary because of situations like sick days or overtime.

Apart from compensating the employees, payroll also includes the taxes which the employees of the organization are required to pay. This includes things like withholding taxes.

These are also known as the Pay-As-You-Earn (PAYE) taxes. These are those taxes which the employers should withhold from the wage of each and every employee. The income tax with holdings are always assigned by the state, federal, as well as the local governments.

The employers as well as the employees are also required to pay the payroll taxes like Medicare as well as Social Security. It is the IRS which states that the Social Security’s current tax rate is 6.2% for the employer. It is 6.2% for the employee. This makes it a total of 12.4%. Also, the current rate of Medicare comes to 1.45% for the employer. It is 1.45% for the employee of the organization. The total thus, comes to 2.9%. There is another required payroll tax. These are the unemployment taxes which compensate employees that have lost their jobs.

In order to assess as well as collect payroll taxes in the developed world, there are state and federal-level systems in place.

An important thing to remember is that policies of payroll in North San Antonio would differ from that of another place. So, do your research right before you enter into this world of payroll.

For more tips on payroll in North San Antonio, get in touch with Uhlenbrock CPA at 210-701-1040.