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.

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. 

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.

Solutions to prevent mistakes in bookkeeping

The process of bookkeeping is typical. It requires precision and accuracy on the part of the bookkeeper. This means that when one seeks a bookkeeping solution in San Antonio, they should be careful about the bookkeeper they are hiring. For absolute accuracy and professionalism, they should pick an accountant San Antonio who is experienced and knows how prevent mistakes in bookkeeping.

As an accountant San Antonio, who has been there, we have curated a list of tips in this blog, that help in preventing common bookkeeping mistakes! Have a look:

1. When you aren’t producing or utilizing financial reports
The correction to this mistake is not only obvious but also very easy. There are a big set of choices for accounting software that is capable of producing financial statements. Two of the most popular options are Xero and QuickBooks. However, if your accountant San Antonio doesn’t enter accurate data, then the reports would become misleading and eventually lead to bad decisions.
For avoiding this problem easily, one can hire someone who provides bookkeeping solution in San Antonio while not only entering the data correctly and producing the financial reports, but also offer advice and help on improving the financial performance.

2. When you don’t keep business and personal spending separate
This can easily be solved. With a little research, it becomes very simple to set up a business bank account. This however, does depend on the size of your business. There are options available for free bank accounts as well.
Therefore, when you require additional funds from the business, you can easily transfer from the business account to the personal account. This saves you from paying for your personal expenses directly from the business card. It makes sure of clear record keeping in the business bookkeeping solution in San Antonio.

3. When you don’t do bookkeeping often enough
When you own a big business, it gets difficult to find time for managing bookkeeping. Hiring someone for the same, has many advantages like freeing up time, getting professional help and advice on improving the business’ financial performance etc.

In conclusion, there are many mistakes that one can make while executing the process of bookkeeping. However, the silver lining is that these mistakes can easily be prevented. Just by following a few simple tips, bookkeeping can be converted into a smooth error free process requiring less time, focus and money. For details, get in touch with the expert accountant in San Antonio at 210-701-1040.

What do you need for business tax preparation? PART 1

In our previous blogs, we have mentioned the importance of having an expert by your side when you are going for business bookkeeping San Antonio. Well, the same is applicable for tax preparation too. Getting an expert for tax preparation makes it more efficient, accurate and saves you a lot of time and stress as well. Therefore, the most imperative element that you would need for business tax preparation is an expert who knows what he’s doing.

Apart from this, there are particular things or more specifically documents that you will need to arrange for the business tax preparation.

Through this blog we are going to inform you about everything you will require for the same. Basically, it all comes under gathering the right information from various sources. Let’s begin!

1. Last year’s business tax return

We know that you wouldn’t want to go down that memory, but it helps in providing valuable information and serves as a guidance to make your way through this year's return. It basically helps you in verifying the following things -

• The method used to track business finances
• The date of incorporation of the business
• The date of electing to become an S corporation
• The federal tax ID number
• The business code number and activity descriptions
• The method used for tracking the inventory 
• The beginning balance sheet amounts (the same as previous year's ending balance sheet amount)
• Partner or shareholder information provided that there are no changes

2.  Articles of Incorporation

If you find yourself not having the prior-year tax return, or you are filing a tax return for a new business, then the Articles of Incorporation help in giving some important information:

• List of officers
• The state of incorporating the business
• List of shareholders and percentages of ownership (in case of being  an S corporation)

3.  Partnership agreement

Again, if you are lacking a prior-year tax return, then the partnership agreement becomes the best source of:

• Date of the partnership being started
• The method used to track business finances
• Information of any particular expense or income item that isn’t allocated based on loss, profit, or even ownership percentages
• The amount of money put by each partner initially as well as current ownership percentages
• The list of partners

Stay tuned to the second part of this blog for more information on the things you need for business tax preparation. As we have been providing the tax preparation and bookkeeping services San Antonio for years, impressing and satisfying our customers, we are your best source of information on the topic!

Steps to Earn Success in Small Business Accounting

Regardless of the type of business, any company cannot cease to exist without accounting. If a company wants to successfully operate, the business bookkeeping San Antonio becomes the very foundation of the same. As the owner, you are the one who is in charge of getting the business books in order. You can hire an accountant for business bookkeeping process in San Antonio.

 

Accounting Activity

Three major areas:

• Bookkeeping process - When the financial statements are managed according to the established procedure. A business needs to perform bookkeeping on a regular basis.

• Tax records - Those documents of your business that deal with tax base and calculation for reporting to fiscal bodies.

• Management accounting - Analyzing the recorded data or getting it done through an accountant San Antonio to evaluate the effectiveness, make sound economic decisions and plan work processes.

Steps to a Successful Beginning 

Picking the best accounting method for your business:                         
The two methods that can be looked at are accrual and cash. See what method would best fit your small business and go ahead with implementing it. You can always refer to a professional’s advice for the same.

What are the records you have to keep?                                                            
As the owner of a small business, you need to know what type of records you have to keep. The legal documents like sales tax licenses, business permits and licenses or any other kind of documents which have legal significance are to be stored and kept accurate as well.

Supporting financial documents:                                                                    
These documents hold great value since all the accounting operations are based on them. Such documents include invoices, all contracts with counterparts, cash register tapes, payrolls, receipts and a few other documents that are related to the finance area.

What to record and how?                                                                         
Each and every thing that is related to money and explains the sales transactions of your business need to be recorded. If you keep day by day records of incoming as well as outgoing payments, you’ll get a full picture of the funds of your business. It is imperative for you to know your liabilities that include overhead and employee paychecks, operating expenses, taxes etc                                                                                                                   
Management of documents:                                                                                            
There will be a lot of documents that you’ll be receiving for various different purposes after getting your license and opening a bank account offline or online. Further, the number of documents will only be growing. This means that you should have a well-organized process of slotted documents to ensure high efficiency of the record-keeping system.  

As the best an accountant San Antonio, we provide the best service of business bookkeeping San Antonio. To know more about our services, give us a call at 210-701-1040.

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 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.

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.

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.

Reasons Why a Bookkeeper is Important

 Running a business is tricky! From sales to accounting, there are endless things that need to be done. Most business owners need a professional help when it comes to managing their accounts. Have you ever acknowledged the role of a bookkeeper in your business?  Well, expert bookkeeping services in San Antonio have a major association with the success of your small business.

If you think your business does not need expert bookkeeping services in San Antonio, read the blog below. Let us tell you why you should be thankful to your bookkeepers. Have a look:

Their job is to keep your tax data current and accurate

A person who is good at bookkeeping San Antonio knows how imperative it is to always keep the client’s (yours) tax information accurate. He also makes sure that he has updated the necessary information at all points of time.

Your bookkeeper helps to automate your processes

When we talk about a certified bookkeeper, providing bookkeeping services in San Antonio there are some things that he can easily do. This includes automating and setting up QuickBooks or even converting to QuickBooks from other systems.

By lending you a shoulder, they let you focus on more important things

It is only by focusing on the important things that a business can truly grow. If you would be wasting time on bad bookkeeping by your consultant then there would be no time for you to devote elsewhere. However, once you go for hiring efficient bookkeeping services in San Antonio then you have all the time in the world to give to your business’ core areas.

Bookkeepers maintain your accounts very well

This goes without saying, that an efficient bookkeeper would always maintain your accounts payable and receivable very well. Hence, it is crucial to have a bookkeeper who knows his job well and carries it out ethically.

They know how to coordinate with your CPA

When it comes to your finances, you always want them to be handled by someone you trust. Therefore, having a bookkeeper who has the ability to have a smooth flow of communication with your CPA is really something to be grateful for.

Apart from the few listed reasons, there are many more small yet important activities that a bookkeeper handles for you. All these small efforts when combined result in success of your business in one way or another. Hire Uhlenbrock CPA for reliable bookkeeping services in San Antonio. 

However, in order to be able to enjoy any of these benefits, be careful to hire an efficient bookkeeper. 

Why Should Bookkepers Turn into Bloggers?

Do you practice bookkeeping in San Antonio? If yes, do you blog as a bookkeeper? Well, you we advise you that you should. Wondering, why? A blog can enhance reputation of your firm, attract clients & build website traffic. You can use the blog as a platform to share your accounting knowledge and interact with people from your industry.

First things first, you should know who your reader is going to be. The blog would be a great way to reach your clients and prospects. This way, you get a platform to communicate with them easily and creatively. It would prove really good for business and make you an established provider of bookkeeping services in San Antonio.

Let us have a look at how to set your blog up and make the most of it!

About Blogging

Blogging is a beautiful package of marketing, branding, and communication. History proves that blogging is one of the most efficient and effective ways of communication between the clients and the provider. It leads to increasing your brand’s awareness and easily makes you reach to a wider audience. This means an effortless search for new target markets.

It is recommended to blend it with the use of social media platforms. However, what would this do for your business? Well, apart from increasing your firm’s reputation it would also boost the amount of traffic on your website. The best part of blogging is that it requires just a little bit of investment of time and surprises you with big returns on investment. Still not convinced? Don’t worry we have more.

Benefits of Blogging

The uniqueness of blogging is what makes it so special. It is different from other forms like social media platforms or emails etc. Here’s more it would do for you-

• Stay in touch with present clients
• Present your expertise and knowledge creatively
• Increase the search engine rankings of your website.
• Build a solid online presence
• Helps you reach prospects who do not respond to marketing methods and conventional sales

When you get to know about so many benefits that you can receive from a certain thing, you go back to wonder how much it would cost you. However, as discussed above, it does not take a penny of your money but a bit of your time. 

 

As the best provider of bookkeeping services in San Antonio, Uhlenbrock CPA understands the value of blogging and the benefits it carries for the business. Get in touch at 210-701-1040 today.

To highlight your services of bookkeeping San Antonio, start blogging right away!