Quick Upside to Bookkeeping Services

The process of bookkeeping is crucial to help maintain accurate financial records. Nevertheless, many businesses are still failing to implement this process. Poor accounting is actually one of the top reasons for businesses failing. Without bookkeeping/accounting, you are as good as blindly driving your business. So, don’t make the mistake of underestimating bookkeeping services in San Antonio, and save your business from wrong or no bookkeeping!

If you’re still not convinced that your focus should be on bookkeeping, we’ve got some pointers that give you a quick upside to bookkeeping services! Here’s why bookkeeping is important:

1. Bookkeeping Helps With The Budget:

It’s important as it helps you in making your budget. When you will have your income as well as expenses are properly organized, it will be easier to review the financial resources as well as expenses. We all know how a budget helps in creating a financial roadmap for any business.

2. Bookkeeping Helps With Tax Preparation:

Usually, a business needs to file a tax return annually. Every year, millions of business owners scramble through their desk in order to find missing paperwork. This tax-filing process is more efficient when you have a bookkeeping function within the company. Bookkeeping is important even to file the personal tax return. This is where you can use bookkeeping services in San Antonio to help you out!

3. Bookkeeping Helps With Organization:

Every business owner should have the skill of being organized. This means that one should be able to find data regarding their business at any time. Few parties that are interested in a company’s financial records are the IRS,  investors, customers, lenders,  and employees. Providing the information requested by them is vital to ongoing operations. By the very definition, bookkeeping is the process of organizing financial information.

4. Bookkeeping Helps With Analysis:

The process also helps with business analysis. It is a tool that is used by the management for analyzing business performance. Financial statements are the products of bookkeeping. They should be regularly generated as well as used for analysis. It is a great option to go for bookkeeping services in San Antonio to make sure this is being done accurately. Analyzing financial statements allows you to track your cash inflows as well as outflows. Bookkeeping would give you information on which business lines are working/not working. This allows you to put your focus on your company’s strengths while improving on its weaker.

5. Bookkeeping Helps With Better Decision Making:

When there is ‘analysis’, there’s better decision making. For you to make the best decisions, you would need access to all the available information about your business. Bookkeeping helps you with exactly that. Isn’t it obvious though? How can one be expected to make profitable decisions without any accurate financial information that backs it up?

To know more about bookkeeping services in San Antonio that can help you get all these benefits for your business, get in touch with Uhlenbrock CPA at 210-701-1040.

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.  

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.

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.

What are the objectives of tax planning?

There are many types of businesses out there in today’s world. However, the world of accounting surrounds all the business regardless of what they are involved in. This is because no matter what the aim of the business is, or what kind of products and services are being offered, any business has money going in and coming out. Therefore, it will require processes of accounting to be executed. Out of the many things required to be done in accounting, tax services and bookkeeping San Antonio are critical for any business. This is the process that is conducted by the taxpayer. It is done for reducing the tax that is liable upon the payer through the maximum use of all available allowances, deductions, as well as exclusions, etc. that are feasible under the law.

Therefore, it is basically an analysis of a financial situation from the point of view of taxation. Insurance of tax efficiency is the biggest objective behind tax planning. The process allows all the elements of the financial plan to function in proper synchronization. This eventually leads to the delivery of maximum tax efficiency. The process is also imperative for budgetary efficiency.

Following are 5 top objectives of tax planning: 

1. Economic Stability: When the tax planning behind a business is executed properly, a stability is supplemented.
2. Productivity: Proper channelization of taxable income to various investment plans can be done, through flawless tax planning.
3. Reduction of Tax Liability: A taxpayer can save the maximum amount possible from the payable tax amount with the help of using a proper arrangement of the working of an enterprise according to the laws. You need an expert for reliable and accurate tax services in San Antonio.
4. Minimal Litigation: It is crucial that the compliance regarding tax payment is followed as well as used properly. This makes sure that the friction between the collector and the payer of tax is to the minimum.
5. Healthy Growth of The Economy: Growth of an economy is dependable on the growth of its citizens. The process of Tax planning helps in estimating the generation of white money that is currently in free flow.

In conclusion, it is better to know the objectives of a process, in order to plan out its proper execution. Once you know what is to be achieved, it becomes easier to execute the process in such a way that objectives are met with the minimum amount of money and time that should be invested. To know more, give our tax experts a call at 210-701-1040.

Bookkeeping hacks that will change the way you execute accounting!

When it comes to business bookkeeping San Antonio, accounting becomes effortless if you know the right hacks. Not only does it make the process effortless, but also saves tax big time. 
Therefore, if you are someone that offers bookkeeping services in San Antonio or someone who has hired a professional for their business bookkeeping San Antonio, then these hacks can come in really handy.

Have a look:

1. Keeping a Fixed and Scheduled Time For Tax Deductible Purchases
If one were to go on planning early, in the tax year, about buying what one will be requiring, and if that happens to be tax deductible, one might end up saving a big quantity of money. Often, this is forgotten when the bookkeeping services in San Antonio are being executed.

2. Claiming the Bad Debts
This simply means that one can claim money which is owed to them and which they have not been paid on their tax return. What this does is, that it greatly reduces the taxes that one has to pay. The simple logic here is that being taxed on money that you haven’t made, is not at all a smart way to go about it. Therefore, claiming bad debts is a great hack while executing business bookkeeping San Antonio.

3. Deferring the January Income to the Following Tax Year
When one has had quite a very profitable year, and on top has even received the salary for the month of January, it is allowed that you defer the amount to the following tax year. This hack helps in considerably lowering the taxes for the prior year’s return.

4. Keeping Personal and Business Finances Separate
A very common place to make errors is when you do not keep your business and personal finances separate. In fact, this is probably the one thing where people make errors the most! Therefore, one must simply keep their personal and business finances separate. This should be done in order to avoid tax fees. When one keeps their business fees separate, they can be considered eligible for various considerable deductions on their tax return.

5. Automating the Human Resources, Admin, and Payroll Functions
This hack becomes an amazing way to save on payroll taxes. In case your business is allowing you to get away with this, then you should definitely go for it! This makes you save a great deal of money!

By implementing such viable tips to your strategies you will surely see great results on the tax return and it will change the way you practice accounting forever! To employ professional bookkeeping services in San Antonio, please call Uhlenbrock CPA 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!