Importance of Business Accounting

There is a common myth among business owners that business accounting is synonymous with bookkeeping. Well, bookkeeping is a part of accounting but it is not the only element of business accounting. Accounting involves analysis and interpretation of financial information collected in bookkeeping process. Whether you are a small or medium size business in San Antonio, you need a Certified Public Account to handle accounting of your business. Get in touch with a reliable CPA for bookkeeping, accounting and tax services in San Antonio.

The basic objective of business accounting is to determine whether revenue of a business is greater than its expenses or not. Business accounting needs to be organized for accurate analysis and interpretation but business owners find this process to be lengthy and tedious. This is the prime reason why business owners should hire an accountant to handle their accounting while they can use their time to grow their business.

If you are wondering why accounting is important for your business, have a look at the following points –

• For any business, it is important to keep an eye on overheads and expenses. When business accountants take up this vital role, owners can focus on business development, revenue generation and expansion.
• Accounting helps to maintain accurate record of a company’s cash flow. This ensures that the company has sufficient capital for daily operating expenses.
• Accounting helps to ease the preparation of tax statements, financial statements like profit and loss statement and more.
• Accounting helps in evaluating performance of the business from time to time. It also allows business owners to compare business performance over previous years.
• With precise insights, business owners can make future predictions, create budgets and define their business goals.
• When financial records are organized properly, businesses can seek expert guidance to take corrective measures.

A business accountant is crucial for the growth and success of your business. Hire an expert accountant to take care of tax services, payroll management and other accounting services for your business in San Antonio. Visit www.uhlenbrockcpa.com for details.

Tips to Start Planning Next Year’s Taxes by Uhlenbrock CPA

Are taxplanning and preparation simply end-of-the-year activities? Well, this is one common myth that most tax payers have. But, remember, do not leave your tax preparation to the last month of the year. Start your tax preparation early so that you can get sufficient time to plan your tax strategies, identify ideas that may help in reducing your taxable income, qualify for the right credits and optimize tax deductions. What are you waiting for? Get in touch with your tax planning professional in San Antonio today and start tax preparation for the current year.

No matter how busy you are or how boring tax planning may seem, starting early is always a smart choice. Here are few tax planning tips for the next year –

• Life events like marriage or birth of child has an influence on the amount of tax you pay. Use IRS tax calculators to calculate how much tax you will need to pay in case you have got married or had a kid this year. Also check if there are any forms that you need to fill and submit. When you start tax planning early, you have sufficient time to adjust your withholding amount.

• In case, you have suffered a casualty loss in the year, you can use it in the same year to maximize available write off.

• Research on qualifying schemes, 401(k) programs, SEPs and charitable institutions where you can donate money and gain tax benefits. You can also analyze the different tax free bond funds.

• Start early and use your time to find an experienced and reliable accountant or CPA in your area. The tax professional will not only ensure accurate tax filing but also proper tax planning.

• Set aside or contribute money to your requirement accounts. Though this can be done at the end of year also, contributing throughout the year will help you better manage your financial goals. 

Make tax filing process for next year easy and hassle-free by starting now! Get in touch with our tax planning service providers in San Antonio for professional advice. Call 210 701 1040.

Benefits of Accounting Software for Small Business by Uhlenbrock CPA

Small business owners have to multi-task as there are endless things that require their attention. From ensuring smooth customer service to managing accounts, business owners need to take decisions at each step of their business. Business accounting is cumbersome, especially when business owner does not come from an accounting background. Is it possible for business owners to lessen their load? Yes, it is with QuickBooks - leading accounting software for business owners in San Antonio. Investing in accounting software is a wise decision for any business as it saves them both time and money.

Usually, business owners are apprehensive of accounting software and are under the impression that software is complex. But, that is not the case entirely. Software like QuickBooks Services in San Antonio has proved that accounting software can be simple, convenient and easy to use. Here are few benefits of accounting software that small businesses need to be aware of –

• Accuracy – Accounting software brings accuracy to bookkeeping and accounting processes. As calculations are done within the system, precision and accuracy is higher. 
• Compliance – When your business accounts are managed through software, it is easier to maintain compliance with regulations set by authorities. Businesses can enjoy a faster and more effective compliance for their accounts.
• Better Utilization of resources – As software takes care of cumbersome accounting tasks like record keeping, business owner can use his resources for other productive tasks. Better utilization of resources ensures better efficiency and performance.
• Eliminates Paper-based Accounting Processes – Traditional paper-based accounting methods are labor-intensive and cumbersome. Accounting software eliminates the efforts required in manual bookkeeping.
• Insight into Financial Health – With accounting software, all financial data is available at your fingertips. It is easy to generate reports, thus making it easy to analyze health of your business.

Get a QuickBooks setup for your business in SanAntonio today! To know more, call Uhlenbrock CPA at (210) 701 1040.

How to Prepare for a Tax Audit by Uhlenbrock CPA

Have you received a letter from the IRS and are worried over what to do next? Well, there is nothing as frightening as getting a notice from the IRS and almost every tax payer will agree to this sentence. Don’t panic! Get expert IRS Audit Representation service from Uhlenbrock CPA, San Antonio. IRS tax forms are highly complex and there is probability that you have received a notification over discrepancies in your filed IRS tax return. You need to educate yourself and understand the entire process of IRS Audit to make the process quick and simple.

When you receive a notice from the IRS, it can be either for an in-person audit or a paper audit. The type of audit notice will depend on the level of discrepancy in the tax return. Here are few steps to prepare for an IRS Audit

• If you are unsure of what exactly IRS is looking for, it is better to consult a professional IRS audit representation provider in San Antonio. By talking to the tax attorney or CPA, you will be able to analyze why you received an IRS notice.
• You need to organize your paperwork properly. You will receive a detailed list of documents required like bank statements, payroll books, and mortgage statements as per the specifications given in the list. Collect each document and then organize them according to date and category.
• If there are any missing documents or receipts, you need to reconstruct the information in the best possible way using other documentation. It is advisable to seek help from a certified account to organize documents that are missing or unavailable with you.
• Consult your tax professional before going for the audit and understand what information you need to share with the auditors. While answering the questions, you need to be careful that you do not offer information that you don’t need to offer.

An IRS audit notice is received when tax authorities sense something fishy with your tax statements. Do not waste your time and resources in trying to understand IRS Audit Notice, let professionals handle it for you. To ensure a less painful and smooth inspection process, a professional representation is highly recommended. Call Uhlenbrock CPA at (210) 701 1040 and avail their IRS tax services today.

Why business needs CPA firms by Uhlenbrock CPA

Managing business accounts is a tedious and time-consuming! Though basic accounting is simple, it consumes time of the business owner and takes away his focus from other business activities. Choosing a professional accountant to handle your business account is always a smart choice. There are several CPA firms in San Antonio offering customized accounting solutions to suit business needs.

Are you still unsure whether you should hire CPA Services for your business in San Antonio or not? Well, here are the business processes that can employ services of a CPA –

·        Business Accounting – It involves tracking the revenue, profit, cash flow and expenditure of a business. It also involves preparation of financials and cash flow analysis. In-depth analysis of business accounts makes it easy to take strategic financial decisions for the business.

·        Bookkeeping – Bookkeeping is one of the most tedious accounting processes. It involves keeping a daily record of all deposits and checks and reconciling with bank accounts monthly. By keeping track of financial transactions, businesses can outline areas that require attention.

·        Tax planning and preparation – Preparing tax returns for your business can be pretty overwhelming.  Tax preparation is not just about calculating the amount of money that is to be paid in taxes; it also involves analysis of ways to decrease tax liability of the business.

·        Payroll - It involves timely preparation of payroll checks and tax filings. Preparation of payroll checks further involves calculations and processing.

No more number crunching! Employ professional CPA firm to handle accounting for your business. Uhlenbrock CPA is one of the reputed CPA firms in San Antonio. They offer comprehensive accounting solutions for businesses. To know more about their services, call Uhlenbrock CPA at (210) 701 1040.