3 Bookkeeping Mistakes Made By Small Businesses

 

Almost every entrepreneur plans to grow their business and reach unattainable heights. However, not everyone manages to do so and there is one common obstacle behind it that is Bookkeeping and accounting. 

Whether it's a start-up firm or an established organization, bookkeeping is important to every business's success. However, some small companies usually don't have professional bookkeepers, despite knowing all the pros and cons of bookkeeping.

Almost  6 out of 10 business owners believe that they don't have bookkeeping companies that have knowledge and expertise on small business accounting and corporate payroll services concepts. And can lead to common bookkeeping mistakes that can cause harm to their business during its initial stage.

In simple terms, Bookkeeping refers to organizing and preserving your financial and accounting details which include tax planning, tax records, payroll details, ledgers, etc. Hiring a bookkeeping and accounting company can effectively do financial assessment and management. It also eliminates the risk of obtaining an audit from the CRA and it allows business owners to keep track of growth and profit on an annual basis.

So, here are some of the bookkeeping that businesses need to avoid:

1. Lack of Business Plan

Planning is a must for starting or running any business. Building a strong business plan ensures that the organization is prepared and ready to be in operation. Your business plan should include your financial goals, payroll management and of course accounting process. It should layout the schedules and the staff who are responsible for taking care of each task. This way, there will be a balance as to when certain financial deliverables should be ready and who should be responsible for creating them.

2. Failing to Maintain Records

The recent advancements in cloud technology have made the corporate bookkeeper's job easier because there is a more secure and feasible option available in cloud hosting. It does an excellent job to make sure the data is accessible 24/7 regardless of the time and location. But there could be some problems for starters, technical glitches can prevent you from getting business reports, bank statements, and other important documents on the cloud server. This is why you should maintain a digital backup of every record.

3. Getting Rid of Receipts for Small Purchases

Buying several stationery items, spending a few dollars on a RO water system and many other small purchases often do not have records in the books. Many small business owners or start-up founders disregard such expenses receipts and it could create difficulties in budgeting and assessing cash flow if these small expenditures might amount to a hefty sum.

It is advisable to maintain receipts for all the business expenses amounting to less than $50.

So, to avoid these mistakes you need to outsource bookkeeping services. Hire the UHLENBROCK CPA team to get a customized accounting system that allows you to make strategic business decisions. You can get in touch if you want a small business CPA in San Antonio.

How a Bookkeeping Service Benefits Your Business in San Antonio

Are you in need of a Certified Public Accountant? Are you searching for IRS representation? Uhlenbrock CPA is here to help. Located in San Antonio, TX, we are capable of providing a number of services including bookkeeping services, tax preparation, tax planning & more.

As a business owner, you know how crucial it is to keep your books in order, and at Uhlenbrock CPA we understand how much you already have on your plate while running a business. That is why we offer professional bookkeeping services to allow you to focus more on your business. With our help, we can help you grow your business while we keep your finances under control. Bookkeeping involves recording a company's financial transactions, such as billing clients, recording receipts, verifying invoices, processing paychecks, and creating financial reports. It requires more than a simple knowledge of debits, credits, balance sheets, income statements, and QuickBooks. A quality bookkeeping service will apply and maintain an underlying structure to the operations of a business.

A consistent financial process encourages uniformity in tracking, paying, and reporting, which protects companies against costly risks and strengthens their overall health. It will also make life easier in the event of an IRS audit and allow you to show your company's value to investors more clearly. Our team has the professional background, training, and experience to benefit your business in ways that go far beyond the traditional idea of "the books."

1.Bookkeeping lets you prepare financial statements.

2.Bookkeeping lets you focus your business strategy and plan for the future.

3.Bookkeeping Keeps you prepared for tax season

4.Bookkeeping maximizes your deductions come tax time.

5.Online bookkeeping services give you more time to focus on revenue generating activities.

6. A focused bookkeeping solution makes your life easier.

Are you looking for a reliable CPA firm that manages your bookkeeping task owing to the lack of time and infrastructure? Contact  Uhlenbrock CPA - A leading bookkeeping firm, providing efficient and accurate bookkeeping services in San Antonio. Call us at 210-701-1040.

If you have any questions or queries, feel free to contact us -

Uhlenbrock CPA, PC

1000 Central Parkway North, Suite 120

San Antonio, Texas 78232

mike@texascpa.net

Phone: 210-701-1040

Fax: 210-701-1040

www.uhlenbrockcpa.com

Benefits of Using a Bookkeeping Service – Uhlenbrock CPA

Bookkeeping is the first step in the accounting process and arguably the most important one. A bookkeeper will compile all financial data – from transactions to wages – and turn them into easy-to-read reports that are ready for future analysis.

There are multiple benefits to having a good bookkeeper for business bookeeping service in San Antonio, and with all the changes happening in the financial world.

1. Detailed Recording –A thorough, dedicated bookkeeper will always keep detailed records up to date. This complete recording will not only assist you in supervising your business accounts, but will also be of great assistance once you need your financial statements — or once your company is audited — as this process will be much faster and much cheaper.

2. Always Compliant with the Law – A good bookkeeper will always comply with the latest legal regulations and will make sure all your accounts and books are up to date with any recent legal changes. Because the bookkeeper holds himself or herself accountable for any work that they do, you can rely on them to clear any mistakes.

3. It is Easier to Plan –Once you have a detailed recording and a better overview of the company’s accounts, it is much easier to plan and predict the future. When you are confident in your data, you can solve issues quickly and you can grab any opportunities that present themselves, without having to fear miscalculations in the accessible data.

4. Instant Reporting – Even though you will need to wait for the accountant or the auditor to finish their reports to conclude official financial statements, you will always have an updated balance sheet to inquire about the current state of the accounts.

5. Better Tax Prediction –While the IRS will demand an official financial statement from your company for the purpose of taxation, you will be able to predict the outcome more accurately if you have access to detailed balance sheets over time.

6. Faster Business Response Time –When you have real-time information about the state of your accounts, you will be able to react quickly to any changes that happen to the market or to your business.

7. Faster Financial Analysis –As bookkeeping tends to be less expensive than accounting, it’s helpful to know that by having detailed records you will shorten the length of time an accountant will spend on analyzing your accounts and creating financial statements.

8. Easier Audits – Producing financial statements is much easier and faster when you have a better data-recording model. You will have a much easier time conducting an audit than you would if your accounts are messy, disorganized or even slightly outdated. Any auditor you employ will just need to access the detailed balance sheets and compare them with the statements to know exactly what was done. They can produce their report quickly and any mistakes will float to the surface.

Do you need bookkeeping service for your business in San Antonio, TX? Get in touch with Uhlenbrock CPA at 210-701-1040. Uhlenbrock CPA has years of expertise in bookkeeping, tax planning advice, tax preparation, payroll managment and other accounting tasks.

If you have any questions or queries, feel free to contact us –

Uhlenbrock CPA, PC

1000 Central Parkway North, Suite 120
San Antonio, Texas 78232

mike@texascpa.net
Phone: 210-701-1040
Fax: 210-701-1040

www.uhlenbrockcpa.com

Business Bookkeeping is an Essential Aspect

Bookkeeping is the process of keeping accurate records of company spending and revenue. Some small business owners decide to do their own bookkeeping to save on costs while others prefer to hire a trained accountant. Apart from making filing corporate taxes easier, there are benefits to doing accurate bookkeeping that every business owner should understand.  

 

 Benefits of business bookkeeping San Antonio:

• Reduce Operational Costs: A bookkeeping service should reduce your costs in several ways. The obvious cost savings advantages are lack of payroll taxes, paid vacation and other employee benefits.  
• Business Decision Benefits: Bookkeeping records provide benefits that assist you make right business decisions. With bookkeeping services for business, you can identify money-making opportunities, avoid cash-flow issues, and find ways to increase income and decrease spending.  
• Tax Deductions: A bookkeeping system makes it easier to report revenue for tax filings at the end of the year, but a comprehensive spending profile can also help you find tax deductions that will lower your tax burden.
• Financial Comparison: A comprehensive bookkeeping system allows a business owner to analyze spending and revenue one item at a time. The data can be grouped by the week, month, quarter or year to be analyzed and compared to past years.   
• Budget Monitoring: Companies need an accurate report of current spending and revenue to support business compare actual results with projections in the annual budget. A bookkeeping system facilitates up-to-date company financial information that can be cross-checked with the budget to make sure that the company is not overspending.

One of the certified public accountant firms is Uhlenbrock CPA that offer top class CPA services in San Antonio. Uhlenbrock CPA offers the best services of business bookkeeping, QuickBooks accounting, tax planning, tax preparation and IRS audit representation too. They are certified and highly experienced in dealing with the clients of diverse needs of business bookkeeping as well as tax consulting North San Antonio.  

Hire Uhlenbrock CPA for great bookkeeping services in San Antonio now!

     

Contact Us

Uhlenbrock CPA, PC

1000 Central Parkway North, Suite 120

San Antonio, Texas 78232

+Phone: 210-701-1040

Fax: 210-701-1040

www.uhlenbrockcpa.com

mike@texascpa.net

What Are Bookkeeping Services, Exactly?

A bookkeeping service offers a three-tiered approach to developing and maintaining your company’s overall financial processes and management. The first prong is created by the accounting software specialist. He or she creates your accounting data file so that it’s tailored to the specific needs of you and your business. He or she will ensure that you have access to the software and reports you need.

Next is the full-charge bookkeeper. We all know the basic duties of a bookkeeper: to track payables and receivables and keep all your business’s financial transactions documented. Sounds simple enough, but there’s a lot more to this job than meets the eye.

A full-charge bookkeeper can also manage payroll, handle deposits, create and maintain monthly financial reports, manage the ever-changing world of sales taxes as well as quarterly taxes and withholding. Bookkeepers also reconcile bank statements to internal accounts and even help out during an internal or IRS audit.

Other duties include:

1. Entering, Coding and Paying Bills
2. Creating and Sending Customer Invoices
3. Collecting Past Due Accounts Receivable
4. Reconciling Bank and Credit Card Accounts
5. Maintaining Vendors for Accounts Payable and Clients for Accounts Receivable

Between the accounting software specialist and the full-charge bookkeeper, you will have begun to create a set of checks and balances within your business. Individual department spending will be recorded and analyzed by the bookkeeper, accounts receivables and payables reviewed and fulfilled by him or her, and the company’s spending is contrasted with its budget for review and analysis that can help identify inefficiencies and create more accurate future budgets.

And this is where we bring in the third prong of the bookkeeping service, the controller. The controller increases the company’s overall financial accountability and checks and balances. A controller reviews the bookkeeper’s ledger for accuracy while also maintaining the integrity of the accounting data file in the future so that adjustments can’t be made without approval. Lastly, a controller issues monthly financial reports highlighting any critical issues that you need to understand and possibly address.

Do you need bookkeeping services in North San Antonio, TX? Get in touch with Uhlenbrock CPA at 210-701-1040. Uhlenbrock CPA has years of expertise in bookkeeping, tax planning advice, tax preparation, payroll managment and other accounting tasks.

If you have any questions or queries, feel free to contact us –

Uhlenbrock CPA, PC

1000 Central Parkway North, Suite 120
San Antonio, Texas 78232

mike@texascpa.net
Phone: 210-701-1040
Fax: 210-701-1040

www.uhlenbrockcpa.com