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No matter what size your firm in Bryan Texas is or the type of services or products it delivers, maintaining records precise is a full-time job that takes you away from other duties that might consist of:
- Meeting client requirements with useful products or services.
- Selling such products or services online to attract new customers.
- Taking care of worker matters that occur.
- Keeping up with current technology.
- Generating revenue.
Yet just how do you find time to manage the financial aspect of your operation?
You know that a top one of the integral parts of having a business is being on top of your finances, which often needs Payroll Companies Near Me.
Payroll Companies Near Me demands knowledge that numerous enterprise owners have never learned about, which is the reason that the experienced help of Payroll Companies Near Me is just what you need.
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Bookkeeping and Accounting FAQs
What do bookkeeping services include?
Bookkeeping services include the tracking of all expenses and income transactions to ensure they match the financial statements that are being created. It also involves reconciling bank account records with monthly reports from your vendors, suppliers or customers so you can see whether any money has been overpaid or underpaid. Your bookkeeper will then calculate your net worth and balance sheet to determine your company's financial position.
Bookkeeping services are often used in connection with a business' accounting needs, but they can also be helpful for personal finances as well. Bookkeepers offer the following three primary services: record keeping, balance sheets and tax preparation.
What are basic bookkeeping services?
- Record keeping involves maintaining financial records that must be reviewed regularly to ensure accuracy and compliance with regulations such as the Internal Revenue Service.
- Balance sheets are a snapshot of your business' financial position on one particular day and provide details about its assets, liabilities and equity at that time. Balance sheets can be very helpful in determining whether or not you're making money or losing money--and they can also help determine how much cash is needed to keep the business running.
- Tax preparation can be the most challenging part of owning a small business because there are so many rules to follow, regulations to comply with and deadlines to meet.
What are the benefits of bookkeeping services?
Record keeping and bookkeeping services offer important benefits to your business. They help keep you in compliance with the law, make sure you're saving money on taxes, ensure accurate financial transactions for tax purposes, and provide peace of mind that all is well financially.
Financial information should be reviewed regularly by people who have a professional understanding of accounting principles and who are able to spot any irregularities.
Do I need a bookkeeper if I have an accountant?
Many businesses have both a bookkeeper and an accountant. The primary difference is that the accountant handles taxes, while the bookkeeper handles all things financial.
Accountant work can be outsourced if your company doesn't need it full time or you just don't want to manage that aspect of your business yourself. However, there is usually a higher cost for outsourcing accounting tasks.
A bookkeeper will help you keep track of money coming in and out, prepare financial statements, balance your books at the end of every month or quarter and make sure that all taxes are paid appropriately.
What accounting software should be used?
There are many reputable options to choose from, but your best bet is generally QuickBooks.
It's user-friendly and has a large community of certified advisors that can help you when needed.
If you're not sure which way to go, I highly recommend contacting an accountant for a consultation.
What is payroll accounting?
Payroll accounting is the process of calculating and paying employees, withholding taxes (state and federal), filing unemployment insurance claims, depositing withholdings to government agencies and usually includes:
- Calculating gross wages in accordance with tax rules
- Deducting income for personal allowances as well as payroll deductions such as retirement benefits or health insurance
- Calculating and paying federal, state, social security and Medicare taxes (FICA) to government agencies
- Reporting wages on an employee's W-G form or Form W-25. Employers must also report any withheld income tax to the Internal Revenue Service on a Quarterly Employment Tax Return schedule quarterly.
Other services needed might include:
- Payment of income tax on employer's contributions to retirement benefits (401k)
- Reporting and paying withholding taxes for employees' health or disability insurance premiums.
- The company also pays into social security, Medicare and unemployment insurance programs as required by law. It is not uncommon that an employee will have various withholdings from different government agencies.
How is tax preparation handled by a bookkeeping service?
A bookkeeping service will not only be able to provide a company with its quarterly and yearly tax filings, but it can also assist in preparing the necessary withholdings.
The companies must report any withheld income tax to the Internal Revenue Service on a Quarterly Employment Tax Return schedule quarterly.
- Payment of income taxes for employer's share of social security and Medicare taxes
- Reporting wage information to the Social Security Administration for purposes of paying social security benefits
- Payment of unemployment insurance (UI) taxes, which is reported quarterly on a Federal Unemployment Tax Act Schedule A form filed with the IRS. The company must also provide written notice to employees telling them how much they owe or are owed in UI taxes.
- Payment of state employment taxes on wages paid to employees, which is reported quarterly and may be done using one of the following methods:
- Paying unemployment tax by making payments directly to a state agency (some states allow this method only for certain periods or with respect to specific types of employers).
- Making the appropriate payments to a state unemployment compensation fund and filing regular reports with the agency that handles such taxes.
- Filing one Federal Unemployment Tax Act Schedule H form each year, which is due on January 31 of the following calendar year for wages paid in December of the previous year. The company must also provide written notice of payment to each individual who has been paid for wages in a specified state during the period.
- Filing with the Department of Labor and paying employer taxes, including unemployment tax on any compensation you pay an individual if that person is not your employee (for example, independent contractors).
What Type of Records Do I Need to Keep For My Business?
If you're using QuickBooks Pro and Enterprise, your accounting records will be automatically uploaded to tax forms.
Smaller businesses can use any other digital solution as well.
You'll need invoices from vendors for supplies and products that are used in your day-to-day operations.
For more independent businesses, you'll need to get a CPA or tax lawyer on retainer just in case something goes wrong with the IRS.
Most likely, one of the most important - and often forgotten about - pieces in running any type or size business is getting an accurate handle on your financial records.
If you're a small business owner, it's important that you know the different types of accounting software solutions available to ensure accurate and secure record keeping. Accounting is one of those tasks in which the right solution can make all the difference for your company - whether it's big or small.
How Long Should I Keep Records For My Business?
Every business should keep records for at least six years - the more important, the longer. If you're operating under a specific state or federal law, then that time frame may be different but either way it's best to maintain your documents as long as possible because there are so many things that can happen in a given amount of time and having up-to-date records can be key to minimizing the impact.
If you're operating under a specific state or federal law, then that time frame may be different but either way it's best to maintain your documents as long as possible because there are so many things that can happen in a given amount of time and having up-to-date records can be key to minimizing the impact.
No one wants to get in trouble, and just because you may not have had an incident yet doesn't mean that you won't--so make sure your records are up-to-date!