|Posted on August 18, 2020 at 2:57 PM||comments (16)|
YESSSSSS!!! That Beautiful Moment when you finally reconcile an Account, especially after battling with the Account for a while - PRICELESS!!! In Case, you are wondering what Reconciliation is. Reconciliation is the Process of ensuring that your Accounting Record agrees with your Bank Statement.
Performing Bank Reconciliations helps you spot out Fraud and Reduce the risk of transactions, that can cause late fees and penalties. The Following are the Advantages of Bank Reconciliation:
1) It makes Accounts to be in Good Standing - It makes your Account to be in Good Standing. When you reconcile your Bank Account, it helps you to be aware about the Amount that you can spend in your Account, so that you are less likely to overdraw your Bank Account. You need to keep in mind, that overdrawing will negatively affect your Credit Score and can prompt the Bank to charge you fees.
2) It Prevents Theft - Recording Bank Fees is a Standard Practice as you process your Reconciliation and it may reveal a transaction, that you have overlooked to record. By examining further, the available original documents, these discrepancies will be revealed. Most Importantly, it will reveal the Bank transactions, that were initiated by unauthorized individuals, who try to steal money from your Bank Account.
3) It Helps you detect Accounting Errors - There can be some cases, where your Bank commits an error in your favor, and this will make you liable to return that money, even if you've already spent it. By Reconciliation, you will be able to detect accounting errors that commonly occurs in Business, such as Double Payments, Addition and Subtraction Errors, Missed Payments and Lost Checks.
4) It keeps Mistakes in Check - Banks are usually responsible for implementing procedures to avoid making mistakes in your Bank Account; unfortunately, mistakes do happen sometimes, with the most common being a Simple entry error. Nevertheless, Banks will be able to correct these mistakes when you point them out, after you complete your Bank Reconciliation.
5) Need to Record Interest Earned - Businesses may think, that they are Small, so recording their Interest maybe minor. It is important to keep precise track of smaller details, since these can add up over time. Also, It may not seem important now, but as you earn more money and your Principal grows, your interest may become significant enough that it affects your bottom line.
6) It reduces Missing Transactions - We have seen several instances, where Banks may refuse to deposit your Check for reasons like you have drawn on a Foreign Bank Account. This may require them to reverse the original entry on a Deposit. Bank Reconciliation is carried to introduce transparency and efficiency into a Business's Accounting System.
7) It helps to identify Duplicate Charges - Reconciling your Bank Account helps to identify duplicate charges, that may be erroneously charged in your Bank Account; It also helps you to recognize unauthorized charges and incorrect posting amounts, thereby reaching out to the Merchant Companies and informing them to refund these charges.
8) It detects and prevents Embezzlement of Funds from your Company - Reconciling your Account helps to detect Fraud and embezzlement of funds from your Company. You are able to track every transaction and determine, where they are coming from, where the funds are being allocated to and if they were wrongly allotted.
9) It Helps Business Owners make Sound Financial Decisions - Reconciling your Bank Account helps Business Owners to make sound financial decisions about the growth of their Company and helps to identify particular product lines, that maybe non-profitable.
10) It helps you track your Accounts Receivables - Cash is King. Reconciling your Account keeps you on top of your Account Receivables; It helps you know the true Amount, that your Debtors are owing you. Reconciling your Account allows you to track your Invoices and reach out to your Debtors to make Payments promptly. It helps to ensure that you always have Cash available in your Bank Account.
11) Reconciling your Account helps you produce Accurate Financial Reports, needed for your Loan Application - Due to the Pandemic, a lot of Businesses have to rely on SBA Loans and Government Stimulus to help their Businesses stay afloat. Having a Reconciled Account helps you produce Accurate Financial Reports, that can help you obtain these Loans easily, without hassles.
Are you Reconciling your Account Regularly? Are you overwhelmed with your Reconciliation? We have the latest Accounting Software to help you and Guess What? We can set one up for you as well.
Give us a Call on 202-422-4586 and We'll help you out.
|Posted on June 30, 2020 at 7:45 PM||comments (0)|
We congratulate you for making it through the Pandemic and getting back with your Business Operations. We are excited about the endless Possibilities and Opportunities, that the future holds for us. We look forward to working with you in making this Possible.
Governor Larry Hogan recently announced the next round of safe and phased re openings in conjunction with stage two of the " Maryland Strong: Road map to Recovery" Plan. We are also aware that, the Federal Government will forgive part of your PPP Loan, as long as 60% of the Amount goes towards Paying your Employees.
In light of these re openings and Loan Forgiveness Rules, the Maryland Department of Labor has notified all unemployment claimants who are on temporary layoff or are furloughed due to COVID-19 that they are required to return to work if called back by their employer. If a claimant refuses an offer of work, it may result in the delay or denial of the claimant’s benefits.
Labor’s Division of Unemployment Insurance requires employers to report the following information within 15 days of when they offer work and it is refused by the employee:
If your Employees refuse to get back to work, there is a New Employer Tool for Updating Return to Work Dates and Reporting Job Refusals Online, which is included below.
Employers who have a valid Maryland account number and FEIN may easily report job refusals and update return to work dates by utilizing the Division’s new online application available at https://secure-2.dllr.state.md.us/net207/welcome.aspx. The application will accept an updated return to work date up to 30 days in the past and up to 12 months in the future.
Employers without a valid Maryland account number, such as federal employers and those who are out-of-state, may report job refusals and update return to work dates by emailing [email protected].
However, please note there are circumstances where a claimant has “good cause” to refuse an offer of work, including:
Upon receipt of this information from the employer, Labor will schedule a telephone fact-finding appointment with the claimant where the claimant will be able to address the failure to return-to-work/job refusal issue. The employer will also be contacted to provide the circumstances of the job offer. After the Division has collected the available facts surrounding the job offer, a determination will be made.
We are aware, that this may be a tedious and additional workload for you; As your Trusted Bookkeeping, Accounting and Payroll Provider, we are excited to let you know, that we can assist you with this Task, as well as any other Services, you may require to allow you settle down and work on your Business.
Call Us on any of the Numbers Below and Let us know, how we can assist you:
C - 2020-422-4586
O - 301- 485-8109
To your Business Success.
Rosemary Anyanwu, CFE.
Certified QuickBooks Pro Advisor
Professional Bookkeeper & Accountant.
|Posted on May 15, 2020 at 3:44 AM||comments (1)|
Congratulations to Rosyan Bookkeeping Services
Today marks 8 Years of Our Company.
Birthed from a Labor & Delivery Room
Became a Reality at the Birth of a Third Child
Became liberated from the High Costs of Child Care Expenses.
Became a Business Support to many Businesses.
Became an Employer of Labor
Became a QuickBooks Training Center
Became a Bedrock to Many Homes and Families.
Became a Leading Example to Youths and College Interns.
Became a Support to Non-Profits.
Became a Successful Business.
Became Hope to our Clients.
Breaking through the Pandemic
And Coming out Stronger......................
To Many More Years of Business Success.
We are grateful to all our Clients, Colleagues and Friends. Thank you for all your Support.
Thank you for standing with us through the Years. We know, these are unprecedented times and there are a lot of challenges during these Period, but we want you to know, that we will get through this together and come out stronger.
Don't hesitate to call, if you need a Supportive Ear. We are a Call and a Click away. Together, we will celebrate and get through this.
We love and appreciate you.
|Posted on May 6, 2020 at 1:00 PM||comments (1)|
Congratulations, you filed all the Paperwork for your PPP Loan and you have received your Grant and Loan. Now is the time to start planning on how you are going to ensure you use the Funds correctly. During this Pandemic, the SBA has made efforts to make funding accessible to Small Businesses and it is important to use the Funds appropriately.
The PPP Loan is designed to provide a direct incentive for Small Businesses to keep their workers on Payroll. SBA will forgive Loans, if all employees are kept on the Payroll for eight weeks, starting from when the Loan is received and the Money is used for Payroll, Rent, Mortgage Interest Payments or Utilities. It is important to note that not more than 25% of the forgiven Amount maybe for Non-Payroll Costs.
Now, that you have your Loan and have identified the time period, it's time to calculate the monthly payroll cost, to ensure your Loan Forgiveness. The Items below are the Payroll Costs to include, as well as the Non- Payroll Costs.
1) Salary, Wages, Commissions, Tips and Bonuses.
2) Owner's Draw Payments for Sole Proprietors.
3) Severance Pay
4) Paid Leave Payments (No FFCRA Paid Leave)
5) Employee Payments for State and Local Taxes.
6) Employee Payments for Federal Income Tax and FICA.
7) Employee Contributions to Retirement and Group Health Plans ( Health Insurance & Dental Coverage).
8) Payments of Interest on Mortgage Obligations.
1) Contractor Pay
2) Payroll Reimbursement.
3) Owner's Draw Payments (Except for Sole Proprietors).
4) Workers' Compensation Fees.
5) Fringe Benefits. (Commuter Benefits, HSAs).
6) Ancillary Benefits (Short-Term Disability, Group Life Insurance).
Actions to take immediately:
The PPP and EIDL Loan Program is one of the Greatest Investments, you have ever made as a Small Business. The Secret is knowing how to play by the Rules and is essential in using it to your Best Advantage.
You may be proud of the fact, that you do your own Tax Filings, Payroll and Bookkeeping, but the PPP Loan and EIDL Loan is not an area, where you want to risk making a wrong decision. The Guidance for the PPP seems to be changing daily. Be Aware that Little Mistakes can cost you Big. Whatever you do, be sure to do it under the Guidance of a Financial Advisor/Bookkeeper to help you maximize your Benefit from the adherence to the PPP Loan Terms.
Feel Free to Reach Out to us and Let Us know, how we can assist you. We are available to help you with your Bookkeeping, Accounting and Payroll Needs. Call 202-422-4586 for More Information.
|Posted on April 20, 2020 at 7:42 PM||comments (0)|
Where is My Stimulus Check?
Where is My Stimulus Check seems to be the Latest Question on our Minds. Tens of Millions of Americans started receiving their Payment by Direct Deposit on April 15th. If you're having trouble getting your Payment. Log on to the IRS Online Portal " Get My Payments" to track your Payments and input your Direct Deposit Information.
The IRS also opened a short window up to 12:00 p.m., Wednesday, April 22nd 2020 for Individuals receiving Social Security, Survivor or Disability and Railway Retirement Benefits, to use an Online Tool to receive the $500 Stimulus Payment Per Dependent Child.
Those who miss this Deadline to register their Children will still get their Payment of $1,200 per Individual, but will have to wait till Next Year to get the additional $500 per Independent Child Under 17.
Visit https://www.irs.gov/coronavirus/economic-impact-payments for More Information.
All you Need to Know about the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL).
|Posted on April 6, 2020 at 11:58 PM||comments (1)|
All you Need to Know about the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL).
The Trump administration announced a $349 Billion Relief Package for small businesses that are being impacted by the effects of the coronavirus. Many are having to close their doors to prevent the spread of the virus. This situation, in turn, has led to companies having to reduce the hours of workers or even let them go altogether.
The Relief Package Program is a Part of the Coronavirus Aid Relief and Economic Security (CARES) offered in Government - backed Forgivable Loans to help Small Businesses continue paying payroll costs and certain operating expenses.
If you're a Business Owner, these are Two (2) Main Options, that are available for Small Businesses and Non- Profits to obtain financial support during the coronavirus outbreak. They are:
Paycheck Protection Program (PPP) Loan:
The Paycheck Protection Program (PPP) Loan is dedicated to guarantee Businesses, the loans they need to cover 8 Weeks of Payroll Expenses, along with some Utility and Rent Costs, as well as Payments of Interest on any Mortgage Obligation. Businesses will have to maintain Payroll fully for the Next 3 Months. It is important to note that the Loans can be fully forgiven, if the Businesses keep employees on Payroll or re-hire them by June 30th.
Important Facts about PPP:
Economic Injury Disaster Loan Program ( EIDL):
This Loan is to provide Economic Relief for Businesses experiencing a Temporary Revenue Loss due to COVID-19. This Loan will guarantee a Bushiness/Non-Profit Organization, a Grant of $10,000 which is considered as " Advance", that you don't have to pay back. It funds low- interest Loans, that your Business can use to cover operating expenses, which you will need to repay back.
Important Facts about EIDL:
We are aware that these Applications require submitting your Financial Statements and Payroll Documentation to speed up your Loan Determination Process. We are excited to announce that, we are available to help you with furnishing these Documents and making them available to make this Possible.
Feel Free to Reach out to us and let us know, how we can assist you.
|Posted on April 3, 2020 at 4:04 PM||comments (2)|
We are aware that these are unprecedented Times and there are a lot of challenges during these Period. We are encouraging you to rise above this Situation and remain confident, that you will come out Stronger, Bigger and Better off.
President Trump just signed off a $2 Trillion Relief Bill, which will come in form of Stimulus Checks to offer Assistance to Millions of American Household, affected by the Corona Virus Pandemic. We are aware that most of us have Questions and we want to enlighten you more about, what in this for us.
The Following are the Basic Things to know about the Stimulus Checks:
It is important to note that if the Income Exceeds the threshold, the Amount will be reduced on a Sliding Scale.
We are available to help you with all the Questions, that you may have , regarding the Stimulus Check as well as any other Question on the Stimulus Package. We are also available to assist you virtually. Call us on 202-422-4586 to set up an Appointment.
It is always our Pleasure to Help you.
|Posted on January 31, 2019 at 3:59 PM||comments (0)|
IRS Begins Accepting Tax Returns on Monday, January 28th 2019.
It's Official; Tax Payers should not worry about their Refund Status being affected by any Happenings within the Government.
It is also important to note that Monday, April 15, 2019 still remains the Individual Filing Deadline for the majority of the Country, though the Deadline in Maine and Massachusetts is April 17 due to the Emancipation Day Holiday.
Important Points to Note:
We are Here to Help you with Organizing your Documents and Getting all your Business Expenses correctly and accurately deducted. This will help to reduce your Tax Liability.
Keep Checking for Weekly Updates and Important Information, regarding your Tax Filing.
Let the Tax Season Begin ......................................................
|Posted on January 9, 2019 at 5:47 PM||comments (0)|
W-2 AND FORM 1099 FILING DEADLINE IS JANUARY 31ST 2019; Employers & Business Owners Take Note.
Happy New Year. This is to remind All Business Owners/ Employers that the Deadline for filing W-2 and Form 1099 Tax Report with the IRS is January 31st, 2019. This means that you need to ensure that your Employees and 1099 Contractors receive and review their W-2 and 1099s before January 31st, 2019.
It is important to remember that this Act is from The Protecting Americans from Tax Hikes (PATH) Act of 2015 that was passed by Congress in 2015 and became effective since 2016. We had published a Detailed Article on this -
By this New Act, Employers and Small Businesses have January 31st Filing Deadline to submit Forms W-2 and W-3 to the Social Security Administration (Whether you file using Paper Forms or electronically). This New Date also applies to certain Forms 1099-MISC reporting Non-Employee Compensation such as Payments to Independent Contractors. As a Result of this, the filing deadline for filing W-2s and 1099 forms (including Form 1099-MISC) is Every January 31st.
Note to Employers: It is important that Employers become adequately prepared to complete the Year-End Tasks. This means:
• Ensuring that All Independent Contractors fill out a Correct and Updated Form W-9.
• Verifying Accuracy of Employee Information.
• Reporting/Submitting Any Year-End Adjustments as soon as possible.
• Reviewing Year-End Totals for any Discrepancies. There are penalties for Failure to file these Returns or Furnish Correct Statements and these Penalties are not palatable.
The Penalty amounts are reflected below:
• $50/Return – If you file after 30 Days of the Due Date.
• $100/Return – If you file more than 30 days after the Due Date.
• $260/Return – If you do not file corrections or Do not file Required Forms.
At Rosyan Bookkeeping Services, We are committed to helping you with your W-2s, W-3s and 1099 Filings, as well as furnishing you with helpful information regarding your Tax Filings.
Feel Free to Call and Let us know how we can help you.
|Posted on December 15, 2018 at 3:38 PM||comments (0)|
Holiday Season is here and it’s the Season of Giving. What Gift do you give, when you don’t know what to buy? Gift Cards, Of Course!!!
The Better Business Bureau (BBB) is warning us of a Gift Card Scam going on at this period. Gift Card Scams are very popular and occur because Gift Cards are left out on the racks unattended.
So, What Can you do to protect you from this Scam? Read on for Tips to guard you against Gift Card Scams:
• Buy Gift Cards from Reputable Stores/Companies that offer Guarantees.
• Grab a Gift Card from the Middle or Back of the Display and not the Front Row. Some Thieves remove Gift Cards from a Display, record the Card Number and put it back on the Display, waiting for a Customer to buy the Card, while checking regularly online for a Dollar Balance to appear, for them to use the Card.
• Inspect the Gift Card Packaging before Purchasing. This helps to avoid tampered peeling. Some Manufacturers have been adding special packaging or scratch off Pin Numbers to prevent thieves from being able to look at the cards and stealing the Numbers.
• Check the Activation Receipt for Matching Numbers and Amounts.
• Only Check the Balance on your Gift Card through the Site listed on the Back of the Card itself, and if there is none, Go to the Website of the Company and look for a link to the Gift Card Page.
Feel Free to Share and Spread the Message against Gift Card Scams. Enjoy your Holidays.