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Bank Reconciliation and the Benefits of Reconciling your Account.
| Posted on August 18, 2020 at 2:57 PM |
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 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. |
Where is My Stimulus Check?
| Posted on April 20, 2020 at 7:42 PM |
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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 |
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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:
And
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:
Additional Information:
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. |
ALL YOU NEED TO KNOW ABOUT THE STIMULUS CHECKS.
| Posted on April 3, 2020 at 4:04 PM |
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 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. |
IT'S TAX SEASON.
| Posted on January 31, 2019 at 3:59 PM |
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 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 ...................................................... |