|Posted on August 18, 2020 at 2:57 PM||comments (27)|
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 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 April 3, 2020 at 4:04 PM||comments (3)|
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.