LedgerBench

In the wake of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the United States has conferred an additional $310 billion funding to the Paycheck Protection Program (PPP) that was almost running out of funds in April. The importance of PPP is ever-important in these times of economic uncertainty as PPP is one of the few opportunities that small businesses have to obtain forgivable loans to sustain employees on the Payroll services . But, there are so many questions that are yet to be answered and cleared for entrepreneurs, especially in the light of the forgivable nature of the PPP loans . Another burning issue here is the grey area, where many public companies confessed to having taken the PPP loan which was truly meant for small businesses with employees less than 500. To contain such malpractices, the federal government has come out with the briefing that the authorities will audit any company that levies for loans more than $ 2 Million. This blog will pr

  What is vendor reconciliation  - definitely accounts related job. It’s part of accounts payable activity where one has to reconcile vendor balance in his books of accounts. The vendor reconciliation process in AP is a procedure aiming to clear misstatements and errors that might’ve occurred during the period between the last reconciliation and the current date. We usually carry out AP reconciliations as part of audit procedures during annual financial statements audit or other agreed-upon procedures. The focus is on ensuring accounts payable is neither under- nor overstated. The process is based on fraud risk assessment for the entity or its vendors, and we carry it out under the relevant audit standards (e.g., ISA here in Europe). The aim is to make sure that all invoices, payment transactions, advances, and any other liabilities or accrued expenses, are correctly disclosed in the financial information of the company. When performing the reconciliation procedures, there are

A general ledger is the backbone to your accounting activities. Read the blog to know what it is, how to maintain & it benefits your business. Ever since business and trade continue to exist in the modern-day world, so do General Ledgers! Whether the mode to assemble one’s business financials was on an abacus, on paper, or in the current day world of computers; the general ledger has continued to be of importance regardless, the day and age you are in. For every business, it is important to know the pivotal role played by a general ledger as it includes the culmination of all your financial reports and statements. Businesses use ledgers to document the money that they are paying or are being paid to them. What is General Ledger? The general ledger summarizes all the information about your business. It includes all the company’s accounts and transactions and is the financial foundation of the business. The ledger is divided into 5 categories: Assets Liabilities Equity Reve

  The Ethical Accounting Turns Away Bad Business to Remain a Priceless Addition to Any Business What would you do if one of your clients owed a huge amount of money in back taxes and they subsequently asked you to delete their QuickBooks® file, create a new one under a false name with no liabilities on the books and tell their creditors that they had moved out of the country? That may seem pretty far-fetched, but the shocking truth is that this actually happened to a bookkeeper at our firm. While situations as outlandish as this one probably don’t come across our paths every day, the reality is we are all faced with having to choose, on some level, between ethically sound practices and retaining revenue that pays our bills! Looking for - Bookkeeping services for small business So, where do we draw the line? As a business in a highly competitive marketplace where the lowest price always seems to win, how do we make the hard decision to turn down revenue because we simply can’t c

With student debt being higher than ever before and a record number of student loans falling into default, it’s become clear that people need assistance with paying down their student loans. No one wants to start their post-education lives struggling under the weight of crippling debt, but many do. Companies like Financial Preparation Services have made a name for themselves by helping their clients with finding all the helpful government programs available to them and customizing a new loan repayment plan that fits each individual client’s financial needs and goals. Following  Financial Preparation Services  will keep you up to date on just how you can get in contact and restart your loan repayment journey today. Financial Preparation Services: What They Do? Financial Preparation Services is in the loan-repayment industry for their clients. They are a private company that has nothing to do with the government, loan-service providers, or the Department of Education. After one of thei

IRS Form 4562 is used for filing tax returns, it’s an amortization and depreciation form.  Depreciation refers to the calculated loss of an asset though its working life span.  Amortization refers to an expensive purchase whose costs must be spread out over a number of years to lessen the impact on a company’s profit for the tax year it was purchased.  Do I need to file the IRS Form 4562? You may need to file the form 4562 depreciation and amortization form for the purchase of the following for your business: Vehicles Renovations Patents Manufacturing equipment Intellectual Property Specified Plants Office equipment including computer hardware and software Office furniture, fixtures and carpet Real estate (buildings, excluding land. Land does not decrease in value) The form can also be used for expenses related to films, television and live theatrical productions. Whether the purchase was made in full or financed, it wouldn't matter for the purpose of amortization