LedgerBench

Preparing for the tax season is vital for small businesses and individuals. At the same time, it is difficult for the small businesses to file taxes. An early preparation for your business taxes can help minimize your tax burden, increase deductions and avoid end of the year scramble. What is a small business tax return? A small business tax return is similar to a personal tax return where businesses report information regarding a company's income, tax preparation services , tax deductions, and tax payments. All businesses are responsible for filing taxes. You need to file taxes annually with the IRS to calculate your business tax liability. To prepare for an efficient  tax season, small business can do the following things: Organize important tax documents: It is important to document the tax papers for efficient tax returns. You need to file the following documents: Annual payroll records Mileage logs A complete and up to date trial balance  Any distribution...

Whatever may be the size of the business- an efficient and accurate bookkeeping can make or break an organization. Right bookkeeping ensures that records are always up-to-date and give accurate data that can be used to evaluate financial information and make wise decisions. Bookkeeping can be done in-house or it can be outsourced. The main objective should be that the bookkeeping service is entrusted to experts and the goals of the business are met by these professionals. The right bookkeeping will help in the growth of the company, meeting the company objectives and exceeding business goals. What is bookkeeping? Bookkeeping is an accounting function that allows investors, managers and regulators to analyze financial information of your business. It also helps to file taxes and provide payroll services on time for your employees. Bookkeeping is a timely recording of business transactions and a speedy disposition of financial statements so you have more time to manage your busines...

As a business owner, you might sometimes make the biggest blunder that involves your business balance sheet. Mistakes in accounting are common and can happen time to time. Even the accountants and bookkeepers services can stable the turbulence in the business plans.  What is a Balance Sheet? A balance sheet is a financial statement that tracks your company’s progress.  Your balance sheet consists of assets and liabilities. Assets are what is owned by the company and liabilities are what a company owes.    On your business balance sheet: Assets = Liabilities Your assets must be equal to total liabilities. If they don’t match your balance sheet is unbalanced. This depicts that there is some kind of mistake.  Your balance sheet is an indicator of business current and future health.  If you want to avoid errors on your balance sheet, scroll down to read more.  The most common balance sheet mistakes: 1.    Omit...