Ledger Bench's articles What are Operating Expenses? (Explanation) – Ledger Bench Operating expenses are incurred by businesses to keep the business going, includes staff wages, supplies not include manufacturing cost. Operating expenses does not include manufacturing cost or cost of goods sold (direct labor, material, manufacturing overhead) or capital expenditures (building or machinery) What is included in Operating expenses? Following are included in operating expenses: Insurance […] October 14, 2020October 14, 2020 Saving Bookmark this article Bookmarked 5 Things You Need to Know Regarding PPP Loans Amidst Covid-19 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 […] October 13, 2020October 13, 2020 Saving Bookmark this article Bookmarked What is Vendor Reconciliation? – Ledger Bench 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 […] October 10, 2020October 10, 2020 Saving Bookmark this article Bookmarked A Beginners Guide to General Ledger – LedgerBench 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 […] October 9, 2020October 9, 2020 Saving Bookmark this article Bookmarked How Financial Preparation Services Can Help You? 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 […] September 30, 2020September 30, 2020 Saving Bookmark this article Bookmarked What is IRS Form 4562? Depreciation and Amortization Definition 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 […] September 26, 2020September 26, 2020 Saving Bookmark this article Bookmarked What is IRS Form 1099? All about 1099 – Ledger Bench IRS Form 1099 is the IRS form for filing taxes. It is used by companies to report payments made other than salaries, regular wages or tips which are reported through W-2 form. The 1099 form is generated by the payer and must be sent to the payee by January 31st of each year, to reflect […] September 24, 2020September 24, 2020 Saving Bookmark this article Bookmarked 7 Crucial Steps for Small Business Growth in 2020 – Ledger Bench “If we are growing, we’re always going to be out of our comfort zone.” Quoted by John Maxwell This is never more true in the world of businesses. This year you may have planned different growth strategies but pandemic has taken a turn over all your decisions, it has prevented your business from seeking its […] September 22, 2020September 22, 2020 Saving Bookmark this article Bookmarked What is a Business Continuity Plan? | Ledger Bench The unanticipated Corona outbreak has left the global economy and businesses in a state of anarchy. While businesses are still trying to figure out the best way to survive during these tough times, a Business Continuity plan can be their best bet to pull them out of this crisis. So let’s discuss in details what […] September 18, 2020September 18, 2020 Saving Bookmark this article Bookmarked 10 Undervalued Benefits of Outsourcing your Bookkeeping – Ledger bench Outsourcing your bookkeeping services has never been so accessible and compelling than it is today. The introduction to new technology, cloud computing has changed the way we do business today. The common reason small businesses neglect their financial accounts is time and cost. They have neither time nor knowledge to carry out necessary bookkeeping tasks […] September 16, 2020September 16, 2020 Saving Bookmark this article Bookmarked What Is IRS Form 8941? It’s a Tax Credit for Small Business Small businesses use IRS Form 8941 in order to claim a tax credit for the health insurance premiums they pay for their employees. To qualify for this tax credit, the business must have fewer than 25 employees with an average annual wage exceedingly not more than ,000k. The tax credit is maximum for 50% of […] September 10, 2020September 10, 2020 Saving Bookmark this article Bookmarked How much do small businesses pay in taxes? Small Businesses pay 19.8 % taxes on an average depending upon the type of small business. Small businesses with one owner pay 13.3% taxes while with more than one owner pays on an average of 23.6% taxes. According to Small Business Administration (SBA), S corporations which are Small Business Corporations pay on an average of […] September 9, 2020September 9, 2020 Saving Bookmark this article Bookmarked A Step-By-Step Guide to Ensure Payroll Compliance! Payroll compliance is more than just ensuring paychecks come out on time. Cutting checks have become merely the least important job for a professional. These days ensuring the compliance with employment laws and payroll can mean the difference between potential legal trouble and smooth payday sailing, tax audit, or bankruptcy. Compliance is a legal requirement. […] September 8, 2020September 8, 2020 Saving Bookmark this article Bookmarked How to find the best accountant near you in California? Around one-third of people look for a tax preparer, an accountant or a tax advisor to file their tax returns, but with little or no information, it is difficult to find the best one. While looking for the best accountant near you in California, consider this checklist to help you find the right person. Ask […] August 28, 2020August 28, 2020 Saving Bookmark this article Bookmarked What Does a Bookkeeper Do for a Small Business? For Small businesses, capital management is imperative. From shaping an idea into a business model to investing in its growth, every step of the business requires capital. And to keep track of a company’s financial transactions and recording it in the company's general ledger accounts, businesses need professional bookkeepers. While many small businesses prefer to […] August 20, 2020August 20, 2020 Saving Bookmark this article Bookmarked Top 5 Things You Need to Know Regarding PPP Loans Amidst Covid-19 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 […] August 19, 2020August 19, 2020 Saving Bookmark this article Bookmarked The Importance of Ethical Accounting “Ethics is knowing the difference between what you have a right to do and what is right to do.”- Potter Stewart Ethics is an integral part of an individual that defines his/her professional ethics. And accounting is one such profession that affects the lives of millions of people each day which makes ethical accounting practices […] July 31, 2020July 31, 2020 Saving Bookmark this article Bookmarked New Guidance Issued on PPP Loan Forgiveness – Ledger Bench On June 16, 2020, The Small Business Administration (SBA), released new loan forgiveness application forms and corresponding instructions for borrowers seeking forgiveness of their Paycheck Protection Program (PPP) loans.They also unveiled a new EZ form for forgiveness of PPP loans. On June 17,2020, SBA also released a new interim final rule #19 providing updated guidance […] July 29, 2020July 29, 2020 Saving Bookmark this article Bookmarked All You Wanted to Know About IFRS 15 The Revenue Recognition Principle is the concept that determines how revenue should be recognized and reflected in a business’ balance sheets and Financial Preparation services statements. It differs in how one accounting principle does it than the other. The International Financial Reporting Standard (IFRS 15) was introduced by the Accounting Standards Board to provide a […] July 22, 2020July 22, 2020 Saving Bookmark this article Bookmarked All about Statutory Compliance Statutory compliance in Payroll is a complex process with changing legislation, varying allowances and deductions and compliance issues. Many businesses manage payroll in-house while some outsource it to a third party. The goal is to adapt constantly changing legislation and to avoid compliance risk. One of the most important concerns of an employer is to […] July 17, 2020July 17, 2020 Saving Bookmark this article Bookmarked Accounting Challenges Faced by Accountants and How to Overcome? Accounting in the year 2020 is more than just crunching the numbers and availing maximum tax benefits. It is about going ahead and overcoming the major challenges faced by accountants that are hindering you from achieving your goals. The failure to see these and acting on them promptly, not only affect your profits, but derail […] July 10, 2020July 10, 2020 Saving Bookmark this article Bookmarked Pros and Cons of Outsourcing Bookkeeping – LedgerBench Organizing and streamlining your business operations and logistics is the ultimate goal of every business. Outsourcing bookkeeping and accounting tasks are one such way to efficiently run your business. The financial professionals assist you in handling your financial records and finance-related concerns. These industry experts are a team of highly accredited and trained professionals. They […] July 8, 2020July 8, 2020 Saving Bookmark this article Bookmarked All about Statutory Compliance in Payroll – Ledger Bench Payroll is a complex process with changing legislation, varying allowances and deductions and compliance issues. Many businesses manage payroll in-house while some outsource it to a third party. The goal is to adapt constantly changing legislation and to avoid compliance risk. One of the most important concerns of an employer is to meet statutory compliance […] July 7, 2020July 7, 2020 Saving Bookmark this article Bookmarked How Virtual Accounting Can Help Your Business? Outsourcing accounting services has increasingly become a common trend for today's businesses. Virtual accounting is the newest outsourced method which is cost effective and efficient. Technology has made virtual accounting very easy and is really helpful for companies nowadays. During this pandemic, more and more companies are hiring cloud based virtual accountants for their accounting […] July 4, 2020July 4, 2020 Saving Bookmark this article Bookmarked Get Ahead With Our Virtual Bookkeeping Services As your business grows and expands, there is a consecutive expansion of your administrative and financial tasks as well. Needless to say, you require more time, expenses and effort to manage it all seamlessly. Another thing that comes along with this, is the need to be better with time and to understand where your business […] June 29, 2020June 29, 2020 Saving Bookmark this article Bookmarked Virtual Accounting Services That Benefit Your Business! As your business expands, so does your administrative and financial tasks proliferate. You are required to spend added time and make increased effort to keep up with the increased tasks and the need to manage them all seamlessly. Another thing, that becomes imperative at this time is to know where your business is currently standing […] June 20, 2020June 20, 2020 Saving Bookmark this article Bookmarked
What are Operating Expenses? (Explanation) – Ledger Bench Operating expenses are incurred by businesses to keep the business going, includes staff wages, supplies not include manufacturing cost. Operating expenses does not include manufacturing cost or cost of goods sold (direct labor, material, manufacturing overhead) or capital expenditures (building or machinery) What is included in Operating expenses? Following are included in operating expenses: Insurance […] October 14, 2020October 14, 2020 Saving Bookmark this article Bookmarked
5 Things You Need to Know Regarding PPP Loans Amidst Covid-19 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 […] October 13, 2020October 13, 2020 Saving Bookmark this article Bookmarked
What is Vendor Reconciliation? – Ledger Bench 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 […] October 10, 2020October 10, 2020 Saving Bookmark this article Bookmarked
A Beginners Guide to General Ledger – LedgerBench 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 […] October 9, 2020October 9, 2020 Saving Bookmark this article Bookmarked
How Financial Preparation Services Can Help You? 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 […] September 30, 2020September 30, 2020 Saving Bookmark this article Bookmarked
What is IRS Form 4562? Depreciation and Amortization Definition 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 […] September 26, 2020September 26, 2020 Saving Bookmark this article Bookmarked
What is IRS Form 1099? All about 1099 – Ledger Bench IRS Form 1099 is the IRS form for filing taxes. It is used by companies to report payments made other than salaries, regular wages or tips which are reported through W-2 form. The 1099 form is generated by the payer and must be sent to the payee by January 31st of each year, to reflect […] September 24, 2020September 24, 2020 Saving Bookmark this article Bookmarked
7 Crucial Steps for Small Business Growth in 2020 – Ledger Bench “If we are growing, we’re always going to be out of our comfort zone.” Quoted by John Maxwell This is never more true in the world of businesses. This year you may have planned different growth strategies but pandemic has taken a turn over all your decisions, it has prevented your business from seeking its […] September 22, 2020September 22, 2020 Saving Bookmark this article Bookmarked
What is a Business Continuity Plan? | Ledger Bench The unanticipated Corona outbreak has left the global economy and businesses in a state of anarchy. While businesses are still trying to figure out the best way to survive during these tough times, a Business Continuity plan can be their best bet to pull them out of this crisis. So let’s discuss in details what […] September 18, 2020September 18, 2020 Saving Bookmark this article Bookmarked
10 Undervalued Benefits of Outsourcing your Bookkeeping – Ledger bench Outsourcing your bookkeeping services has never been so accessible and compelling than it is today. The introduction to new technology, cloud computing has changed the way we do business today. The common reason small businesses neglect their financial accounts is time and cost. They have neither time nor knowledge to carry out necessary bookkeeping tasks […] September 16, 2020September 16, 2020 Saving Bookmark this article Bookmarked
What Is IRS Form 8941? It’s a Tax Credit for Small Business Small businesses use IRS Form 8941 in order to claim a tax credit for the health insurance premiums they pay for their employees. To qualify for this tax credit, the business must have fewer than 25 employees with an average annual wage exceedingly not more than ,000k. The tax credit is maximum for 50% of […] September 10, 2020September 10, 2020 Saving Bookmark this article Bookmarked
How much do small businesses pay in taxes? Small Businesses pay 19.8 % taxes on an average depending upon the type of small business. Small businesses with one owner pay 13.3% taxes while with more than one owner pays on an average of 23.6% taxes. According to Small Business Administration (SBA), S corporations which are Small Business Corporations pay on an average of […] September 9, 2020September 9, 2020 Saving Bookmark this article Bookmarked
A Step-By-Step Guide to Ensure Payroll Compliance! Payroll compliance is more than just ensuring paychecks come out on time. Cutting checks have become merely the least important job for a professional. These days ensuring the compliance with employment laws and payroll can mean the difference between potential legal trouble and smooth payday sailing, tax audit, or bankruptcy. Compliance is a legal requirement. […] September 8, 2020September 8, 2020 Saving Bookmark this article Bookmarked
How to find the best accountant near you in California? Around one-third of people look for a tax preparer, an accountant or a tax advisor to file their tax returns, but with little or no information, it is difficult to find the best one. While looking for the best accountant near you in California, consider this checklist to help you find the right person. Ask […] August 28, 2020August 28, 2020 Saving Bookmark this article Bookmarked
What Does a Bookkeeper Do for a Small Business? For Small businesses, capital management is imperative. From shaping an idea into a business model to investing in its growth, every step of the business requires capital. And to keep track of a company’s financial transactions and recording it in the company's general ledger accounts, businesses need professional bookkeepers. While many small businesses prefer to […] August 20, 2020August 20, 2020 Saving Bookmark this article Bookmarked
Top 5 Things You Need to Know Regarding PPP Loans Amidst Covid-19 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 […] August 19, 2020August 19, 2020 Saving Bookmark this article Bookmarked
The Importance of Ethical Accounting “Ethics is knowing the difference between what you have a right to do and what is right to do.”- Potter Stewart Ethics is an integral part of an individual that defines his/her professional ethics. And accounting is one such profession that affects the lives of millions of people each day which makes ethical accounting practices […] July 31, 2020July 31, 2020 Saving Bookmark this article Bookmarked
New Guidance Issued on PPP Loan Forgiveness – Ledger Bench On June 16, 2020, The Small Business Administration (SBA), released new loan forgiveness application forms and corresponding instructions for borrowers seeking forgiveness of their Paycheck Protection Program (PPP) loans.They also unveiled a new EZ form for forgiveness of PPP loans. On June 17,2020, SBA also released a new interim final rule #19 providing updated guidance […] July 29, 2020July 29, 2020 Saving Bookmark this article Bookmarked
All You Wanted to Know About IFRS 15 The Revenue Recognition Principle is the concept that determines how revenue should be recognized and reflected in a business’ balance sheets and Financial Preparation services statements. It differs in how one accounting principle does it than the other. The International Financial Reporting Standard (IFRS 15) was introduced by the Accounting Standards Board to provide a […] July 22, 2020July 22, 2020 Saving Bookmark this article Bookmarked
All about Statutory Compliance Statutory compliance in Payroll is a complex process with changing legislation, varying allowances and deductions and compliance issues. Many businesses manage payroll in-house while some outsource it to a third party. The goal is to adapt constantly changing legislation and to avoid compliance risk. One of the most important concerns of an employer is to […] July 17, 2020July 17, 2020 Saving Bookmark this article Bookmarked
Accounting Challenges Faced by Accountants and How to Overcome? Accounting in the year 2020 is more than just crunching the numbers and availing maximum tax benefits. It is about going ahead and overcoming the major challenges faced by accountants that are hindering you from achieving your goals. The failure to see these and acting on them promptly, not only affect your profits, but derail […] July 10, 2020July 10, 2020 Saving Bookmark this article Bookmarked
Pros and Cons of Outsourcing Bookkeeping – LedgerBench Organizing and streamlining your business operations and logistics is the ultimate goal of every business. Outsourcing bookkeeping and accounting tasks are one such way to efficiently run your business. The financial professionals assist you in handling your financial records and finance-related concerns. These industry experts are a team of highly accredited and trained professionals. They […] July 8, 2020July 8, 2020 Saving Bookmark this article Bookmarked
All about Statutory Compliance in Payroll – Ledger Bench Payroll is a complex process with changing legislation, varying allowances and deductions and compliance issues. Many businesses manage payroll in-house while some outsource it to a third party. The goal is to adapt constantly changing legislation and to avoid compliance risk. One of the most important concerns of an employer is to meet statutory compliance […] July 7, 2020July 7, 2020 Saving Bookmark this article Bookmarked
How Virtual Accounting Can Help Your Business? Outsourcing accounting services has increasingly become a common trend for today's businesses. Virtual accounting is the newest outsourced method which is cost effective and efficient. Technology has made virtual accounting very easy and is really helpful for companies nowadays. During this pandemic, more and more companies are hiring cloud based virtual accountants for their accounting […] July 4, 2020July 4, 2020 Saving Bookmark this article Bookmarked
Get Ahead With Our Virtual Bookkeeping Services As your business grows and expands, there is a consecutive expansion of your administrative and financial tasks as well. Needless to say, you require more time, expenses and effort to manage it all seamlessly. Another thing that comes along with this, is the need to be better with time and to understand where your business […] June 29, 2020June 29, 2020 Saving Bookmark this article Bookmarked
Virtual Accounting Services That Benefit Your Business! As your business expands, so does your administrative and financial tasks proliferate. You are required to spend added time and make increased effort to keep up with the increased tasks and the need to manage them all seamlessly. Another thing, that becomes imperative at this time is to know where your business is currently standing […] June 20, 2020June 20, 2020 Saving Bookmark this article Bookmarked