Why bookkeeping services for small and medium business near Rancho Cucamonga is essential

Tax Planning Services Rancho Cucamonga

Whyte & Associates has been working with new and existing businesses for many years. Our experienced team has the breadth of knowledge you can rely on for your various business needs. At the heart of your success in business is bookkeeping and accounting. From here, everything else flows.

A good set of books is essential to a business of any size. Throwing records together just before tax time can cause you a great deal of stress and will not likely satisfy the IRS. Although the implications of poor planning are huge, surveys show that 74 percent of small businesses in America do not even have a part-time employee dedicated to bookkeeping and accounting services. This suggests that the majority of small and medium business owners are trying to manage these vital tasks on their own. Whyte & Associates, Inc. offers help to business owners in and around Rancho Cucamonga. We can manage your books so you can focus on what really matters, building your business.

Why bookkeeping is so important

The number one purpose of keeping detailed books is tax planning. Bookkeeping, however, is also important because it quickly shows you how and where business funds are going and how much is coming in on a regular basis. Knowing these numbers, you can make a comparison to industry standard to see where you can improve. Sales and profit goals can be made by reviewing balance sheets from previous years. If books are not detailed, these goals cannot be made and are not likely to be achieved.

Up-to-date financial statements may also be necessary should you want to procure a business loan, as they will be required by your lender as the primary basis for qualification.

A simple spreadsheet is not enough to create success. Bookkeeping also entails tracking all credit card usage, posting payroll, and running profit and loss statements, sometimes for several years. It is necessary to determine which accounts certain transactions go to and to reconcile accounts periodically. Any one of these tasks can take hours to complete. Together, they can keep you from managing other vital aspects of your business that will lead to increased profits.

Bookkeeping services from Whyte & Associates, Inc. are tailored to your needs. We make it as easy as possible for you to get the ongoing support you need to take your business to the next level. Call (909) 575-0080 to speak with one of our experienced staff.