Highly skilled accounting professionals in Rancho Cucamonga, CA explain the importance of bookkeeping services

At Whyte & Associates, Inc., our highly skilled accounting professionals know education is empowering. Our team in Rancho Cucamonga, CA has a myriad of skills and expertise; proudly serving clients for almost 60 years. We know accurate bookkeeping is the heart of an accounting system. In addition to accounting services, we offer bookkeeping services to businesses ranging from medical offices to restaurants. We would be happy to record and classify the accounting transactions of your business.

Accounting and bookkeeping

Our accounting and bookkeeping services involve recording and classifying the financial transactions of your company. In addition, we analyze, review, report, and interpret financial information for your company. It starts with understanding the basics – assets, liabilities, and equities.

Before setting up your bookkeeping system, it is important to understand the basic accounts. Assets are what the company owns such as accounts receivables (what is received from suppliers) and inventory. Liabilities are what the company owes such as bank and business loans, mortgages, accounts payable (what is owed to suppliers), and any other debt on the books. Equity is the ownership the business owner and any investors have in the company.

Balancing the books

Balancing the books correctly is a critical aspect of maintaining financial peace of mind at your company. It involves keeping careful track of all of these items and to be sure the transactions that deal with assets, liabilities, and equity are recorded correctly and in the right place. There is an accounting equation we use to ensure the books always balance. This means that everything the business owns is balanced against claims against the business. Liabilities are claims based on what you owe vendors and lenders. Owners of the business have claims against the remaining assets.

The importance of bookkeeping

Accounting and bookkeeping may seem daunting. However, our team of professionals has the skills and expertise to ensure your business records the right information so it available when you need it. We would love to provide your accounting and bookkeeping services. Learn more about all of the services we provide by calling our team at (909) 575-0080.

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