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Different reasons why each type of business in Rancho Cucamonga needs accounting servicesPosted By Whyte & Associates
Margin matters. That is a simple truth of operating profitably, whether your business is a small start-up or an established enterprise with multiple locations. It is the ongoing responsibility of a business owner or manager to monitor expenses and trim where it is reasonable. Accounting may not be one of the areas where that makes sense. Steve Whyte, a seasoned accounting professional in Rancho Cucamonga, shares his insight into reasons why each type of business needs these services.
Who does business in Rancho Cucamonga?According to Sperling’s Best Places, the economy in Rancho Cucamonga is favorable. The unemployment rate is lower than the US average. The job market has increased by 2.3 percent in the past year, and the ten-year prediction for job growth is well above the national average.
Most of area jobs are in:
- Healthcare –14 percent
- Retail – 12.3 percent
- Education – 11.3 percent
- Manufacturing – 9.8 percent
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- Amphastar Pharmaceutical
- Southern California Edison
- Mercury Casualty
- Big Lots
- CMC Steel Fabricators
- Bass Pro Shops
- Mission Foods
- Bradshaw International
- Wal Mart
- Schlosser Forge Company
- CW Construction
- Nong Shim America
- Costco Wholesale
- CO-OP Financial Services
- JC Penney
- General Motors
- Yard House
- Home Depot
- The Forecast Group
Why each business needs accounting services: Reasons vary in Rancho CucamongaNearly 86 percent of the population of San Bernardino County has health insurance. Thus, a large portion of the revenue stream for healthcare providers is garnered through insurance companies. Accurate accounting helps to ensure viability of the provider, and continued care for patients. The accountant may work directly with insurance companies, on behalf of healthcare providers, to make sure revenue coming into the medical office meets or exceeds expenses associated for services provided to patients.
Retail sales is typically a high transaction volume business, requiring various daily audit processes usually performed after hours. In addition, bookkeeping – balancing of income and expenses on a pay period, monthly, quarterly, and annual basis – is necessary. That includes compiling receipts and a multitude of other financial records for tax reporting.
Residents of the Rancho Cucamonga area are fortunate to have a long list of educational institutions, including public and private schools, two-year colleges, and four-year universities nearby. Each has a complex financial system requiring financial expertise. In these organizations accounting is involved in receipt of tuition, financial aid, funding various departments and projects through grants, and much more.
Manufacturing, wholesale, and shipping has utterly unique accounting requirements, generally revolving around inventory valuation and cost of goods sold. The accounting cycle that transforms the company’s daily transactions into viable financial statements entails precision and experience. In this industry, the manufacturer carries inventory. An accrual (rather than cash) accounting technique is the standard for tax purposes. That requires delicate adjusting entries to the organization’s ledgers. Inventory tracking is also a vital concern. Each item produced must be accounted for in its trek from factory to warehouse to customer using the appropriate valuation method (FIFO – first in first out, or LIFO – last in first out) method.
These are just a few examples. Governmental agencies, hospitality enterprises (hotels, motels, and restaurants), and niche services each have specialized accounting needs, the scope of which often surpasses the abilities of even the savviest business manager.
How Whyte & Associates, Inc. can helpAccounting software programs provide some basic, easy-to-use tools. What they do NOT provide is an experienced accountant who takes time to understand your business, so you do not have to understand accounting.
When you partner with Whyte & Associates, Inc. you get exactly that – a true partner in your success. Even more than accounting, we are in the relationship business. Why? We know that providing consummate accounting service requires more than in-depth understanding of your industry. It calls for insight into the unique character of your operations.
We provide a full range of accounting services, with that level of personalization, including:
- Audit (internal and preparation for external)
- Tax planning
- Tax preparation
- Business consulting – formation, incorporation, buy, sell, merger, or dissolution
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