Not everyone can fall in love with bookkeeping and accounting services, but you certainly can with accountants near me. Their figures can astound men’s eyes, but their dealing with numbers can have jaw-dropping impacts. So much for the introduction, but really, accounting with its attendant terminologies and numbers are sufficient for most of you, only if you’re dealing with 6 or 7 digit- numbers. Anyhow here’s an attempt at understanding more about Santa Ana Bookkeeping and Accounting Services.
Bookkeeping- why keep and not just read?
Bookkeeping is used in the business world and applied to financial transactions. We mean sales, loans, mortgages, debit card, credit card, and bank account by financial transactions. Two parties agree that something has been agreed upon, like between a seller and a buyer, or several parties may be involved. An exchange in ownership occurs upon a valid payment is usually made in the form of money. Not only goods, but information, services, or money (different currencies) can be exchanged with money.
All these exchanges should be recorded and tracked by a bookkeeper, either by hand in journals or ledgers or a spreadsheet program on a computer. With advancements in technology, recording and tracking are done using cloud computing or bookkeeping and accounting software applications, like QuickBooks, Xero, etc. These records, referred to as books, are essential in knowing the financial status of the business you are engaged in. Suppose the business is prospering or needs to take drastic measures at a certain stage of the business. Tracking is now done in some businesses in real-time.
To record these transactions, supporting documents are needed, such as receipts, invoices, purchase orders, letters of credit, etc.
Assets vs. Liabilities
These are standard terms in bookkeeping and accounting. Assets refer to everything that accompanies owns, like land, buildings, equipment, and those in their inventory or those yet to be received. Whereas liabilities are those that the company owed to the banks, suppliers, mortgages, and other debts entered in books.
What about accounting services?
Accounting of what? By whom?
Once the books have been completed, and accounting (of course, by an accountant) follows. Everything in the books, prepared by the bookkeeper, is analyzed, reviewed, processed, and interpreted. A report will be presented, complete with graphs, charts, and illustrations that would make them understandable to the company’s head. These reports will be the basis by which managerial decisions are made that will affect the entire company’s future.
The accountant is also tasked with a tax return or payroll preparation. By the end of the year, the accountant also prepares reports according to Generally Accepted Accounting Principles (GAAP) established by the Financial Accounting Standards Board (FASB).
I guess this will suffice for now as an introduction to bookkeeping and accounting. At Santa Ana Bookkeeping and Accounting, we prepare your books entirely and accurately. We account for every cent whether we do financial analysis, run payroll, or prepare your tax return. We pay meticulous attention to every detail to offer you reliable reports anytime, anywhere. We employ the latest bookkeeping and accounting technology to cope with the challenges today and in the future.