What Does it Mean for my Business?
If a company's management could record and report financial data as it saw fit, comparisons among companies would be difficult, if not impossible. Thus, financial accountants follow generally accepted accounting principles (GAAP) in preparing reports. These reports allow investors and other users to compare one company to another.
Accounting principles and concepts develop from research, accepted accounting practices, and pronouncements of regulators.
When one considers starting a business of their own, they may not actively choose a basis of accounting. However, if you consider to expand the question of whether to move to financial statements that conform to GAAP are bound to come up. Prepare for your future now - understanding and establishing your financial statements are important for your business.
Hello, I'm Terra the Founder and Marketing Director of Fontenot & Associates Solutions. Thank you for joining my Accounting world. Our blog's purpose is to teach with the determination of closing industry and accounting process gaps that knowingly exist with our uniquely designed detailed procedures and trainings.
My mission is to offer the best accounting results for all companies seeking to close their process gaps with actual solutions. With my Bachelors and Masters Degree in Accounting, I strive for continuous development and professional growth in this profession. My professional career has been in the Oil & Gas industry for nearly the past 10 years but my business focus is to support and train accounting professionals in all industries.