What is the GAAP and How can it Help Me?

To make sure your financial statements are fairly easy to read, your Naperville Accountant can help. There are a set amount of rules and practices that are generally accepted by the GAAP. This was developed to provide accountants with a basic guideline for the rules of an accountant. It is fair to say that it can get confusing and with so many accountants in the United States, a standard of practice should be set. The Generally Accepted Accounting Rules and Procedures are necessary to define an accounting practice. It is a set of rules that every accountant has come to accept and with that, controversies just like any other field!

Accounting can change at any time so it is important as an accountant, that all of the laws, rules and regulation are kept up to date. The management team with the accountant of choice will prepare the financial statements of your company and it is vital that the statements are not altered in any way and are 100% accurate. This is why an accountant is so important! Accountants have been licensed…just the same way a doctor or lawyer is. It is their responsibility to ensure their work is professional and true as well as providing the highest quality of service possible. CPA's develop a close relationship with the company they handle even if they are with a large firm such as KPMG or Deloitte and Touche. I personally like to stick to the accountant that is in my town so that I can pop in and out easily and know how the accountant interacts with my community. That's why I choose my Naperville accountant for my small business financial needs.