article thumbnail

GAAP: What It Is and Why Your Investors Expect It

inDinero Accounting

Generally Accepted Accounting Principles (GAAP) are a set of accounting principles, standards, and procedures that define accepted accounting practice at a particular time. Its purpose is to ensure that financial statements provide an accurate and transparent view of the company’s financial condition and operations.

article thumbnail

Startup Accounting Guide: Everything You Need to Know in 2022

Accounting Seed

At that point, hiring an accountant may make more sense than handling your own bookkeeping. In some cases, an accountant is mandatory. For example, only a CPA can draw up audited financial statements for a publicly traded company. Set Up Financial Statements. Manage Payroll.