The GAAP principles of accounting weren’t just designed to make life easier for bookkeepers by giving them standardized processes and procedures for entering financial data. Adhering to GAAP principles makes it easier for nearly anyone you give permission to review your company’s books.
But following GAAP principles of accounting, otherwise known as Generally Accepted Accounting Procedures, can also improve your company’s cash flow.
How?
- Financial statements that adhere to the GAAP principles are consistent and easier to read. With the help of your AccountingDepartment.com financial controller, you’ll be able to read and analyze cash flow statements. Knowing what you have going in and coming out is the first step to improving your bottom line.
- Financially sound cash flow and profit-and-loss statements make it easier to secure outside investors. Whether you are looking for venture capital or a bank loan, having consistent financial statements makes it more likely you’ll get approved to receive the cash infusion your business needs.
- Consistent, accurate financial statements that follow corporate best practices make it easy for you to spot trends in your business. With 24/7 access to your company’s financial data, and a financial controller available during business hours to help you understand the data, you’ll be able to act in the best interests of your business—rather than simply reacting to losses or rapid cash burn.
Whether you are a privately-held business or a not-for-profit, AccountingDepartment.com can help you take better control of your financial statements—and your company’s cash flow.
