Maintaining accounts is mandatory for all kinds of businesses as these accounts are needed for the valuation of the business at the end of the year, for tax purposes, and for other purposes as well. Accounts are the reflection of the profit and loss made by a particular business in a year or during a particular period of time. At the end of the each financial year, companies go through so much trouble for maintaining these accounting books properly. Any error in these books and the entries made in them could make your enterprise to suffer loss or gain but not in real terms.
These accounting errors will show the false financial position which would not be beneficial for your business at all. In today’s world, accounting services are developing at a very fast rate and that is why the enterprises are opting for the people who are capable of handling these tasks like a pro. By doing this, the entrepreneur would not only be able to eliminate the overhead costs, but infrastructural expenses and many other expenses as well. If you are also looking for someone like this, you can give away this responsibility to Skybaud which is an industry leader in providing accounting services.
At Skybaud, We use GAAP Accounting (stands for Generally Accepted Accounting Principles) the term is a set of rules, standards and procedures issued by Financial Accounting Standards Board (FASB) adopted by the US Securities and Exchange Commission after market crash of 1929 also known as “Great Depression”. Knowledge of generally accepted accounting principles is very important if your company wants to issue stocks or at the time of merger and acquisition.