– Cannabis/Marijuana Industry News

Generally accepted accounting principles (GAAP) are a common set of accounting principles, standards, and procedures that companies should follow when they compile their financial statements. GAAP is a combination of authoritative standards (set by policy boards) and the commonly accepted ways of recording and reporting accounting information. One of the benefits of using a GAAP compliant system is the ability to provide consistent financial statements.  It won’t matter who is doing the transactions, the system will always use the same accounts, every time.  

Original Source


Please enter your comment!
Please enter your name here