What is GAAP?
Answer:
GAAP stands for Generally Accepted Accounting Principles. 
Standards established by the Accounting Practices Board of the American Institute of Certified Public Accountants, GAAP provides rules, procedures and best practices for business accounting.

Having your Accounting Department utilize GAAP can lend credibility to your business finances and shows lending institutions and the government you are running an honest business.  It simplifies the accounting function across multiple divisions within larger companies, making financial reporting consistent throughout your organization. 

GAAP also gives you a competitive edge because your financial statements can be compared with absolute consistency against other companies who use GAAP.  This makes it easier for investors to see which one is in a better financial position. 
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