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Financial accounting is governed by generally accepted accounting principles (GAAP). These principles are subject to ever-changing rules and regulations, as well as disputed interpretations. The specialized needs of specific users are satisfied through supplementary reports, which are published at various intervals (e.g., annually or quarterly). Financial accounting information is designed primarily for use by persons

Financial accounting is governed by generally accepted accounting principles (GAAP). These principles are subject to ever-changing rules and regulations, as well as disputed interpretations. The specialized needs of specific users are satisfied through supplementary reports, which are published at various intervals (e.g., annually or quarterly). Financial accounting information is designed primarily for use by persons

The movement reached a tipping point during the 2005 Lean Accounting Summit in Dearborn, Michigan, United States. 320 individuals attended and discussed the advantages of a new approach to accounting in the lean enterprise. 520 individuals attended the 2nd annual conference in 2006 and it has varied between 250 and 600 attendees since that time.

Accurate recordkeeping – known as “bookkeeping”” in the accounting world, is important to ensure you are keeping track of how the company is growing revenue and spending it’s cash. It will be very important if a major corporation asks to acquire you for hundreds of millions of dollars, or if you are raising outside funding