Accounting principles make great business greaterSeptember 5, 2014
As someone relatively unaware of the world of business, I was abruptly surprised when I opened my own yarn store to discover that I had a lot to learn! The first of these major lessons was accounting. Math as never been my strong suit- this is why I was opening a yarn store, after all! The prospect of managing my business’s finances was daunting, especially as I could barely keep my personal finances straight! So, what was I to do? After my first year in business I could hardly get my books straight enough to file for my taxes, so of course I started searching for a good accountant.
What I did not realize is that accounting is a lot more than just keeping numbers straight and managing profit. There are guidelines and regulations that keep businesses and business accountants accountable to each other and to the general population. These kinds of systems are critical to ensuring that money and finances are handled properly, whether you are a small business owner like me or someone managing a larger operation. The principles most accountants abide by are governed by the Generally Accepted Accounting Principles, or GAAP. This set of principles arose from the mixture of accounting theory as well as the need to recognize change over time to meet the needs of businesses and accountants. The fact that there is a system of principles governing accounting theory and practice is critical to ensuring that all tasks are performed in such a way to help not only businesses but also financial officers and the like. The principles should be flexible enough to allow everyone to be as successful as possible in this realm, as well as accountable to shareholders as well as the principles of the business. Although I personally am terrible at managing this end of my business, I am grateful that such principles are in place!
GHP Horwath has made accounting for my business significantly easier. No longer do I lay awake at night wondering if I have messed something up! They offer both the personalized service of a small local business accounting firm, but they have the expertise of a national firm. This makes them the best of both worlds, and perfect for all my accounting needs, and they are great needs to be sure. There are one hundred and forty firms in their network, and they have six hundred and forty global offices in one hundred different countries. With other twenty seven thousand staff and executives, they have the know how to meet your needs easily. Plus, they know and understand the principles I mentioned earlier, so they are the ones to make sure your accounting job is performed not only at the highest quality but also with adherence to these critical accounting principles. As their website notes, it is a unique combination of talent that allows them to provide such excellent local knowledge in combination with top of the line international expertise. So, if you want a reliable and trustworthy business accountant, use GHP Horwath.