Better Accounting method than GAAP for your business

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 Here it goes: The GAAP has it all wrong. Now, before you click the little X at the top of the screen to close out of this article or look for the comments button to sound off, hear me out on this. As an entrepreneur, you may just find the new accounting method that I propose (read on for that) to be enlightening and helpful.

Sure, the Generally Accepted Accounting Principles that have been pounded into your head have an important function. Those include preparing financial statements that are used to report to investors or even those given to the IRS for the sake of mergers. They do have their place in the business world. But if you want to grow a profitable business, and I’m assuming you do, using the GAAP as your main accounting method is absolutely not the way to go.

Now, I must warn you that replacing the GAAP method in order to track ... Read more