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Generally accepted accounting principles (GAAP) are a set of established accounting rules and standards. Private companies aren’t required to use GAAP, but as your company grows, getting closer to GAAP compliance is important.
Keeping your books GAAP-compliant can be difficult without an experienced accountant or accounting firm’s help, and many startups don’t follow GAAP standards at the start. But implementing some of the preferred rules early on, such as using double-entry bookkeeping and accrual-based accounting, can make the transition easier.
Pilot provides bookkeeping, CFO, and tax services for literally thousands of startups and growing businesses. We've successfully processed over 10 million transactions for our customers and have unparalleled expertise when it comes to helping businesses succeed.
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