I'm sure many people have heard the term GAAP used in one conversation or another, but unless you are a seasoned accounting or finance professional, you might know little about these important regulations, besides what the acronym stands for.

In this article, I hope to shed light on some well-known and lesser-known facts about GAAP and also discuss how accounting and finance software can help organizations stay compliant with GAAP while improving the efficiency and speed of creating financial statements.