In recent years, organizations have faced increased pressure from legislators and the general public to disclose complete and accurate financial information on a timely basis. For example, in 2002, following a string of highly publicized financial scandals, the U.S. Congress passed the Sarbanes-Oxley Act, which strengthened corporate oversight regulations.
A critical requirement for organizations to comply with corporate governance rules is the disclosure of financial information in accordance with Generally Accepted Accounting Principles (GAAP). These principles provide a set of guidelines to ensure that an organization's financial statements accurately reflect its current financial position. See About Generally Accepted Accounting Principles for more information.
While GAAP compliance is ultimately the responsibility of an organization and its accounting department, Aptify's product provides a complete Accounts Receivable (A/R) solution that supports standard accounting principles. An organization can utilize these features to implement business processes that fulfil an organization's disclosure obligations to comply with GAAP and other regulations.
This topic provides links to sub-topics that describe Aptify's accounting features that an organization can leverage to create financial statements that can be certified by the organization's auditors as GAAP compliant.
- About General Ledger Accounts
- About Automatic Generation of General Ledger Entries
- About Revenue Recognition and Deferred Income
- About Integration with Accounting Systems
- About Cash Receipts
- About Authorizing and Capturing Credit Card Payments
- About Tracking Sales Tax and Shipping Charges
- About Multi-Currency Support
- About Multi-Entity Accounting