Financial Statements according to GAAP

You can always purchase a GAAP book from wiley.com; however, these are not "for dummies" books. I seriously doubt a "for dummies" book could adequately cover GAAP, let alone the thought processes required to implement it.

Your biggest problem is not going to be in learning the rules so much as it will be converting what you have to be in compliance with the rules.

I think it is great that you have a desire to maintain an intimate knowledge with your company's finances; however, smart business people know when and what to delegate. Your are welcome to do as you wish, but I am certain I am not the only person who feels this is unwise. Beverly

I did, in fact, find "Accounting for Dummies" to be unsatisfactory.

Has anyone reviewed "Accounting for Morons"? :-D

Good point... thanks.

-d.

I can appreciate that you are as independent as you seem to be. And I find it admirable.

But I would like to suggest that utilizing the services of a licensed professional for the preparation of GAAP financials is the quintessential example of "relying upon third parties for the dirty work." ;-)

GAAP is like the foreign language of a country that you will never visit. Why spend the extensive amount of time required to learn the language, when you will not derive any benefit from it? You simply need a translator to translate the quality work you have already done!

Learning GAAP, imho, will not assist you in your endeavor to "manage my business's finances at a basic level,". It may, in fact, be an impediment as it will take a substantial amount of time away from your managing the company's financials in the way you already do. GAAP is not static -- it changes. So unless you plan to educate yourself on a continuing basis, then your new-found knowledge may be outdated next year!

Good luck to you, sir. And I hope that whatever decision you make in this matter, you will check back in with us and let us know how it all turned out. :-)

~d. jettster