The rules insure that the accounting information shared is relevant, reliable, verifiable, timely, and comparable. For larger companies the rules are known as GAAP, or Generally Accepted Accounting Principles. GAAP provides guidance for estimates and allocation systems. The rules can allow for choice between alternatives but all the alternatives are systematic and follow the overall principals for high quality information. Smaller companies can also use GAAP for preparing accounting records and to compare financials to larger companies within their industry. 

Under GAAP, companies use the five types of accounts to summarize their financial performance on four specific statements. These four statements include income statement, balance sheet, cash flow statement, and a statement that summarizes the changes in equity. Companies can choose to provide a report including these four statements on a monthly, quarterly, or annual bases. Most businesses can use software such as quickbooks, netsuit, wave, or freshbooks to write checks, manage accounts receivable, running payroll, tracking sales tax, preparing bank reconciliations, tracking inventory, or scheduling resources for project management.