A coworker of mine says that our small business should not use QuickBooks Online, because QuickBooks Online is "not GAAP approved yet". I am not an accountant, so I'm not sure what to think about this assertion. I understand that GAAP is a set of guidelines to ensure that accounting is done the "correct" way. I'm wondering whether my coworker's statement is true or not.
Does QuickBooks Online have the functionality to, like, comply with GAAP standards?
Does QuickBooks Desktop have the functionality to do so?
What do you think of my coworker's statement?
