What does GORP mean in ACCOUNTING

GORP stands for “Garbage On Retention for Posterity” and it is a term used to describe the act of keeping digital information that may not be immediately useful, but might be helpful in the long-term.

With GORP, organizations are able to save digital data that could become useful in the future. By storing this data, organizations can save time and money down the line when they don't have to go through an entire process just to find out if certain information exists.

GORP works by having an organization identify and store digital data that may not seem important right now but could potentially become very valuable in the future. This allows them to have access to the information whenever they need it without worrying about having to go through a whole new process or searching for all possible sources of it again.

Organizations typically store various forms of digital data such as documents, images, videos, audio recordings, etc. They also often store large amounts of data from previous projects that may never be reused but could still prove valuable or helpful at some point down the line.

The biggest risk associated with using GORP is that organizations may end up storing too much data which can make retrieving specific pieces of information difficult or impossible. Thus, it's important that any organization using GORP should take measures such as setting expiration dates on stored data so they can easily find what they need when needed without becoming overwhelmed by too much stored information.