What’s worked for me is to start a soft close the last five days of the month. Then a hard close the first five days of the new month. Financials are issued on day five. This lowers the level of stress, and makes the profession enjoyable.
Love it! I already do most of the things mentioned in this video but great refresher. Btw, I purchased your ‘night before the interview’ and was offered an internal promotion. I’m now a sr accountant. Thank you sir. Great content. Have you done anything about P&L analysis and what to look for?
So crazy, as I am closing the month of November, I had that same thought: "Didn't I just closed Oct? I feel like I am on a never-ending loop" Groundhog day:'D on point
Great video. Number 7 is so important especially in mid-sized to large corporations where one entry can effect so many GL accounts. We've definitely made that mistake before. Thanks!
Great video, Bill. On documenting knowledge, that is hard to do. I have been to many companies, everyone likes to hog knowledge. Barely any documentation or SOP available.
I work at a cpa firm on ONE big client and it takes us 25 freaking days to close. Literally as soon as we're done, its time to start the next one it SUCKS
Great session ! Waiting for your course to come up? If possible can you do a module by module release so that we can start? If the whole course takes time.
I work for a non-profit and they use an old program called MIP. It’s a dinasour and I want to switch to an cloud based product like Sage intacct. What would you recommend?
What do you do when you hard close the books for the month and an invoice comes in for the previous month? Do you book it on the first day of the current month?
I have a serious question; I love accounting and I currently work in the field however I hate school and I don’t want to pursue getting my BS or MBA. I currently preform a lot of accounting task with in my current position where I preform all of the operational accounting duties for the entire department/team that I currently work for. I want to expand my career in the accounting field and eventually move into a Sr. Staff Accounting/Assistant Controller role; where I will take on more task but I’m just not ready nor do I want to go to college. I have learned a lot and I have a good amount of experience. Is it possible for me to excel without getting my degree or will I ultimately have no choice but to spend thousands on college just to get a certificate in order to excel also by the way I do have a Green Belt in Lean Six Sigma if you are familiar with what that is?
The easiest way to move up is the official education - bachelor's degree, then CPA. If you're opting for a non-education route, you'll have to find a manager/company willing to accelerate you based on experience alone. That's certainly possible, but it's fairly rare until you've at least 10 years experience and are willing to work at a smaller firm. And even then, it's usually in an industry field with which you can claim familiarity. Best of luck!
@@joshbrekke4034 agreed - it’ll take you longer to get where you want to be, working your way up, rather than getting the required education. I hear ya, you don’t need a 4 year degree to learn the world of accounting. But, companies tend to rely on that sorta thing. Plus companies WILL pay you slightly more based on your education along with any certifications, versus a person for the same role who doesn’t hold additional degrees or certs. Good luck to you
@@chipperknick010 So will my six sigma cert not be good enough along with my experience? Also what accounting certs can I get without having a 4 year bachelors degree outside of an EA?
@@toyamongard5808 Certifications are great, but you will always be competing against others who have degrees. Sometimes that makes a difference between a hiring manager picking you or picking the other guy. If you both have a 4-year degree AND you have additional certs, that makes you more competitive in the market. I ended up going back to school when I was 30 for exactly this reason. The job market was crap, and I was competing against people who had 4-year degrees and were also desperate for work. It put me at a huge disadvantage. Once I got the degree and the CPA, it was waaaay easier to find good paying jobs.
How about closing payroll. If we're processing payroll on a weekly basis. Would you close it at month end like you would close AP and AR to avoid mistakes. I worked at a company where they used to close payroll weekly. I think also think that causes problems when you have to go back in and make changes, your thoughts?
Hi, I am interested to follow your course related to cloe accounting month for a large multinational company step by step. Please let me know if you have those course and price,
What’s worked for me is to start a soft close the last five days of the month. Then a hard close the first five days of the new month. Financials are issued on day five. This lowers the level of stress, and makes the profession enjoyable.
Hmm I like it!
Awesome, kindly do more videos about month end closing on excel.
🤟🤟🤞
Following your channel for some time now. You have made me a better Accountant for sure. Thank you for the awesome work. Keep it up 👍🏼
Thank you for watching and learning
Love it! I already do most of the things mentioned in this video but great refresher. Btw, I purchased your ‘night before the interview’ and was offered an internal promotion. I’m now a sr accountant. Thank you sir. Great content. Have you done anything about P&L analysis and what to look for?
Great to hear!!
So crazy, as I am closing the month of November, I had that same thought: "Didn't I just closed Oct? I feel like I am on a never-ending loop" Groundhog day:'D on point
Love your content. Can you do a short video on suggesting how to work out a proper documentation (your last point) for staff?
No. 1 : Checklist, me: "oops"
Great video. Number 7 is so important especially in mid-sized to large corporations where one entry can effect so many GL accounts. We've definitely made that mistake before. Thanks!
Fair enough, thanks for watching!
I am so excited for your summer 2022 class! Thank you!
Hey! What’s this summer 2022 class ??😁😁😁 looking forward !
In the course of my career, i think nr. 9 is really important to bring in consistency and especially if you are the only one doing all these tasks.
Great video, Bill. On documenting knowledge, that is hard to do. I have been to many companies, everyone likes to hog knowledge. Barely any documentation or SOP available.
Sir always great, I am always referring your valuable videos .
Thank you for giving such good information 🙏🙏
Wonderful, thanks!
Thanks
Best youtube accountant!
Great video 👍
Amazing.
Thanks!
nice, kindly do more videos about month end closing in excel and verify depreciation in excel as well
Could you share your methods of reviewing other people’s work? Like after someone finalise FS, how would you review their work.
Please do videos about reporting/presenting financial results. Thank you.
You'd be great conducting an evening class for accounting clubs at universities.
Could you also talk about how to manage people as a controller or accounting manager
Thanks. Very interesting.
Thanks brother
great video
I work at a cpa firm on ONE big client and it takes us 25 freaking days to close. Literally as soon as we're done, its time to start the next one it SUCKS
Seen it before, yes terrible for sure. Room for big improvements :)
Very Comprehensive!
Glad to hear that!
Good stuff
Great session ! Waiting for your course to come up? If possible can you do a module by module release so that we can start? If the whole course takes time.
Hi it’s an interesting idea. Thank you. But still thinking the earliest is around July 2022
If month end close is too fast the company is gonna think of firing people. I take my sweet little time.
So in short all charts of accounts must be updated every day without any error and there should be always a plan with backup.
Hi a good lesson ! thanks, where can I see your Month End Check List ? Would like to download.
Very useful videos, keep it up great FC.. I always have issues opening links in the description, can you please help?
I work for a non-profit and they use an old program called MIP. It’s a dinasour and I want to switch to an cloud based product like Sage intacct. What would you recommend?
I like intacct but I like NetSuite a bit more
What do you do when you hard close the books for the month and an invoice comes in for the previous month? Do you book it on the first day of the current month?
Depends on how material it is. If small, goes in the next month
I have a serious question; I love accounting and I currently work in the field however I hate school and I don’t want to pursue getting my BS or MBA. I currently preform a lot of accounting task with in my current position where I preform all of the operational accounting duties for the entire department/team that I currently work for. I want to expand my career in the accounting field and eventually move into a Sr. Staff Accounting/Assistant Controller role; where I will take on more task but I’m just not ready nor do I want to go to college. I have learned a lot and I have a good amount of experience. Is it possible for me to excel without getting my degree or will I ultimately have no choice but to spend thousands on college just to get a certificate in order to excel also by the way I do have a Green Belt in Lean Six Sigma if you are familiar with what that is?
The easiest way to move up is the official education - bachelor's degree, then CPA. If you're opting for a non-education route, you'll have to find a manager/company willing to accelerate you based on experience alone. That's certainly possible, but it's fairly rare until you've at least 10 years experience and are willing to work at a smaller firm. And even then, it's usually in an industry field with which you can claim familiarity. Best of luck!
@@joshbrekke4034 agreed - it’ll take you longer to get where you want to be, working your way up, rather than getting the required education. I hear ya, you don’t need a 4 year degree to learn the world of accounting. But, companies tend to rely on that sorta thing. Plus companies WILL pay you slightly more based on your education along with any certifications, versus a person for the same role who doesn’t hold additional degrees or certs. Good luck to you
I agree with Josh and Chipper
@@chipperknick010 So will my six sigma cert not be good enough along with my experience? Also what accounting certs can I get without having a 4 year bachelors degree outside of an EA?
@@toyamongard5808 Certifications are great, but you will always be competing against others who have degrees. Sometimes that makes a difference between a hiring manager picking you or picking the other guy. If you both have a 4-year degree AND you have additional certs, that makes you more competitive in the market. I ended up going back to school when I was 30 for exactly this reason. The job market was crap, and I was competing against people who had 4-year degrees and were also desperate for work. It put me at a huge disadvantage. Once I got the degree and the CPA, it was waaaay easier to find good paying jobs.
You’re not providing old news at 15 days after the month. It’s hyperbole to say by the 15th the management is already thinking about that month.
Fair enough. I’ll say this varies from company to another
How about closing payroll. If we're processing payroll on a weekly basis. Would you close it at month end like you would close AP and AR to avoid mistakes. I worked at a company where they used to close payroll weekly.
I think also think that causes problems when you have to go back in and make changes, your thoughts?
I would record payroll weekly and do a final check monthly
Where is your Accounting Master Class video?
thefincontroller.com/p/controller-academy
3 days are given instead of 5-10 days; which is way too soon
Hi, I am interested to follow your course related to cloe accounting month for a large multinational company step by step. Please let me know if you have those course and price,
🔥
Thanks