The 3 Things You Must Learn in Accounting | From a Controller
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- Опубликовано: 16 окт 2021
- If your goal is to reach controller or beyond, you will have to learn the following areas in Accounting:
- Procure-to-Pay
- Order-to-Cash
- Record-to-Report
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Still excellent, value-added content. Have you ever thought about teaching accounting at a local college on the side? You have a way of breaking it down in an easy to understand way.
Haha thanks! You are kind. Maybe at some point.
@@TheFinancialController At the moment you are happy with your job , right ? 🙂
🙌 yes
I second that!
Thank you for all your wisdom. I had to make that tough decision and leave a 34 year job.
An excellent overview. I would just like to add that both P2P and O2C processes are very industry specific, that’s why you are spot on that this is an experience you can’t get in college. I’ll send my junior staff to construction site to shadow the formen and contract admin before they are allowed anywhere near accounts.
Awesome summary of the key processes! Appreciate your posts
It's nice to meet you Bill and thank you for the tips - it's interesting to see this from another individuals point of view within finance :) I would recommend working within each of the business areas - credit control, purchase ledger control and month end management accounting
Intern here in junior year. Love your videos! Gives useful insight into the profession. Thank you!!
I've learnt so much from your videos to date. Thank you very much 😊
Me encanta con la simplicidad que enseñas en tus vídeos.
Much needed and waited content.
.. thank You so much Sir
Great video. Just onboard a staff accountant position. Your video is really helpful. Thank you!
Good luck!
Thank you for the motivation! Love every video of yours!
Thank you yesie
Valuable information, thank you very much.
Such a beautiful explanation
Ur the best coache u make account work to be easier
Well done on taking a teaching approach
🙏 thanks
Hi Bill... talking about companies that buy services, many ERP like SAP allow you to make service certifications and manage them as material receipts to make the three-match.
So when you receive the service, you generate a certification in the order and when the invoice arrives, it is paired with that certification, as if it were a material receipt.
very interesting the videos you are making, I am watching them all.
That feature makes sense!
Firstly, thank for you content i really love it .as well as Iam general opposess in finance particular financial analysis so help me which area should I focus.
Thanks 😊
Again, good stuff! Your on spot as always and as I go back into my accounting work again after being in IT for a while, it's been quite helpful to follow your guidance....amazing how much I have lost touch with when not using it often enough!
One thought also on the Procure to Pay process, noting that I do understand the time limitations, but thought it worth mentioning that the PO number we need to process invoices is just the ultimate outcome of the Procurement Process that provides Inventory, Supplies or Services for a Company. And as inquisitive accountants, it's good to be aware that the full 'Procurement' process will include other important procedures and often large departments to support that properly issued PO. Those include things like the Vetting or Approval of Vendors, setting of Credit Terms (with input from other departments) and who has authority to do these things. It may also involve decisions about what goods to buy as well as negotiating Contracts and then Receiving those Goods and Services.
Thanks again for your informative videos.
Agreed, thanks so much for your input
Thank you so much for your vast industry knowledge.
Thanks for the lesson.
Can you please make a video that explains the difference between Fishbowl inventory vs. Quickbooks inventory? And why one is better than the other?
Thanks.
Amazing!!! I learn soooo much, thank you
Great!
Very insightful ❤
Very much helpful Video, I am aspiring CPA
On the point Bill.Thanks for sharing.
Thanks Alex
Hey
I really liked your video it has clarified to me how work going in the out of school.
but I’d like to ask you , does Public accounting could give me this skills and experience ?
Thanks this content man!
My pleasure!
Thanks
Big fat thumbs up! 👍👍👍
Love your content
Thanks man
On point
could you explain if there is a difference between a profit and loss controller and a financial controller? new ish to looking at finance
Hey! Love the videos, keep up the good work. I have a separate question that I want to ask. As per your big 4 videos, you have always spoken about people from Audit becoming a financial controller. I am in Transaction Services and I am contemplating with Controlling in the long term. Is this switch difficult?
It’s not conventional but not unheard of
I just accepted a Staff Accountant position out of school (A/R Specialist for my last few months of school). My end goal is CFO, but maybe controller. My BS degree is in accounting obviously, but my new job has a tuition reimbursement program and I want to utilize this. How valuable would getting my MBA? More or less valuable than CMA? (I understand CPA is most valuable, but I don’t think it will be something I want to pursue). Could you speak to this? Any advise is appreciated
An mba is more valuable and more work. I will try to address in a video
I have a question - Does the credit control counts as well? Currently I am working as a Credit controller also I have an accounting degree too. so I was wondering whether it'll help me to grow as a corporate controller or should I switch? Thanks.
Very informative
Glad it was helpful!
Thanks again
I started my career in AP covering 3rd party and Intercompany, after year and half I moved more into P2P generic role where I was the troubleshooter between AP-Payment and procurement so I had the responsibility to analyze the GRIR(GRNI) accounts , take an action on old POs in order to unblock the invoice for payment, create order and handle the supplier claims. After a year in this role I got opportunity to move into Buyer but after 6 months I quit due to I recognized that was not the career for me. Currently I'm in R2R and I'm enjoying a lot , however do you recommend me in 2 years to move into Revenue or O2C function to gain the experience to become one day controller or is there any way to just get the generic overview of O2C and focus in something else ? Most of managers see the movement from R2R to O2C/AP as a step back.
Seems like a step back. Just try to have folks talk you through it enough to get above average knowledge of the nuances
Thank you for sharing your knowledge and expertise. It is very good 😃
Do you provide private consulting? Or accounting advice?
Thanks Angela, not at the moment
Please explain with GL impacts
Sir can you take test for journal entry pls tomorrow have my test
Can you give as more on some advanced accounting in construction field
Sorry but not my specialty
Hi Bill. I have worked in Accounting many years but have not had serious in depth closing or financial statement experience. I just landed the JOB of my life and the Company financials are a mess. I need to be able to fix these to shine and Im feeling a bit overwhelmed and not too confident. Can you help?? what do yu suggest??
This vid is gold once again, thank you!!!
Glad you enjoyed it!
What is your opinion on someone doing 3-5 years in big 4 Financial Services audit, then transitioning to some FP&A or corporate finance role, and going to get a T15 MBA around that time too, is that a good path to becoming a role like Director of Finance or CFO coming from a non target school?
I like it yes
Pls tell me about the FP&A Process and how I can do it or fit into being into the RTR process for so many years.
future video
I am a account assistant in real estate dubai based company I want to become a senior accountant so please upload video regarding that sir.
Hello how do you know about remote job?how to run it?
How make the balance sheet with GST.
Hi,I have a question,is the B.B.A degree same as accounting degree,and can I take a CPA from it?
I would check you state CPA requirements. If you can’t find it there, your school should have details regarding this. You should be able to TAKE your CPA with your BBA degree, but there will be more credits required AFTER you pass the CPA. Example: I have to have 30 additional accounting credits after my BS in accounting and don’t forget job experience (my state)
@@johnpaulgreer6832 thank you so much I appreciate it🙏🏻
Wow CPA from New York
Sir how can I become your student ?
5 comments but none showing???
yeah I think bots/spam most likely
Iam kurdish accounter student i cant understand😢
Controller? Scrum Leader? Head Receiver? Industry just sounds like people trying to make the weirdest job title names possible and saying them without giggling.
Put your hands down !!! WWWwwwwwaaaaaayyyyy TOO MANY HAND GESTURES !!! VERY DISTRACTING !!! YOU'RE RUINING THE VIDEO !!!!!!!!!
Watch from 5:00. Get to the point dude. I m giving u my time.
Fair enough but I need to frame the topic for viewers who vary in pace and context
i wish i had advice like this when i began my career
Me too!