All in all, I’d say it takes at least ten years to become a truly skilled accountant. The basic equation goes something like this: The more problems you solve, the more P&Ls and tax returns you prepare, and the more clients and industries you work with, the smarter you become.
Anyway, I’ve been in the accounting game for 25+ years and here are a few kernels of wisdom I’ve picked up along the way:
Every business needs a strong accounting function in order to be successful.
QuickBooks isn’t an accounting system, it’s a piece of software.
Your accounting software is only as good as the person who’s using it.
An experienced accountant can get the job done ten times faster and better than a bookkeeper who doesn’t know what they’re doing.
95% of bookkepers don’t know what they’re doing. (Blunt but true.)
Running a business without looking at your financials is like driving in the dark without headlights.
It’s not a sale until the cash register rings.
88% of spreadsheets contain errors. (Be careful with spreadsheets.)
The secret to great accounting is repetition.
It’s not really about accounting, it’s about financial management.
I hope these tips help you get a better perspective on your own accounting.
From the desk of Will Keller