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Video Transcript

Title Slide: The Biggest Mistakes Accountants Make | With Leah Shales, Luella Schmidt, and Jen Hildahl

Leah Shales: I think that a big mistake that accountants make is not continuing to educate themselves. It’s really important to take training courses every year so you can stay current, learn about new technology, and also learn about ways to make your accounting processes more efficient.

Not just technology, but businesses in general are constantly evolving so accountants might be faced with new accounts or new transactions that they are not completely familiar with. So by taking training courses every year this provides you with ways to learn how to record the transactions properly for these accounts.

Luella Schmidt: I think that that is a hard question to answer. I think the most mistakes that we see as being sort of an outsourced accounting model is people who don’t use the tools that they have access to. A lot of our clients, most of them, use QuickBooks. Very often the software used is not set up right or not set up in a way to be as efficient as possible and get the job done quickly.

So, when we first are brought on to a new client that’s a big part of what we do is sort of clean that stuff up and put in procedures that make it more efficient and make the data that the management team uses as accurate and as quickly available as possible.

Jen Hildahl: The biggest mistake I think that most accountants make is poor communication. In accounting, our job, we process transactions every day of the year all throughout the month, but at the end of the quarter or month or year our product is a financial statement. If we can’t communicate that financial statement or the financial statement highlights to the business owners then our work is kind of null and void.

So, being able to not talk technical accounting language and talk to the business owner who is not a CPA to help them understand and help them to get the most useable information out is where most accountant struggle because we are more numbers people.

Music: Funny Move from JewelBeat.com

 

 

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