A Happy Thanksgiving to All and your Love Ones. In particular, to the V's and to Anonymous!
In response to the last posting by Anonymous (nickname, "Anon"): While you do not need me to say so, allow me to do so: You are to be commended for all that you are doing! Most people can barely do one thing, such as the job, or raising a family, or pursuing an education. Some can do two of the three. Few desire nor can do all three, and usually there is a "burn-out" along the way. Again, my compliments to you, and I encourage you to always stay the course!
Your recommendation of a Chat Room (Discussion Board) for Accounting Majors is excellent. I would open it up for Accounting graduates; students from other schools; even those with other Business Majors and career desires. Since it is my experience that few folks take advantage of these things, and also I do not know how to "get one going", then I offer the following: Let this Blog be the Chat Room going forth!
That is to say, I would ask you to post your thoughts, observations, and questions to this Blog. Encourage your friends, fellow students, fellow workers, etc. to read and respond. I will offer my own comments only when I feel there is something I can add.
What say you? And Anon need not be the only person to respond to this suggestion.
As to responding to your request for advice on studying: I used to pride myself on the constant reviewing of questions and answers that are usually always available, usually in the text itself as well as many web sites. I even assign to my students AS HOMEWORK several parts of a chapter in which the questions/problems are provided along with their solutions/answers. Why? Because the "professional student" understands that yes, one needs to read the chapter/text/Learning Objectives/summary to pick up the concepts at "the ten thousand foot level." But then one needs to constantly review and work out each problem in order to make sense of the concept in terms of the details. "The Devil is in the Details" is especially true of Accounting.
I may be stating the obvious to those already doing this but, consistent with the observations about most students, they do not stick their noses into the questions/solutions. They just want to get the grade with minimal effort. But we humans only learn one way: by repetition and reviewing our mistakes!!!
Thus, when I reviewed for the CPA exam and also the Attorney Bar exam, I literally poured over past exams again and again. And where I got something wrong, I went back into the text and reviewed. Sort of like going to the dictionary. Some people will; some wont. You can imagine that those who do are better for such habit both for the specific word but also for how they handle their personal and work-related issues.
I think I am answering your question. Do review and let me know your thoughts.
Again, to you and yours, and to everyone, Happy Thanksgiving! Be safe in all your comings-and-goings.
Regards,
Thursday, November 25, 2010
Monday, November 15, 2010
Accounting and the World at-large
Hello out there!
I just want to remind everyone that this is YOUR Blog! I am here to meet your information needs, to the extent possible, on all things Accounting and Accounting-related. This Blog works best when you ask question after question. So fire away!
So, what's doing in the world of Accounting? There was a major, major Article in the latest edition of The CPA Journal, the well-respected monthly magazine of the New York State Society of CPAs. It was the lead article and it was 6 pages long. And it was all about whether students are prepared to put in the effort needed to achieve a degree in Accounting. Accounting itself as a profession was always considered respectable because it did in fact take a lot of work to get through the many preparatory courses, and then to put in the apprenticeship associated with the profession. Again, Accounting is and always has been a profession, and that is what makes it so worthwhile, both in terms of pride and accomplishment, as well as compensation.
What the article seemed to indicate, based on research, is that today's students expect to be handed their course credits - their diploma, if you will - just for showing up. And while showing up is in fact a major part of all courses - one learns better by hearing the discussion of, the repetition of, the materials to be learned - it is still necessary for students to master the knowledge of each subject. And let's just say it right out - not every student has the desire nor the ability to master each subject. And teachers must make the work sufficiently challenging so that a student who passes a course has in fact mastered the subject of the course.
There is a bit of "tough-love" to the Article, in that it's conclusion encourages academia to not drop standards to meet this generation's expectation of entitlement; that to do so would dilute the profession and what the public has come to expect of Accountants and what the public does in fact usually get from Accountants: hard work and quality work.
Interestingly enough, the topic of a prior posting on this Blog was all about internships, and how important they are for the student to arrive at a better understanding of all things Accounting. Perhaps that is the way for the issues raised by the Article to be addressed. Students should sublement their course work and grades with a fine showing of accounting internships and accounting-related jobs, be they bookkeeping in nature or otherwise. This will enable future employers to see that there really is a work ethic and quality of work behind the student, and not just grades and the diploma.
What do you think? Please let me know.
I just want to remind everyone that this is YOUR Blog! I am here to meet your information needs, to the extent possible, on all things Accounting and Accounting-related. This Blog works best when you ask question after question. So fire away!
So, what's doing in the world of Accounting? There was a major, major Article in the latest edition of The CPA Journal, the well-respected monthly magazine of the New York State Society of CPAs. It was the lead article and it was 6 pages long. And it was all about whether students are prepared to put in the effort needed to achieve a degree in Accounting. Accounting itself as a profession was always considered respectable because it did in fact take a lot of work to get through the many preparatory courses, and then to put in the apprenticeship associated with the profession. Again, Accounting is and always has been a profession, and that is what makes it so worthwhile, both in terms of pride and accomplishment, as well as compensation.
What the article seemed to indicate, based on research, is that today's students expect to be handed their course credits - their diploma, if you will - just for showing up. And while showing up is in fact a major part of all courses - one learns better by hearing the discussion of, the repetition of, the materials to be learned - it is still necessary for students to master the knowledge of each subject. And let's just say it right out - not every student has the desire nor the ability to master each subject. And teachers must make the work sufficiently challenging so that a student who passes a course has in fact mastered the subject of the course.
There is a bit of "tough-love" to the Article, in that it's conclusion encourages academia to not drop standards to meet this generation's expectation of entitlement; that to do so would dilute the profession and what the public has come to expect of Accountants and what the public does in fact usually get from Accountants: hard work and quality work.
Interestingly enough, the topic of a prior posting on this Blog was all about internships, and how important they are for the student to arrive at a better understanding of all things Accounting. Perhaps that is the way for the issues raised by the Article to be addressed. Students should sublement their course work and grades with a fine showing of accounting internships and accounting-related jobs, be they bookkeeping in nature or otherwise. This will enable future employers to see that there really is a work ethic and quality of work behind the student, and not just grades and the diploma.
What do you think? Please let me know.
Wednesday, August 25, 2010
Follow Up to "Making the Most of Your College Experience"
This is in response to a comment just posted by N.Rouse which is still in the process of being published and should appear soon. N. indicates that he (presuming it is a "he" - may not be!) is soon graduating yet had a poor internship experience - did not feel he got a lot of hands-on Accounting experience to to the Internist switching her practice away from Accounting into wealth management. N. is worried that he does not have a quality experience to fall back upon, and asks whether he should continue to be worried; whether to take another internship; etc.
DON'T WORRY!!!! That would be my advice.
The purpose of an internship is two-fold. One, is exposure to a job, any job, which is especially important for a student that lacks any such experience. The other is to acquire some meaningful exposure to how Accounting might in fact be practiced.
Even though you are reflective and sensitive to perhaps not getting a "real" look at practicing Accounting, it is important to reflect on what you did learn. First off, merely getting up each day and reporting to an Office is part of the Internship (as opposed to, perhaps, coming late to a class and getting away with it! Not in my classes!!!). Seriously, the learning how to interact with people and to be a responsible "citizen" is in fact a major focus of the internship: how to speak to people; how to dress; how to be respectful to a Boss as well as colleagues as well as those not at the professional level; etc. Don't underestate the importance of this.
Second, almost ALL of an Accounting job is on-the-job training. EVERY job has its in's-and out's and needs to be done just the way a particular company, a particular supervisor, wants it to be done. So just having the "theory" is indeed important if only to at least understand the language being spoken - the language of Accounting and the language of business. Thus, no one is expected to understand until one is shown - again, on-the-job training. I recall one of my first assignments was to do a bank reconciliation of a small company's corporate account. I looked at all the materials - bank statement, returned cancelled checks, the need to create the Check Disbursement's Ledger (again, a really small client!). When the partner asked me what was the matter, based on my stares, it became apparent that the checks had been issued without check numbers!!! When the Partner cursed out loud, I thought it was at me until I realized it was at the client - seems the client had been told over and over again to number all the checks and yet kept on failing to do so.
I tell you this so that you will RELAX! There is always trepedation when starting a new job. Do not let your own feelings about lacking substantive experience be a factor - unless of course you are lying and saying that you have years of experience when in fact you don't!
Always tell the truth, and be guided by that. When asked, write down and/or mention you had an Internship. Do not belittle it and simply mention what you did learn. Who knows, maybe have a familiarity with wealth management is precisely what will be needed!
Please go forward, obtain the best entry level job you can, and learn and grow from there. That's what we all do! Let me know of any follow on thoughts.
Regards, and Best of Luck and congratulations on your graduating.
DON'T WORRY!!!! That would be my advice.
The purpose of an internship is two-fold. One, is exposure to a job, any job, which is especially important for a student that lacks any such experience. The other is to acquire some meaningful exposure to how Accounting might in fact be practiced.
Even though you are reflective and sensitive to perhaps not getting a "real" look at practicing Accounting, it is important to reflect on what you did learn. First off, merely getting up each day and reporting to an Office is part of the Internship (as opposed to, perhaps, coming late to a class and getting away with it! Not in my classes!!!). Seriously, the learning how to interact with people and to be a responsible "citizen" is in fact a major focus of the internship: how to speak to people; how to dress; how to be respectful to a Boss as well as colleagues as well as those not at the professional level; etc. Don't underestate the importance of this.
Second, almost ALL of an Accounting job is on-the-job training. EVERY job has its in's-and out's and needs to be done just the way a particular company, a particular supervisor, wants it to be done. So just having the "theory" is indeed important if only to at least understand the language being spoken - the language of Accounting and the language of business. Thus, no one is expected to understand until one is shown - again, on-the-job training. I recall one of my first assignments was to do a bank reconciliation of a small company's corporate account. I looked at all the materials - bank statement, returned cancelled checks, the need to create the Check Disbursement's Ledger (again, a really small client!). When the partner asked me what was the matter, based on my stares, it became apparent that the checks had been issued without check numbers!!! When the Partner cursed out loud, I thought it was at me until I realized it was at the client - seems the client had been told over and over again to number all the checks and yet kept on failing to do so.
I tell you this so that you will RELAX! There is always trepedation when starting a new job. Do not let your own feelings about lacking substantive experience be a factor - unless of course you are lying and saying that you have years of experience when in fact you don't!
Always tell the truth, and be guided by that. When asked, write down and/or mention you had an Internship. Do not belittle it and simply mention what you did learn. Who knows, maybe have a familiarity with wealth management is precisely what will be needed!
Please go forward, obtain the best entry level job you can, and learn and grow from there. That's what we all do! Let me know of any follow on thoughts.
Regards, and Best of Luck and congratulations on your graduating.
Tuesday, June 8, 2010
Response to Mr. and Mrs. V:
Thank you very much for your comments and questions. I will attempt to be responsive via this posting.
First, I'm glad you "found your way" to the Blog and took the step of posting a comment and asking questions. Please continue to do so at any time.
Second, with regard to your question of "What accounting software would you recommend for a small company that is experiencing rapid growth?" Here I must plead some ignorance, as it has been a long, long time since I have been into the decision making aspects of what software to use. What I can comment upon based on my last - long time ago! - decision was that Quick Books is considered by many to be the "way to go" and that Quick Books itself is constantly growing to accommodate precisely the situation you are in, rapid growth. That is why Berkeley College offers a course teaching Quick Books. It is quite the thing to be able to present yourself to a potential employer and to indicate you have had both classroom and real-time experience in Quick Books.
Now as to any perceived shortfalls in Quick Books: you mention that it doesn't intergrate with your company's POS software. What I have done in the past is to make up a list of three to five key items that any software would have to have to satisfy my company's needs. I would then call in the Representative of Quick Books to discuss this, but to be sure that my company's Information Technology person was part of the meeting. I would then fully explore with the Rep my concerns. It is surprising how often there are capabilities of a software that one is not aware of. If Quick Books can not provide satisfaction, then ask the Rep which package they would recommend. You would be surprised to find that many are open and honest about providing guidance - after all, you are still their customer and it might be some time - if ever - that you switch.
As to where to then turn for viable alternatives: at least once a year, most of the Accounting journals have surveys and analysis in which they compare perhaps a dozen or more software packages, and they readily catagorize the offerings between for small companies vs. mid-size vs. enterprise wide. Also, and most importantly, ask for advise from your Outside Accounting firm. They should have some expertise, esp. as they might have a multitude of clients with varied software being used. They should be able to ask another client to let you come meet with them and go a real "hands-on" view of their software.
One last thought: I have been part of an environment in which for many years the Controller/Accountants sought to move up and away from Quick Books but, when all was said and done, we stayed "pat" as the lessor of all evils. Meaning, it is no small feat to switch, and for an over-loaded accounting staff, very difficult notwithstanding the perceived benefits. As you pointed out, it is often prudent that you "shouldn't fix something that isn't broke."
I'm sorry if I did not provide you with more specific responses, and I will do so if something additional comes to mind. Let me know your further thoughts and how you end up proceeding.
Regards,
First, I'm glad you "found your way" to the Blog and took the step of posting a comment and asking questions. Please continue to do so at any time.
Second, with regard to your question of "What accounting software would you recommend for a small company that is experiencing rapid growth?" Here I must plead some ignorance, as it has been a long, long time since I have been into the decision making aspects of what software to use. What I can comment upon based on my last - long time ago! - decision was that Quick Books is considered by many to be the "way to go" and that Quick Books itself is constantly growing to accommodate precisely the situation you are in, rapid growth. That is why Berkeley College offers a course teaching Quick Books. It is quite the thing to be able to present yourself to a potential employer and to indicate you have had both classroom and real-time experience in Quick Books.
Now as to any perceived shortfalls in Quick Books: you mention that it doesn't intergrate with your company's POS software. What I have done in the past is to make up a list of three to five key items that any software would have to have to satisfy my company's needs. I would then call in the Representative of Quick Books to discuss this, but to be sure that my company's Information Technology person was part of the meeting. I would then fully explore with the Rep my concerns. It is surprising how often there are capabilities of a software that one is not aware of. If Quick Books can not provide satisfaction, then ask the Rep which package they would recommend. You would be surprised to find that many are open and honest about providing guidance - after all, you are still their customer and it might be some time - if ever - that you switch.
As to where to then turn for viable alternatives: at least once a year, most of the Accounting journals have surveys and analysis in which they compare perhaps a dozen or more software packages, and they readily catagorize the offerings between for small companies vs. mid-size vs. enterprise wide. Also, and most importantly, ask for advise from your Outside Accounting firm. They should have some expertise, esp. as they might have a multitude of clients with varied software being used. They should be able to ask another client to let you come meet with them and go a real "hands-on" view of their software.
One last thought: I have been part of an environment in which for many years the Controller/Accountants sought to move up and away from Quick Books but, when all was said and done, we stayed "pat" as the lessor of all evils. Meaning, it is no small feat to switch, and for an over-loaded accounting staff, very difficult notwithstanding the perceived benefits. As you pointed out, it is often prudent that you "shouldn't fix something that isn't broke."
I'm sorry if I did not provide you with more specific responses, and I will do so if something additional comes to mind. Let me know your further thoughts and how you end up proceeding.
Regards,
Tuesday, March 30, 2010
Preparing for Accounting ACC101 (now ACC110)
Manny: What is needed to prepare for the first Accounting course is an open mind - which you have - and a "can do" attitude - which you have - and a little bit of hard work - which you also have.
That's really it. There is nothing to fear. No real heavy-duty math. Just lots of talk about business and then "rules" on how to structure one's thinking about business. Almost like Business Law! Not quite - but the same skills you demonstrated in Business Law will hold you in good stead here.
The key is to get off to a fast start with the work, so that there is no falling behind. Read everything; do all the homework; and ask all the questions you can think of that help clear up any issues you might think of.
I hope to have the materials posted in the next 48 hours, including the course Syllabus and any commentary. This is a new text so I don't think I will have Teaching Notes ahead of time (if at all). Do get the text (Survey of Accouting, 4th ed., by Carl Warren) and start reading chapter one if you have the time.
See you in class!
Regards,
That's really it. There is nothing to fear. No real heavy-duty math. Just lots of talk about business and then "rules" on how to structure one's thinking about business. Almost like Business Law! Not quite - but the same skills you demonstrated in Business Law will hold you in good stead here.
The key is to get off to a fast start with the work, so that there is no falling behind. Read everything; do all the homework; and ask all the questions you can think of that help clear up any issues you might think of.
I hope to have the materials posted in the next 48 hours, including the course Syllabus and any commentary. This is a new text so I don't think I will have Teaching Notes ahead of time (if at all). Do get the text (Survey of Accouting, 4th ed., by Carl Warren) and start reading chapter one if you have the time.
See you in class!
Regards,
Thursday, March 18, 2010
Temise: Thank you for your comments. Good to hear from you, and glad to see that you see the value in knowing some Accounting. The "shame" of Accounting is that it really gets interesting when it is used in conjunction with running a business, and not just at the initial learning curve stage which is always steep to get through. I really wish the High School systems would include a basic "Bookkeeping 101" so that the language part - e.g., the debits and the credits - is already known when some one first then takes Financial Accounting. Then Financial Accounting can be viewed more from its impact on running a business. Sort of like it is hard to sit and read and enjoy a good novel in a foreign language when one is first learning the language.
Again, thank you for offering your comments. Regards,
Again, thank you for offering your comments. Regards,
Thursday, March 4, 2010
Making The Most of Your College Experience
We'rrr Back!!!
Welcome back to the world of Accounting, Accounting, and Accounting. Whether you are first considering whether to take Accounting as a major, or whether you are a graduating senior about to step out into the work place, Accounting continues to be the field that is hiring. All indications are that there can be a job for you!
What seems to the key factor is how you make use of your college experinence and have it work for you. One young lady is reported to have seemingly understood that, and put her time to maximum use. You need to do likewise. And it is never to late!
As was reported recently (by Geoff Roth, 2/25/10,2:31pm), Amanda had varied interests, with dancing as an expression of her creative side, and also an appreciation for rules-based thinking such as embedded in Accounting. She worked hard at both, and found the time to undertake internships in both areas while going to school and majoring in both fields. Each gave her the appreciation of the hard work involved in being successful in each field, including the long hours and time commitments that would be needed in any meaningful full-time position.
She also made full use of the college experience and its resources, getting involved in school organizations (perhaps her Accounting Association!) that gave her the experiences that she could then relate to others - perhaps those interviewing her - about the many aspects of her personality and character. This gave her the contacts and connections she would also need. Besides sending out her resume and cover letter, she attended many networking events where she met employees from the firms she had an interest in working for. She created her own business card and freely exchanged it with the potential employers, creating its own good impression. She always immediately followed up with emails to the employers she had met to have them keep her in mind.
She also worked with the school's career center and took advantage of its resources of recruiting and internship opportunities. These opportunities allowed her to network and to be interviewed many times and from such interviews she landed her first full-time job with a major accounting firm as a tax accountant.
Taken all together, this gave her confidence in herself. Potential employers saw that in her: not arrogance but a well-earned confidence, earned over many experiences and years while in college. Even when someone lands their first job, this approach will hold one true for all one's working career and future job changes.
So where are you in the process? At the beginning? Near graduation? Have you contacted the various State Societes of Accountants and CPAs? Have you joined the Student Division of each, and upon graduation, the New Member division of each? Have you considered attending the local county chapter of these societies nearest you, and attended some of their monthly meetings? Do you read the monthly journals and become acquainted with the major issues of the day, as well as the names of companies that advertise and perhaps what they specialize in? Did you ever read an article and have a question, and then reach out via the email address that the author usually provides, to start a discussion on a particular point, ask for advice, just say that it was a good article? Did you attend the February 9th presentation by the folks of Becker Professional Services, hosted here at Berkeley College by the Accounting Association, attended by about 30 students, at which many of these ideas were discussed, including what it takes to get certified as a CPA?
So the point of all this is, what are YOU doing about YOUR career? It will not just happen. It will not just happen upon your graduation. This is something that one works on all one's life, even beyond just the work years. TAKE CONTROL!!!
Let me hear from you. Let me know of some of the things that you are doing that are helping you further your aspirations. You only go through life once, and we were not "born with a silver spoon in our mouths." Meaning, the only thing we have is our time. How we invest it is up to each of us.
What are you doing with yours?!?!
Welcome back to the world of Accounting, Accounting, and Accounting. Whether you are first considering whether to take Accounting as a major, or whether you are a graduating senior about to step out into the work place, Accounting continues to be the field that is hiring. All indications are that there can be a job for you!
What seems to the key factor is how you make use of your college experinence and have it work for you. One young lady is reported to have seemingly understood that, and put her time to maximum use. You need to do likewise. And it is never to late!
As was reported recently (by Geoff Roth, 2/25/10,2:31pm), Amanda had varied interests, with dancing as an expression of her creative side, and also an appreciation for rules-based thinking such as embedded in Accounting. She worked hard at both, and found the time to undertake internships in both areas while going to school and majoring in both fields. Each gave her the appreciation of the hard work involved in being successful in each field, including the long hours and time commitments that would be needed in any meaningful full-time position.
She also made full use of the college experience and its resources, getting involved in school organizations (perhaps her Accounting Association!) that gave her the experiences that she could then relate to others - perhaps those interviewing her - about the many aspects of her personality and character. This gave her the contacts and connections she would also need. Besides sending out her resume and cover letter, she attended many networking events where she met employees from the firms she had an interest in working for. She created her own business card and freely exchanged it with the potential employers, creating its own good impression. She always immediately followed up with emails to the employers she had met to have them keep her in mind.
She also worked with the school's career center and took advantage of its resources of recruiting and internship opportunities. These opportunities allowed her to network and to be interviewed many times and from such interviews she landed her first full-time job with a major accounting firm as a tax accountant.
Taken all together, this gave her confidence in herself. Potential employers saw that in her: not arrogance but a well-earned confidence, earned over many experiences and years while in college. Even when someone lands their first job, this approach will hold one true for all one's working career and future job changes.
So where are you in the process? At the beginning? Near graduation? Have you contacted the various State Societes of Accountants and CPAs? Have you joined the Student Division of each, and upon graduation, the New Member division of each? Have you considered attending the local county chapter of these societies nearest you, and attended some of their monthly meetings? Do you read the monthly journals and become acquainted with the major issues of the day, as well as the names of companies that advertise and perhaps what they specialize in? Did you ever read an article and have a question, and then reach out via the email address that the author usually provides, to start a discussion on a particular point, ask for advice, just say that it was a good article? Did you attend the February 9th presentation by the folks of Becker Professional Services, hosted here at Berkeley College by the Accounting Association, attended by about 30 students, at which many of these ideas were discussed, including what it takes to get certified as a CPA?
So the point of all this is, what are YOU doing about YOUR career? It will not just happen. It will not just happen upon your graduation. This is something that one works on all one's life, even beyond just the work years. TAKE CONTROL!!!
Let me hear from you. Let me know of some of the things that you are doing that are helping you further your aspirations. You only go through life once, and we were not "born with a silver spoon in our mouths." Meaning, the only thing we have is our time. How we invest it is up to each of us.
What are you doing with yours?!?!
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