Hi Bill , I'm one of your students at The Controller Academy . Joining you has been the best decision I've made for my career. I would definitely recommend it . I went from a non accounting job to a full accountants position in two years after finding you. I am a group accountant thanks to your Academy. I studied ACCA and your lessons sealed the gaps and gave me confidence. I hope this review helps others because I was about to give up accounting before I found your channel. Thanks Bill for sharing your knowledge to those that can't afford to take your course right now but hopefully will in future. I still find these lessons so interesting. I learn something new everytime. THANKS ☺️ from Kesh -London 🇬🇧
Nice video, I was expecting more lol but that was really insightful for a free video. This is something I would like to discuss with my seniors about reconciling AP, like you said the preparer should be the one who is in touch with the account nature, and other team member would review or double check, but on the cash should be another team member to reconcile what others post, I'm living the opposite somehow, I think is a risky approach.
Great video! I had a question for you. I have my 150 credit toward cpa eligibility, have prior experience doing 1 busy season as an audit intern, 1 busy season as an audit associate and now I’m 1 full year into being an Accountant at a local bank (pay is relatively low). What should my next move be? Stay here til year 3 or start looking for an assistant controller or accounting manager position?
Yeah maybe at year 3 look for a Senior Accountant role. I am not in love with Bank Accounting because unless it's JPM or a large bank, the pay is not good
@@TheFinancialController I do agree with you there. The recruiter I used did say to learn as much as possible and move out of banking before I get pigeonholed to the industry.
Watching from the UK - this is a good video and you managed to add some fun into it, too! One thing I’ve always found is that a lot of accountants explain inaccurately that a bank reconciliation is actually a balance sheet reconciliation of the bank accounts. I think it needs to be made clear a bank reconciliation is one thing and that actually doing a balance sheet rec of the bank accounts involves matching the GL balance to the cash account in the cash book module in the accounting system - which should have been matched off to the bank statement already. I guess it’s the same with AR and AP - it’s not merely just reconciling the balance in the AR/AP module to the AR/AP statements issued/received; rather that AR/AP balance sheet reconciliation involves reconciling the balance in the AR/AP module to the AR/AP accounts in the general ledger. Effectively, a three way match, to an extent. And another reason accountants should provide a more elaborate explanation is because often it is possible to post a journal into an AR or AP account, which could then cause it to not match to the subledger.
Really!!! someone is on the controller position and dont know the basics??? I think this only happened in USA😂 because in rest of the world people are judged on their experiance before they get recurited for some supervisior position.Any experiance controller knew much more than that.
Thanks for this video. I would always panic if I saw balance sheet recs in a job description. But not anymore! If I apply for those kind of roles then I'll say that I'm keen to learn!
Hey Bill, quick question - I haven't used Netsuite but was curious how the transaction recording works; I'm used to the Quickbooks Online banking feed where transactions of the Checking Account sync automatically from the bank itself and then each transaction is classed to the appropriate vendor/GL Account or matched to an existing bill/invoice etc. Is it similar within Netsuite with a bank feed tab or how does that whole process of actually getting the transaction in the system and then recording it work?
Oh gawd! The beginning of this video it's Me today. I'm feeling sick and still need to finish closing the month. Tried to login to work and I'm unable to connect🤯 I'm glad I came across this video and I hope to feel better. Tomorrow will be another day, health first 😌🙏
Hi. Can you answer my question. I'm confused to choose a career between accounting and auditing. Which one is best in terms of salary and job security?
Both are good options, go with one and work hard to make it the best choice. I tend to lean more toward audit to start a career and then move to Accounting though.
