Business Accounting Essay Example
Operating computers is one of the preliminary basics that I have acquired as an important skill in the success of my career. As a realtor my job involves recording and analyzing the information for my home remodeling company. Providing customers with quality service are my motto. Dealing with financial information is the key part of my job. The information accounts for the receivables, payables, quarterly payments and the preparation of profit and loss statements for my home remodeling and contracting company. The figures are well scrutinized and analyzed to ensure the correct entry. This integrity is one of the major pillars to the success of my career. The accounting software that I operate ensures mathematical accuracy and that the codes entered are proper and accurate. Checks are put in place to ensure that the postings received are accurate before being recorded and documented. I receive bank statement records, vouchers and checks. Examination is done on these financial reports in order to determine where to cut costs to favor the business operations.
The experience of using QuickBooks enables accounting for the payables and receivables. The software in use enables following the company procedures to the later. Here, coding is enhanced through the use of QuickBooks for easy recording and retrieval of the financial information. Proper scrutiny of the QuickBooks ensures that any irregularities are noted. This ensures that no discrepancies are entered in the computer spreadsheets for the final analysis. When this is done, the information saved in the databases is credible and accurate. My modeling company therefore, prepares invoices and financial statements that are reputable and that meet customer requirements and business specifications. My knowledge of the use of QuickBooks exceeds the mere knowledge of just preparing financial statements and invoices. I am able to compile both statistical and financial data necessary for accounting, tabulating and auditing reports related to cash receipts, accounts payable and receivables, expenses as well as profit and loss for my business. Determining the financial position of my firm depends on how well I evaluate the financial records such as the quarterly profit and loss. This information helps in maintaining the financial track record of the firm and keeping the business mission and vision abreast.
Other than the evaluation of the financial position of my firm, the success of the business can further be attributed to compliance with both the federal, state and local policies. Discrepancies found during the analysis and recording of the financial statements in the QuickBooks are resolved via the procedures and business practices framed by these authorities. This ensures documentation and recording of the final analysis report is varied. As a result, the business offers receipts that are legally binding and authoritative. To guarantee the future of the business, the documented financial report of the firm is communicated to the financial institutions. These firms verify the credibility of the report and if viable, the future of the firm is in safe hands as acquiring funding on future or stagnating projects is guaranteed.
Working in a busy and challenging environment has developed both my personal and interpersonal skills. The successful transition of my career from a dormant to a jubilant one can be greatly attributed to the knowledge I have acquired through interacting with experienced professionals. These are people who were willing and able to assist and answer my questions to the best of their knowledge. However, bookkeeping requires both critical and creative thinking to top up the learnt mathematical skills. Some of the study areas of mathematics that come in handy at this juncture include; calculus, geometry, statistics, algebra and basic and advanced arithmetic. On the other hand, some situations prompt the use of tactical skills and in such cases, my tactical analysis skills get use. Having an eye for detail, I have an added advantage when it comes to scrutinizing financial records. This is because they require one to be vigilant in order to guarantee that no error is recorded in the spreadsheets. If this is not done, the resulting documentation will be faulty and lack credibility. The success of the business is however, achieved by ensuring that these kinds of mistakes are avoided. Another skill that can be highly attributed to the success of the business and as an individual is fluency in communication. The ability to audit and convey financial reports that are self explanatory at a glance is a major key to the success of the business. Upholding consistency and integrity and being sensitive to customer responses results to achieving this skill. As an agent for the home remodeling and contracting company, I proudly uphold this skill as an essential pillar to the success of the business.
The above skills cannot be applied if one does not have the necessary accounting skills. However, my ability to operate computers programmed with accounting software provides room for the implementation of these skills. I properly understand accounting and therefore, recording, analyzing and storing financial information in these spreadsheets becomes easy. During the recording, the ability to check financial records for errors and document the results is a major task for which is necessary to achieve proper results for storing in the database. Mathematical analysis is done on the collected data and corrections are done where necessary before processing the final financial reports. The collected data is classified into records to enhance proper summation. After the records are filled, the numerical data is used to record and maintain journals and ledgers. This clerking process entails having the relevant knowledge in debiting and crediting the total in the special spreadsheet software. This process involves determination and ability to play around with numbers. Having an interest in numbers from a tender age, trying to figure out the outcome of a record at a glance has always been my fascination. This leads to manipulating the numbers to attain a strike of balance especially where balance sheets are involved. This life experience of trying to figure things on my own has proved to be a stronghold in the success of my career.
Learning to be an accurate accountant takes time, patience and an eye for detail. A small error may force one to redo a whole spread sheet in such of the erroneous entry. However, practicing numerical patience and being enthusiastic about numbers proves to be handy for any reputable accountant. Since the job involves receiving, recording and analyzing bank checks and cash reports, one has to be vigilant enough to ensure they are operating within the realms of the company regulations as well as authority provisions regulating the business are of operation. The analysis phase is one of the most crucial parts of an accountant. It is at this stage that the competency of an individual is tested. The ability to prepare financial expense sheet of buyers and sellers is another financial factor that determines the future of the firm. Having experience in this field, I am able to project the outcome of certain events and with this knowledge preparing buyer and seller expense sheets becomes routine and easy. There are however, some important risk factors to consider during this process. A key to note here is that the business returns must always lie in-between the upper buyer expense sheet and the lower seller expense sheet. If this is not done, one risks running the business at an irrecoverable loss. Projecting the operational budget of the business is also a key for any accountant. Having been in the field for a while, I have learnt that a business will always operate within a given financial threshold. This only changes by a small percent with regard to the current changes in the country’s economy. If the economy of the area of operation of the business is stable and growing at a constant rate, the business operational finance can be projected beforehand. This however, cannot be said to be true for unstable economy.
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The work reduces during the final documentation stage. During my years of experience, this stage seems to be more fun as it involves a majority of the copies obtained during the analysis and reporting stage. The first documentation involves a copy of invoices, financial statements from QuickBooks and also a copy of project requirement specifications. However, if the initial steps were faulty, this error is carried up to this final stage and is only detected during the scrutiny of the documents. It therefore, becomes paramount to concentrate on the initial stages as the final stages are a recap of the same.
Investor in the business need to be guaranteed of the business performance and therefore, a copy of the projected business performance schedule should be drafted and submitted. This draft should be free from discrepancies and also project on achievable goals. From experience, the future success of the business depends on its ability to draw achievable goals that ensure investors of the worth of their money. If this is not properly done, the future of the firm is crippled. This is because nobody can fund a fallen dream.