The video provides high-value, actionable professional advice that establishes the creator as an authority in his field, making the audience more likely to trust and click the link in his bio.
Summary
The creator explains the four levels of expertise required to be a high-performing accountant or controller. He uses his own hiring process as a framework to detail the skills needed, from basic accuracy to strategic CFO-level thinking.
Structure
1Introduction to the topic of what makes a great accountant.
2Level 1: Ensuring baseline accuracy of books and financial statements.
3Level 2: Building and managing efficient accounting processes.
4Level 3: Interpreting data to drive real-world business actions.
5Level 4: CFO-level strategic planning and resource allocation.
6Conclusion and summary of the necessary skill set.
Product placement
Original caption
Replying to @C Gibson checklist to be a killer accountant #accountinglife #accountingcareer #big4accountant #careeradvice
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More breakout videos from this creator.
The creator is sharing professional expertise in accounting, which serves as a soft sell for his 'ROAS and Cash Flow' consulting or educational services linked in his bio.
On-screen text
so what makes an accountant actually good
and better than all the shitty accountants out there
Transcript
So what makes an accountant actually good and better than all the shitty accountants out there? It's actually a rather timely video because I wanted to kind of think through this because I'm currently in the process of hiring a controller. So at a baseline they need to be able to understand accounting at a level that when the books are closed all the numbers are actually accurate. That means all the transactions are categorized the right way, you've properly accounted for deferred revenue and inventory, accruals, prepaid expense, etc. And you also make sure that your balance sheet actually ties out and reconciles with the various bank accounts and subledgers. So at the end of the day the numbers are just accurate and this requires good accounting knowledge and skill and possibly some industry specific nuance knowledge. And while that might sound very simple like just the basics it is, you would be surprised at how many accountants don't actually do this well. One level above that is the ability to build and manage the appropriate accounting processes to get those accurate numbers. Cause I've seen people who know enough about accounting who are able to make the books work so the GL is accurate but that doesn't mean you have very good accounting processes. For example there should be a proper flow of information with the appropriate accounting touch points for each process like order to cash. There shouldn't be any missing data nor transactions that fall through the cracks. Journal entry should have appropriate backup and there should be properly maintain schedules for things like accruals and prepaid expenses. Not it shouldn't just be like a mess of debits and credits that don't make any sense. The risks for those accounting processes should be identified in proper controls put in places something auditors tend to be kind of good at. Tools and automation should be used so that the work is done more efficiently. And all this process needs to be approached pragmatically so that you're balancing between the resources you have available and how the data is actually gonna be used. Now all of this will make you a pretty damn good controller but let's keep going. One level above that is the ability to interpret and use the data. This starts with actually understanding how a particular business model and industry and specifically a company actually functions and makes money. And then requires understanding how the accounting data fits into the context of that reality and how it tells a story about the company's performance. This also requires being able to break down the data to understand why a particular change happened. Like if gross margin went down it's not enough to just say what will gross margin went down. Was there more discounting? Did the cost for unit go up? Did you just shift sales to a less profitable product? That means that all the data that accounting is putting together and all the insights that come from it should lead to real world understanding and real world actions. Son of a bitch I thought this was a no touch one. And to do that effectively you also need the skill to be able to communicate the data to people who don't have an accounting or finance background. And then one level above that is when you get into the more CFO territory things I won't go into too much depth here cause it's very vast. But it's stuff like helping the business set long term goals and objectives. You have to be able to analyze current and historical performance and set forecast for future outcomes. You have to be able to identify business challenges, opportunities and risks not just to the accounting but to the business itself. You have to be able to measure the ROI on resources and also determine how to allocate resources more effectively so you can achieve those goals. You also have to be able to help with raising and managing cash. Like in a nutshell you wanna think like the CEO of the business but with a focus on the accounting and finance side of things. But that fourth one is definitely a little bit more advanced. I think to become a good controller if you can do the first and the second a little bit of the third you're pretty much set.
