Getting Hands On Controller Training

Hi, I can see all the CPA's are leaving you hanging here. As a fellow MBA here is rant and advice. Most closes are generated by the Accounting Software so the accounts are buzzing around like busy bees doing bit parts with not having the big picture. So as an MBA get the big picture by going back to the old school

For example What is the accounting cycle?

The accounting cycle is often described as a process that includes the following steps: identifying, collecting and analyzing documents and transactions, recording the transactions in journals, posting the journalized amounts to accounts in the general and subsidiary ledgers, preparing an unadjusted trial balance, perhaps preparing a worksheet, determining and recording adjusting entries, preparing an adjusted trial balance, preparing the financial statements, recording and posting closing entries, preparing a post-closing trial balance, and perhaps recording reversing entries - this is from Accounting Coach - sign up.

Journal transactions with QB are e.g. Amortization, Warranty Provisions, Salary accrual's, that is anything that is no capture from the Bank feed/ other transactions. Have to get your Bank transactions to close on year end, watch out for cheques in transit, pre paids, post paid. Get your Journals set up in T accounts, - your Journals for the most part become your Adjusting entries. Get a first year college text book like John J Wild, Financial Accounting and do some reading of the basics. Treat a year end close as project with the 8 steps/accounting cycle. A first year acc text book will have a "year end close" broken down into very definite steps. This is about 90% then find an CPA buddy who can have a quick look to see if you are messing anything.

Once you have the framework you can fill in the parts
Another thing is that typically most controllers will send the QB accounts to an independent accountant for Notice to Reader (once you have the above laid out, and can sound fairly intelligent), ask the NTR accountant if they has a preferred format or even a list of adjusting entries that he/she would like you to provide backup on, if they has a template that they use. It is in their interest to give you as much help in a close. As a MBA you should have more people skills than a CPA ;-)

TIP: When using QB use the bank feeds, whereby all the transactions on your bank acc & credit cards are uploaded in QB, so then all you have to do is allocate the transactions through a matching function

Finally with respect to good CPA's they have good accounting industry knowledge and typically attention to detail with really good speed at number crunching. If you don't have this experience and aptitudes - Learn to love Excel, down load the Income Statement detail from QB and use Excel filters and formulas to analaze, For example if you have a increase GM, probably Rev Recognition issues, etc,
hope this helps