Michael Hess on LinkedIn: Controller (2024)

Title: Mastering the Art of Closing Entries: A Comprehensive GuideClosing entries mark the culmination of the accounting cycle, ensuring that a company's financial records accurately reflect its performance for a given period. Handling closing entries effectively is crucial for maintaining accurate financial statements and preparing for the next accounting cycle. Here's a concise guide to mastering the art of closing entries:Identify Temporary Accounts: Before initiating the closing process, it's essential to identify temporary accounts, including revenue, expense, and dividend accounts. These accounts are only relevant for a specific accounting period and must be closed to start the new period with a clean slate.Close Revenue Accounts: Begin by closing revenue accounts to transfer their balances to the income summary account. This step involves debiting each revenue account to zero out its balance and crediting the income summary account for the total amount of revenue generated during the period.Close Expense Accounts: Next, close expense accounts by transferring their balances to the income summary account. This process requires crediting each expense account to zero out its balance and debiting the income summary account for the total amount of expenses incurred.Calculate Net Income or Loss: Once all revenue and expense accounts are closed, calculate the net income or loss for the period by subtracting total expenses from total revenues. This figure represents the company's profitability or loss during the accounting period.Close Income Summary Account: After determining the net income or loss, close the income summary account by transferring its balance to the retained earnings account. Credit the income summary account for a net loss or debit it for a net income, and then debit or credit the retained earnings account accordingly.Close Dividend Accounts: If the company distributes dividends to shareholders, close the dividend accounts by debiting retained earnings and crediting dividend accounts for the total amount of dividends declared.Review and Post Closing Entries: Once all closing entries are prepared, review them for accuracy and completeness. Post the closing entries to the general ledger to update account balances and ensure that financial statements reflect the company's performance accurately.By following these steps diligently, businesses can effectively handle closing entries and maintain accurate financial records. Mastering the art of closing entries is essential for ensuring compliance with accounting standards, facilitating decision-making, and providing stakeholders with reliable financial information.https://lnkd.in/gJ72bQ8t

If you're looking to simplify your invoices and make them more effective, check out these 6 sure-fire ways to simplify your sales invoice.👇#DVPhilippines #InvoiceManagement #InvoiceTips #FinancialEase

Hello LinkedIn community! 👋I am Farman Ali, a dedicated and detail-oriented bookkeeper with a passion for precision in financial management. With [X] years of experience in the field, I specialize in maintaining accurate financial records and providing insightful analysis for informed decision-making.Key Skills:✅ Bookkeeping and Accounting✅ Financial Statement Preparation✅ Payroll Processing✅ Budgeting and Forecasting✅ QuickBooks and [mention any other relevant software]Professional Highlights:🏢 [Previous Company]: Successfully managed the day-to-day bookkeeping tasks, ensuring compliance with all financial regulations.💡 Introduced streamlined processes that resulted in a [X]% reduction in errors and improved overall efficiency.🌐 Continuously stay updated on industry trends and best practices to offer cutting-edge financial solutions.Passionate about:📊 Transforming complex financial data into clear, actionable insights.🔄 Continuous improvement in financial processes to drive organizational success.I am open to networking with fellow professionals, sharing insights, and exploring collaboration opportunities. Let's connect and explore how I can contribute to the financial success of your business! "Feel free to connect with me if you share similar interests or if you have any inquiries about bookkeeping services."]Looking forward to connecting with you!Best regards,Farman AliFeel free to customize this template based on your specific experiences, skills, and preferences. The goal is to present yourself as a competent and approachable bookkeeper who adds value to any professional network.please visit my profile Fiverr.comhttps://lnkd.in/dBAR_ZWd

Today, I am sharing an article that I have prepared for you as a short introduction to the subject of service accounts.This subject is a very critical subject, a subject that requires knowing many details and doing good practice. I would like to share a more advanced article with you, but I am tired. However, if I see enough interaction from you, I will definitely prepare an advanced level article on Service accounts and share it without demanding a fee.Thanks

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George Barnabic here, I'm in Customer Support Ops at Glide, and I'm taking over LinkedIn today 👋 While I spend a lot of time supporting customers, some of my time is spent building internal tools for the support team.I've been writing software for PCs—my first computer was a Radio Shack TRS-80—since the mid 70’s. One of the applications I wrote in DOS (that's pre-Windows) in the mid 80’s is still being used by a fuel delivery & service business.My last business, its roots forming in the early 90’s, was purchased by Thomson Reuters in 2000, under the Tax & Accounting OneSource umbrella. I managed the business unit as its Vice President. We wrote tax & accounting software for the trust & estate market sector.I always joked that we were in the only guaranteed business, as it was all about death & taxes, which, as the saying goes, are the only two things guaranteed in life.I was responsible for all aspects of the business. Production, sales, support, outsourcing... from managing teams of programmers to accountants. Corporate decided that the outsourcing portion of the business was prime to be sold off, and it was sold in 2014 to Ernst & Young.This afforded me the opportunity to retire early... or so I thought.Then came Glide.My wife Peggy and I retired into a 55+ community which used a paper-based residents directory. After getting it into Google Sheets, I looked for ways to make it more accessible. I found Glide, and in a few days created an app that's still being used by residents to keep up on the latest happenings in our community.I became very involved in Glide’s Community as I added more functionality to the app. Initially asking a ton of questions, eventually answering more questions than I was asking.One day over 4 years ago I was contacted by Glide’s CEO with an offer I couldn’t refuse.They wanted to hire me as their support guy, to do what I was already doing for free. I hesitated; I didn’t want to un-retire, but since I was spending a lot of time in Glide anyway, I agreed.The best part about working for Glide is that I get to work with so many young (they're all younger than me), talented, passionate people who take pride in their work & respect each other. And I get to learn new things every day. It doesn’t get better than that.On a personal note:There's too much to tell when it comes to occupations & hobbies as I've always been adventurous, but I’ll try.Occupations: Police officer, firearms instructor, prosthetist, painter, carpenter, dance instructor, HVAC tech, alarm system installer, small business owner.Hobbies: Flying (I got my license 50+ years ago), scuba diving, sailing, ham radio, skydiving, music (in a band with my oldest daughter), backpacking, kayak, motorcycle drill team, and more.We have 4 fantastic daughters & 6 even more fantastic grandchildren that I'm fortunate to be able to spend lots of time with. Our most recent adventure was a road trip to Lake Placid, to witness the total eclipse.

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If you're looking to simplify your invoices and make them more effective, check out these 6 sure-fire ways to simplify your sales invoice.👇#DVPhilippines #InvoiceManagement #BusinessEfficiency #BillingProcess

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“Just say NO to non value-added work.” ❌That’s terrible advice.If you don’t give it properly.Here’s why:Saying “NO” to doing a piece of workdoesn’t make the work disappear.You just make it someone else’s problemOr no one’s “problem” (if everyone ignores it)Until it becomes YOUR problem.Let me give you an example:An employee spends 4 hours a day scanning supplier invoices to his email, organising and sorting those into folders in a shared drive, and attaching them as accounting records in a system.The accounting supervisor says: “NO let’s not do this non-value adding work. Instead let’s spend 15 minutes sorting these physical invoices, filing them in ring files, and storing them in the storeroom.”One year later:- The storeroom is filled past capacity.- Searching for specific invoices become a chore because paper is EVERYWHERE.- They get fire safety complaints and management says: “SCAN THOSE INVOICES INTO THE SYSTEM”😒✅ This is what proper advice looks like:➡️ “We need to REDUCE Non Value-adding work, by➡️ Understanding “who” is asking for it➡️ Why they are asking for it➡️ “Who” this work goes to if you reject it (or if it goes to no one, are you kicking the can down the road?)➡️ Collaborating with “who” and “who” to figure out a win-win way of how to make this non value-adding work go away for everyone”“Holy sh*t Jevon that’s A LOT of work!”Yes it is.But whoever told you it’s EASY isn’t doing it right. A problem is a problem regardless of whoever’s problem it is. The future of Work is about collective responsibility, not fingerpointing. Do you agree? Comment/DM below, I would love to know!#responsibility #futureofwork #problemsolving #perspectives

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Your shipping processes can have a major impact on your bottom line. Here are some tips and strategies to boost efficiency, conduct invoice audits and more. Visit https://lnkd.in/gi5AP_ZJ for more information. #USPS #UNITEDSTATESPOSTALSERVICE #POSTALSERVICE #jobs #careers #career #hiring #nowhiring

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Q: Why do 67% of managers plan to hire admin and cust support contract profess during this tax season? A: They know how much help they'll have in managing all the filings and deadlines across their team! Interested in finding out what talent is available for your team? Let's talk!

Hello, LinkedIn community!I hope this post finds you well. I'm excited to announce that I am actively seeking new career opportunities in the field of invoice management and vendor management. With 8 years of experience under my belt, I'm ready to take on fresh challenges and contribute my expertise to a dynamic organization.About Me:I've spent the last 8 years honing my skills in optimizing financial operations, managing invoices, and nurturing strong vendor relationships. My passion lies in streamlining processes, ensuring compliance, and driving cost-efficiency. I thrive on finding innovative solutions to complex challenges and building collaborative partnerships that yield positive results.What I Bring to the Table:Invoice Management: From processing to validation, my meticulous approach ensures accurate and efficient invoice management.Vendor Relations: I believe in the power of open communication and strategic collaboration to create mutually beneficial partnerships.Process Optimization: Identifying areas for improvement and implementing solutions to enhance productivity and reduce costs is my forte.Compliance & Risk Mitigation: Upholding the highest standards of integrity and transparency is non-negotiable in my work.Why You Should Connect:I'm a firm believer in the potential for growth and innovation when the right people come together. If your organization is in need of someone who can bring efficiency, accuracy, and strategic thinking to financial operations or vendor relationships, I'd love to connect with you!Let's Chat:Whether you have a job opportunity in mind, want to explore potential collaborations, or simply wish to connect and discuss industry trends, please feel free to reach out. You can message me directly here on LinkedIn or dharanirole16@gmail.com.I'm excited about the possibilities ahead and look forward to connecting with fellow professionals who share my passion for excellence in invoice and vendor management. Together, we can achieve outstanding results!Thank you for your support, and please consider sharing this post with your network. 🙂 #InvoiceManagement #VendorManagement #JobOpportunity #FinancialOperations #CareerSearch

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