Mentor Interview: Dustin Hanson from Exceptional Accounting LLC
What are your projections for this type of work or industry?
Most things aren't growing right now, but most every business needs accountants. My projection is that the industry is stable and that accountants are out of work less often than the average businessman.
What is a key issue in the field of accounting?
The standardizing of international accounting practices. It's hard to compare a company in Japan to a company in the U.S. because we use different accounting methods. It's been something we've been working on for a long time, but still haven't reached an agreement on to what the standards ought to be.
What is a typical accounting job?
Tax and auditing. My emphasis is in tax accounting. So, an entry job might be into one of the "big 4" accounting firms, where you would be mainly dealing with corporate tax returns. March-May, and September-November are the busy times for an accountant, because that's when companies are filing their taxes or filing for extensions.
What sets you apart from other accountants?
I feel like I have good experience in the past, not just in accounting, but in finance, book keeping, and sales as well. People skills are a plus in any position you go into. It is hard to diversify, but job experience and people skills can help set you apart.
Accounting seemed to fit my skills and made it easier to get a job. I hope to run my own business one day.
Most things aren't growing right now, but most every business needs accountants. My projection is that the industry is stable and that accountants are out of work less often than the average businessman.
What is a key issue in the field of accounting?
The standardizing of international accounting practices. It's hard to compare a company in Japan to a company in the U.S. because we use different accounting methods. It's been something we've been working on for a long time, but still haven't reached an agreement on to what the standards ought to be.
What is a typical accounting job?
Tax and auditing. My emphasis is in tax accounting. So, an entry job might be into one of the "big 4" accounting firms, where you would be mainly dealing with corporate tax returns. March-May, and September-November are the busy times for an accountant, because that's when companies are filing their taxes or filing for extensions.
What sets you apart from other accountants?
I feel like I have good experience in the past, not just in accounting, but in finance, book keeping, and sales as well. People skills are a plus in any position you go into. It is hard to diversify, but job experience and people skills can help set you apart.
Accounting seemed to fit my skills and made it easier to get a job. I hope to run my own business one day.
Role/Impact of Accounting
Accounting is a key part of any business. Accountants have a analytical mindset, and can take chaos and give it some continuity. Thinking through different scenarios and giving key figures and ratios is part of accountants role. Finance folks find out how to get financing, accountants work with them for their numbers and presentations. Accounting is a foundation to which future decision are built on. Accounting is retrospective, meaning it's always looking at the past, it's a history book.
Accounting is the language of business. Accountants can help referee and provide the scoreboard. Accountants
Accountants don't count beans, and they don't count cash. Accountants are part of a management team. Crunching numbers is only part of the role of an accountant.
Technology has allowed accountants to get information out quicker, which is good for the business world. People want information faster.
Balance sheets, cash flows, all of the key documents that help management know where they're at and where they're going financially, are prepared by accounting.
Accounting is the language of business. Accountants can help referee and provide the scoreboard. Accountants
Accountants don't count beans, and they don't count cash. Accountants are part of a management team. Crunching numbers is only part of the role of an accountant.
Technology has allowed accountants to get information out quicker, which is good for the business world. People want information faster.
Balance sheets, cash flows, all of the key documents that help management know where they're at and where they're going financially, are prepared by accounting.
Potential Careers in Accounting
1) Auditor
2) CPA (Certified Public Accountant
3) CPA
4) Tax Compliance and Consulting
5) Information Systems Management & Consulting
6) Management Advisory Services
7) General Corporate & Financial Accounting
8) Cost Accounting
9) Governmental Accounting
10) Forensic Accounting
11) Financial Consulting
12) Expert Witness and Litigation Support Services
The opportunity is there to run your own business. Large firms that are smart recognize that to keep the best talent they have got to be flexible with employees, helping give them the time to balance their lives.
2) CPA (Certified Public Accountant
3) CPA
4) Tax Compliance and Consulting
5) Information Systems Management & Consulting
6) Management Advisory Services
7) General Corporate & Financial Accounting
8) Cost Accounting
9) Governmental Accounting
10) Forensic Accounting
11) Financial Consulting
12) Expert Witness and Litigation Support Services
The opportunity is there to run your own business. Large firms that are smart recognize that to keep the best talent they have got to be flexible with employees, helping give them the time to balance their lives.
Key Terms and Definitions
Tax Return: Reports filed with the IRS that declare income and taxes for a year.
Audit: An evaluation of a person, organization, or system. Checks for validity and reliability.
Balance Sheet: Snapshot of a company's financial condition. Lists assets, liabilities, and owner's equity.
Income Statement: Profit and Loss statement. Shows how revenue becomes net income.
Statement of Cash Flow: Movement of money into and out of a business.
Assets:Economic resources.
Liabilities: Obligation of an entity to pay for a past event or loan.
Owners Equity: Those who own interest in assets of a company.
Net Income: bottom line, net profit, or net earnings.
Revenue: Sales, the total of what the company brings in from sales of products or services.
Sources for this webpage: Interview with Darryl Foutz (video), Interview with Dustin Hanson (phone call 10/10/12), wikipedia.com, and investopedia.com
Audit: An evaluation of a person, organization, or system. Checks for validity and reliability.
Balance Sheet: Snapshot of a company's financial condition. Lists assets, liabilities, and owner's equity.
Income Statement: Profit and Loss statement. Shows how revenue becomes net income.
Statement of Cash Flow: Movement of money into and out of a business.
Assets:Economic resources.
Liabilities: Obligation of an entity to pay for a past event or loan.
Owners Equity: Those who own interest in assets of a company.
Net Income: bottom line, net profit, or net earnings.
Revenue: Sales, the total of what the company brings in from sales of products or services.
Sources for this webpage: Interview with Darryl Foutz (video), Interview with Dustin Hanson (phone call 10/10/12), wikipedia.com, and investopedia.com