I went for a job interview today and they want someone who had experience with general ledgers and profit&loss statements. I have experience in accounts payable and receivable but not that. How much do I really need to know when accounting is automated these days through software like QuickBooks?

One response

1. While automation through software like QuickBooks has certainly made Accounting processes more efficient, having a solid understanding of general ledgers and profit & loss statements remains important, especially in a job setting. Here’s why:

   1. Financial Insight: Understanding these concepts allows you to interpret financial data effectively. Even with automated systems, being able to read and analyze financial statements helps you make informed decisions and provide meaningful insights.

   2. Troubleshooting: If issues arise (like discrepancies in financial data), having a foundational knowledge of general ledgers and P&L statements will help you troubleshoot effectively, rather than just relying on software.

   3. Collaboration: In many roles, you’ll need to work closely with other departments or teams. Knowing how to discuss and understand financial reports will enhance your ability to communicate and collaborate.

   4. Job Requirements: If the employer is looking for experience with these specific documents, expressing your willingness and ability to learn quickly can be beneficial. You can emphasize your existing experience with accounts payable/receivable and how it relates to overall financial management.

   It might be helpful to familiarize yourself with the basics of these topics before starting the job, if you’re offered the position. Many online resources or courses can provide a quick overview to boost your confidence in these areas. Good luck!

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