Saturday, August 23, 2008

Do all Accountants talk the same?

For the most part, I would say yes, we do talk the same. We learned early on to think about BOTH sides of any transaction. We have created our own little abbreviation and acronym universe: COSO, CPE, C/D, CR (credit), C/R (cash receipts), FAS, FASB, FIFO, I/S, LIFO, etc.

LILO was a term I remember too ... LAST person IN that day on the team, means you need to be the LAST person (OUT) leaving that night. It is kind of nice now that we tend to value production of our people more than face-time.

Most of us know the difference between a tangible and intangible asset (For example, you cannot count shareholder's equity - which was a common joke to tell the staff1 to do back when I started in auditing!)

So, while we may know the same terminology and talk the same for the most part, there are still lots of areas where we miscommunicate...

Deadlines
Expectations
What the end results should look like
Team roles

I am not sure I have ever heard an accountant say to me: the issue we had (on our team) was we overcommunicated! So spend a little time and ponder the most important relationships in your career - colleagues, clients, etc. How good is the communication? Can it be improved? Are your roles clear? Do they have any ideas?

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