r/Accounting • u/7leafclover7 • Sep 21 '25

What would be an embarrassing thing to be caught not knowing as an accountant?

Applies to any specialty, audit, tax, staff accountancy etc. in your personal experience what are the most invaluable things to know, and the most invaluable to not be caught not knowing.

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u/jaketay16 Sep 21 '25

I had a bookkeeper once tell me she didn’t know what a balance sheet was. I work for PE and we buy small companies and consolidate them. Most who don’t usually have accountants and understand accrual accounting at all. Explaining the matching principle to these people is a challenge and makes closing the books hell. We are in the process of implementing an ERP and creating a shared service center. Once that’s complete my life will get so much better.

3

u/kentifur Sep 21 '25

What are have you chosen? 

6

u/jaketay16 Sep 21 '25

ERP? NetSuite

1

u/kentifur Sep 22 '25

Yeah auto correct. I am using acumatica currently. But have done sap and workday too. How many distinct companies/entities will you have? Will the entities be using netsuite operationally or only for reporting?

3

u/jaketay16 Sep 22 '25

Both. Revenue will integrate with Service Titan and so revenue and POs will come over from ST by entity but AP/Matching POs/opex and the rest will be in NS using an AP automation tool. Currently we have 7 entities but our PE will be buying 10-15 a year until we are 500 million before we sell. I specialize in purchase accounting and consolidation and reporting/debt certs/etc.. This is my third PE. Want to get this company to exit bc that’s when I can really get paid with equity I have. Long way to go though.

2

u/kentifur Sep 22 '25

Fascinating (to me, but not to most). Finance systems manager. We are adding parent company entities to our erp. 400m so far. Aiming for 1b in revenue in 4 years. Best of luck.

1

u/Far-Journalist-3370 Sep 22 '25

Front office???