Accounting Twins Podcast

Becky: [00:00:03] Hey, twinnies. What's new? It's your girl, Becky.

Norma: [00:00:13] And your girl, Norma. Hope you're having a splendid day. I know I'm not.

Becky: [00:00:19] Me, too. But that's a different story. Let's just say my calendar is really booked right now, and you'll hear about it in the next episode of the Accounting Twins podcast. But today is another episode of the Accounting Twins Podcast Book edition. I know book. Reading. I'm reading.

Norma: [00:00:38] Oh, my gosh. Wow. You're so intelligent, Rebecca.

Becky: [00:00:42] You know, I have two brain cells, but today they are both working in my advantage. Working in my advantage. Wasn't either. Oh, sorry. We're not going to say here in the accounting. They're working against your advantage.

Norma: [00:00:57] They're not working against my advantage, they're in my advantage. I thought you said it wasn't a good date, though.

Becky: [00:01:02] Oh, yeah, but that's a different story. It doesn't matter.

Norma: [00:01:05] Oh, okay. Well, anyways, everyone, today we will be going over chapters 11 and 12 of Advice for a Successful Career in the Accounting Profession: How to Make Your Assets Greatly Exceed Your Liabilities by Jerry Maginnis. So if you haven't already, grab your book, grab a thing of cocoa or milk or whatever beverage you want, and grab a blanket and sit down and relax and listen to our soothing voices talk about chapters 11 and 12. Oh my god, like [inaudible].

Becky: [00:01:40] Anyways, chapter 11 is called Blocking and Tackling. No, we are not talking about football, even though I did watch both as a playoff game yesterday. Anyways, chapter 11, Blocking and Tackling: The Importance of Being Organized and Nailing Both Big and Small Tasks.

Norma: [00:01:55] So let's head into it. So we all got to be organized, but specifically, accountants are in charge of so many tasks, big and small, that all play a large role in companies and they have to meet specific deadlines. So for example, Rebecca had year-end. She had a lot of things to do. When you're an auditor, you have to complete your audit by a certain time. Basically, accounting has so many timelines. And honestly, it's so important to stay organized so you can monitor your progress, your goals and get things done well in on time. And as this book mentions and as we all know from our lives, technology makes this so much easier. It does. It just lets me put stuff in my calendar. Like Norma was saying, your calendar is ruining her life. And that's probably just because she uses her calendar too much. Probably go, okay, I need five minutes to brush my hair, brush my teeth and fix my makeup. Well, so that's my internal calendar. Like my Google Calendar is atrocious. It looks like a rainbow throw up on it because all the different things I have in my life have a different color. So like, I'm looking at it right now, this is really causing me anxiety. But it's like all my classes are pink, my homework is red, my setting is blue, my work is purple, my personal things are yellow, and then my assignment and due dates are orange. And it's horrible.

Becky: [00:03:23] For me, the way I stay organized is not as intricate as yours, but that's just because I'm doing work. It's not very crazy. So depending on the day, I'll either do like a note on my laptop or sometimes I just love the satisfaction of taking a pen and crossing things out on a sticky note. So it depends on the day. If I have a ton to do, I use a sticky note because again, the satisfaction of crossing it off. But if I don't have a ton of stuff, I'll do it on my laptop, and that way I can also take notes of stuff that I'm doing.

Norma: [00:03:56] Yes. And one thing that this book mentions, which I realize some people are probably getting more accustomed to and realizing is that organization requires a lot of discipline. It's so much easier said than done to make your calendar and follow it, but you need to stick with your plan. So usually, for example, just even in school, like if I write down in my Google Calendar like the hours and timing of when I'm going to do my homework, I need to stick by it. Because otherwise, I will not be productive at all.

Becky: [00:04:27] Another super important thing is that even if a task is mundane, it's not, Oh my gosh, I must turn this in so somebody else can do their work. Like even if it's just something you have to do and it's tiny and seems mundane, it's important. Everything you do adds up to a larger picture. On page 88, Maginnis mentions failure to embrace this important responsibility aka organization can sidetrack your career. So if you don't organize even the tiniest of tasks, you're going to forget to organize the largest of tasks. And you really need to do that to stay organized as an accountant, not only for yourself and your work for the company you are working for. If you're working on an audit, thinking about your client, you got to think about the big picture here. Think holistically.

Norma: [00:05:09] Yes. Oh my gosh. I don't remember what this is from, but if you're a listener, you're probably going to know what I'm talking about. But like a CEO was giving a TED talk and saying the first thing that he does every morning is make his bed because how can he be responsible for a company and expect others to be responsible if he can't even do the basic things himself?

Becky: [00:05:31] So I make my bed every morning. So are you telling me that I am going to become a CEO?

Norma: [00:05:37] You know what? You might be, Rebecca. And then maybe I could be your CFO. Who knows?

Becky: [00:05:41] I like it. I'd like that.

Norma: [00:05:43] Right. But a really good example that Maginnis brings up in this book where if you're a CPA and I'm pretty sure a lot of you are, but even if you're not, but you know that some accountants have a hard time remembering to get their CPE credits on a timely basis every year because it doesn't involve a client or a deadline or a report. It's always done like December of the year because people just forget about it. So put it in your calendar. You know what? Like right now, if you're listening to this and you're like, That was me last year, I forgot to talk about or do my CPE credits. Go in your calendar right now, pick a random day from like three weeks from now, three months from now, who knows, and just put CPE. Go and do it.

Becky: [00:06:29] I'm going to give you guys four random dates in my head. I don't care what day they are. I'm thinking April 22nd, July 17th, September 29th, and November 10th. Those are your CPE days and you're going to put that in your calendar right now.

Norma: [00:06:49] Wait, this is kind of tripping me up because I was thinking those exact same months. Not the days, but those months. I mean, we do have twin telepathy even though we are two hours away from each other.

Becky: [00:07:01] Anyways, now going on to the more day-to-day organization of things. Don't be late to a meeting. If you're in a meeting and it's running long and you have back-to-back meetings, let somebody know as soon as you can. And if you have to reschedule, reschedule it as soon as you know something is up because other people have lives too. They'll have jobs, other people have meetings and deadlines. This isn't just your show. Not just the Becky Show and the Norma show. It's the everybody show.

Norma: [00:07:31] Well, this is the Accounting Twins podcast. But something important that Maginnis mentioned is that showing up early lets people know that you are engaged and care about the success of the task or project. It can be quite disheartening or even just unmotivating. If you're meeting with someone who forgets about it and cancels it, it shows that they don't prioritize what you're supposed to be doing and the success of your project. So just make sure to show up on time to things, people.

Becky: [00:07:59] Exactly. And now not in the timeline of things, but the more organization of a meeting, make sure that what you're saying comes across clearly. Make sure people understand the big objective and the big picture. Like whenever I have meetings for work, I always say, "Can you give me the high-level view?" And sometimes I'll be like, "Can you tell me in stupid people terms what you're doing? Just so I know, Oh, I'm doing something, Or like just something to make sure I know what I'm doing in a very high-level view. Because if you don't understand what you're doing, a high-level view, you can't really understand the importance of the details.

Norma: [00:08:35] Yeah. And make sure that people understand what you're talking about. But it's also important to make an agenda because you could say in your mind, like, I know when I get presentations sometimes I'm like, okay, I had to bring up this and this and that and this and that. And then get to it, I'm like, totally forgot what I was going to talk about. The same for a meeting. You forget what you're going to talk about, especially if it goes above time. One of the things that my professor does this year that I love is she writes it down like, okay, for the first 30 minutes we're going to be having a presentation. The next 15 minutes, we're going to be reviewing the presentation. And then the 15 minutes after that is a quiz. Even if you have an agenda where it's like how long you expect something to take or just even jot down what you need to talk about, it makes an effective meeting and it shows the importance of being organized.

Becky: [00:09:21] Exactly. Norma and I have an agenda for every episode we do. And maybe it's just even a few bullet points or it could be pages. But you know how sometimes you're like in bed and you remember something and you're like, "Oh, we could write that down real quick, but I'm too lazy, so I'll just remember it tomorrow." Chances of you actually remembering it are really slim to none. So write it down. Write down the tiny little things you do. Write down the big things you do.

Norma: [00:09:46] Yes. So a topic that Jerry talks about, which I really love, and I think some people kind of need to understand a bit more, is patience is a virtue. So you need to be ambitious, but you need to know promotions and raises don't always come quickly. It's kind of like a marathon in a sense, like it takes some time. You're not going to go from one promotion or one job to another, you'll just realize that everything takes time. On page 90, he says, one must master the tasks and roles you're in for being ready to advance. So focus on excelling at what you're doing now instead of thinking about what you could be doing in the future in a different position and a promotion because you're not going to be promoted if you can't even do what you're doing now.

Becky: [00:10:34] Exactly. I like to say grow where you are planted. And this will lead into an example, and we'll talk about in a minute. But pretty much, you don't always have to work on those high-end clients. Not everybody can work on a high-end client because who's going to work on the smaller ones? Thrive where you're placed that way people know you're good at what you do, and maybe you can land that high-end client. For example, at the end of Chapter 11, Jerry Maginnis mentions how my disappointment turned into a learning opportunity. This is a perfect example, and he was assigned to a non-high-profile client as well, others may describe. But he made the best of it and he did a great job. And he used all of the lessons that he learned on that smaller client until today. And only focus on the things you can control. You can't control somebody else's promotion. You can't control how somebody else treats you. I mean, you can, but you know what I mean. Only focus on the things that you can control and make the best of the situation.

Norma: [00:11:29] Yeah. And also just treat every task that comes across your way as if it's important. If Jerry had not treated this high-profile client as if it was a high-profile client, might have not led to the same success and he would not have given the client the respect that they deserve. So just treat it the best opportunity and the best way that you can. Everything's important to everyone and you have to remember that. Anyways, next chapter is chapter 12, which is how we value creation mindset. And for some reason, when I read that, I just think of a colorful painting. Jerry says that you have been hired and placed somewhere because a company thinks you are valuable and can provide great benefits to them in their goals. So just realize that you matter within a company and that you're important and you need to create value for that company. You are the supply of what they are demanding. It's simple economics, baby.

Becky: [00:12:23] One thing I always say, you can literally ask anybody, is I just say, "Be great." So be great for you. Be great for yourself. Be great for your success, but also be great for your employers. You are hired within a company because they see something special within you and they know that you can do something to add value to their company. So it's not just what the company can do for you, but it's what you can do for it. So Jerry says, go in with the mindset that it's not "Give me a good raise and I'll show you what I can do." It's, "I will show you what I can do and then you can reward me for my actions." Yeah, money is a great benefactor, but it doesn't always have to be everything. And you just got to put your best foot forward. Think of it in accounting terms. You want to accrue what you're getting. You don't want to be a liability and say, "I have all this money, now I have to do the work." But what if I'm actually not good at it? You want to say, "Look at all this work. I'm accruing the great vibes and happiness and I can accrue that money later on." You don't want to be given the money and then fall short of task and you're like, "Okay, well, I was just given a ton of money and I actually am not good enough to do this job." You don't want that. Because that just also is not a good look on you.

Norma: [00:13:39] In the section titled "Think Like an Owner," Jerry says that you need to quite literally just think like an owner. Put yourself in their shoes when analyzing a situation just to get a better perspective. He says, "Serve your customer in exceptional fashion and identify opportunities for top-line revenue growth for your employer." So, then once you get that perspective, you can realize what the goals of the company are, which you should already know, but what you're being expected of to do within your job.

Becky: [00:14:09] You have to think outside of yourself. You need to think about the organization as a whole. Look around and see how rapidly evolving technology is and how it can affect the business. Mentor, motivate and inspire your fellow employees Like again, jobs aren't totally just an individual sport, they're a team sport. Without the success of the team, there's no success for the company. And figure out ways for the business to operate more efficiently. Don't hesitate to raise your hand and share an idea. I know this is a tiny bit of a sidetrack, but when I first started at my job, there was an intern with an idea. And from what I'm aware of, they started running with it. Don't think your seniority or lack of means you can't raise your hand and give an idea. You are at this company because they see you growing within the company, but also the company growing because of you.

Norma: [00:15:03] Yes. And another way to have a value-creation mindset is to look for opportunities to provide feedback. I know, I'm going be completely honest. And I can't speak for Becky, but for me, sometimes I am not... It's not that I'm not receptive to feedback, but I take it too personal. But my roommate actually helped me create this mindset where people are giving you feedback not because they want to hurt you, but because they want to help you, because they want to see you grow. So you also need to look at giving feedback with that perspective. You want to help someone, you want them to grow. You should ask people to give you feedback on something so you can improve yourself and be better. And in the same way, you should ask people if you can give them feedback to improve and be better. Do not be afraid to provide feedback to someone, even a superior. Yes, it might be a little daunting, but everyone can always improve and grow. They're not going to be stagnant. Like a pretty little flower in the ground and the feedback is the water and the soil and you're helping them grow.

Becky: [00:16:06] That was so cute. I wonder what flower I would be.

Norma: [00:16:10] Petunia.

Becky: [00:16:10] Oh, Petunia. Yeah. Anyways, again, while you're also receiving feedback, don't be afraid to challenge the status quo. Everything in the world that's going on is because somebody is saying something that's not what everybody is thinking. Don't accept something straight out without thinking about it. Because again, things can always change for the better. And don't always assume because if somebody is higher up than you, their opinion and their stuff is more right than yours. Because while it may be true, it's not always true. You have your own opinions, your own feelings, your own beliefs, and those also matter. One thing I will always say is even if you do find a problem, don't bring me a problem if you won't help me fix it. For example, if someone were to come up to me and say, "Hey, I noticed there's an issue within this part of a program and I think it should be fixed." That's great. So you're just telling me you found something, but you don't want to help me fix it? If you're the one who noticed the problem, you probably have an idea in your head of why it should get better. So don't bring me a problem unless you will help me fix it. Because strength in numbers, but also if you're going to be the one to say this is an issue, you should also be the one to say, "Maybe I can fix it." We'd pretty like to end off this episode in the end of Chapter 12. There's something in the back of Chapter 12, and it says a case study in value-adding. So pretty much Jerry Maginnis was meeting with a company who was interviewing multiple audit companies to hire. And Maginnis was being very proactive and asking the CFO a ton of questions about the company's future, some plans, yada, yada, yada. And the CFO responded saying, "Oh, this is up in the air." And this gave Jerry Maginnis a time to shine. He added value to the company, came up with ideas and said, "I can see this area for growth. Here's what I would do." To me, this reminds me of when Norma and I were counselors at a soccer camp for the summer, and the director would always say, "Look around, find the need, fill the need." Don't work on something that's already being worked on and almost done. Find an area of improvement or find something that could just be worked on and work on it more. Find the need, fill the need. Add the value to something, even if you don't think it is needed, even if it's not asking to be filled. Because again, things can always be better.

Norma: [00:18:34] Yes. And the one thing that I really like about this book, especially the two topics in chapters that we cover today, is that, yes, as accountants, this applies to our jobs every day. But I feel like these are also like life lessons too. It can apply to your own personal life. And I really think that Jerry did a great job making this personal and professional.

Becky: [00:18:57] I absolutely agree with that statement. Because I'm reading things and I go, "Wow, this can help in the accounting world, but it can also help me be a better person for myself.

Norma: [00:19:07] Yeah, it looks like you got a schedule when you go to the store. That's what I do because I'm so busy.

Becky: [00:19:12] I typically do that on some days. But today I did it today because I was really busy this weekend. But yeah, don't forget to be great.

Norma: [00:19:19] Yeah. And don't forget to put the CPE in your calendars right now. You have another opportunity. Go do it now. Because you'll thank yourself.

Becky: [00:19:29] And while you're at it, don't forget to like, subscribe, follow us on all of our social media. Give us a five-star review. Tell us if we're being great or not.

Norma: [00:19:40] Specifically, go follow our TikTok, accttwinspod. Because I make so many day-in-the-life videos where you guys get to see my beautiful face for like three minutes straight and see what I do. Yes, it's a lot of studying, but you get to see me study for three minutes straight. So go follow our TikTok too. And you get to see me spill oatmeal on the floor because I did that yesterday for the second time this year.

Becky: [00:20:04] Yeah, just follow us. Tell us how much you love us. Don't forget to be a twinsie. So I guess that's it for this episode of the Accounting Twins Podcast. I hope you twinsies have a great day because I'm going to go study and then reread some of Jerry's book.

Norma: [00:20:21] It's like a self-help book for accounting.

Becky: [00:20:23] Oh my gosh. That is the best way to put this. Oh my gosh.

Norma: [00:20:26] I like it. I like it a lot. It's subtle because I've tried reading self-help books before and I just can't get through it. But this one, I'm like, okay, can I read the next chapter already? Beep, beep.

Becky: [00:20:40] Okay, twinsies. Have a splendid day.

Norma: [00:20:42] We will see you or you will see or hear us on the next time of the Accounting Twins Podcast.

Becky: [00:20:50] Be great.