Hey, I’m back online after two months of intense accounting subject at grad school which includes weeknight and weekend classes, assessment and the three (3) hour final exam. It’s tough. I admit that accounting subject isn’t my favourite one. It’s dry, boring, and it can take hours to understand how to solve a problem.
But did you know what I am ashamed of? I’m ashamed that I hate this subject knowing my father is a university professor and he teaches accounting to MBA and Ph.D. students.
Maybe part of why I don’t like this subject is I had a communication issue with my dad and the accounting topic will be a good connection between us. To disconnect with him, I didn’t pay attention to accounting even though I was good in math (?).
Or maybe part of me I just couldn’t care about this subject.
Whatever are my reasons or excuses, I finally get over it!
But let me tell you why I paid attention to accounting.
While I can repeatedly and annoyingly admit that I hate accounting but it communicates the information between the business owners, investors, shareholders, and management of the company’s financial performance. It’s necessary for a startup founder to understand the purpose of accounting, how to evaluate a company on the basis of the business’ income statement, assets, liability and equity and make better financial decisions based on the information.
Accounting can help a business owner in directing, decision making, short to long-term planning and controlling. Without these aspects, it will be chaos for the startup founder to formulate long and short-term plans, implement the plans (directing and motivating), comparing actual to planned performance (controlling) and measuring performance (controlling). I repeatedly used the term “controlling” because accounting is literally the language of business.
How To Pass This Subject?
If you’re a hater of accounting just like me but you can’t avoid it and desperate to pass this subject, here are my realistic tips and advice to MBA students and startup founders.
- Don’t assume you know everything because you don’t: Attend the class regularly. Pay attention when you’re in the class. Remember, this isn’t your strongest subject and thus, the key to passing the accounting subject is to stay focused and don’t get distracted during your studies.
- Preparation is another key: Be prepared for every class because accounting professors can jump from one power point slide to another in a nano sec. Thus, it’s important that you have an understanding of the topic before class.
- Keep your papers and assignments organized: It is easier to do homework or assessment when you organize what you learned from each class. It will be easy to find the reference, understand which formula is relevant to which issue and you will be able to understand how to do a problem-solving cases that requires computation, ratio analysis and conclusions.
- Form a study group: Ask your peers who are good at this subject to help you. For example, one of my classmates, Wei Ting is a chartered accountant. I politely asked her to teach me how to solve an accounting equation. She was kind to help and didn’t hesitate to teach me during the break. It helps a lot [insert: Xie Xie, Wei Ting].
- Work on your assignment ahead of time: Create a schedule on when you will work on your assignment or assessment. I usually start doing my assignment two weeks before the deadline because I need time to do the research, methodology, original writing and proofread it in academic writing format. All of these things take time and it will not happen in 24-hours. In short, don’t procrastinate that you can do your assignment or assessment easily.
- Watch Accounting Videos: Every week I spent 2-hours watching accounting videos on YouTube where I learned how to prepare for financial statements, prepare trial balance and how to get the % of A/R and A/R aging allowance methods. I did extra efforts because my professor, Dr. Bill was too fast in explaining how to solve corporate problems and to be honest, I was lost during class because the accounting terminology can be confusing if you’re not an accountant.
- Practice. Practice. Practice: If you’re freaking out in accounting just like me the solution is not to skip this subject but to face your fears! The secret is to practice solving equations from ratio analysis and corporate financial issues. When you beat the pressure, the exam will be easier for you. The strategy is not to memorize all the formula but to understand the problem and analyze how to solve it in detail and spotting patterns. When you read the exam question, don’t panic. It can be tricky! Highlight or underline the data and analyze the trends followed by translating numbers into actionable insights for the business.
Here’s the YouTube channel I followed while studying this subject:
Fun Accounting Subject Journey Since Jan 2019.
Images are taken from my old phone. Copyrighted of www.kathleengodfroy.com.
Thanks to my professor Dr. Bill and tutor Dr. Chelvi for the refreshing class that I never thought I will be interested to attend. Thanks to my peers and MBA closest friends who made the subject fun to learn. Thanks to my friends who message me on WhatsApp that I can do it! 🙂
Last night I literally hugged my friends Engr. Harry and Engr. Chan because we have been planning for the longest time to travel together after the break. Perhaps after the next module – Finance Strategy. Ha ha! xx
Lastly, thanks to Wei Ting. You’ve been kind to me. xo