Tracy Gibson started step-by-step to learn her accounting numbers and now able to guide her company with confidence. By Tracy Gibson #000145

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Accounting

By Tracy Gibson

Hi my name is Tracey Gibson. I’m talking to you again from Honduras – Kalon. We are here to help businesses, to help the school do better businesses. The name of my company is Mustang trucking and I would like to talk a little bit about the system of accounting today and how I learned what I know now. By no means I’m not an accountant, never went to school to be one but in business you have to know your numbers and where they come from, where they go, what they mean and the bottom line. My journey, I started out in business and the trucking company in 1988 and really didn’t know how cool actually what those numbers meant. I knew how to make sure the bills were paid but slowly by slowly, little by little I learned to input through accounting program. I use QuickBooks and has been great and in doing so I would sit down each year with my accountant and say what can I do better. Can you teach me about these numbers, can you explain what they mean, what am I doing wrong, just give me step by step and of course every year I would ask the same questions and thankfully I got a teaching accountant that could actually walk through that and spend time helping me learn those numbers. Little by little every year I see why my accounting bill is actually going down because of the amount of time I would spend doing the corrections. He didn’t have to spend time doing corrections. 19 years later got a really good relationship. I have very little correction needed on my accountant and I know what those numbers mean and why they’re there and how they’re important. I would just encourage you to seek people who can teach you what those numbers mean, the profit and loss is, it’s the golden page to me. It tells me what’s going on in the business. I always like to do comparison years like where were we at last year, how much were we spending on this, ah, how you’re spending on that, what are we doing this year, how does it look in the forecasting, do I need to go stir up more business, do I need to cut more expenses, you know, what’s the  bottom line, again it’s a journey of learning. Let’s just say never give up, just ask lots of questions and be open to learn. Thank you