WEBVTT 1 00:00:00.515 --> 00:00:02.848 My name is Tyler Burns, I'm a CPA. 2 00:00:02.848 --> 00:00:06.349 line:15% I currently work for Steel Dynamics in accounting. 3 00:00:06.349 --> 00:00:08.149 line:15% I'm an accounting supervisor. 4 00:00:08.149 --> 00:00:11.066 line:15% My job entails processing invoices, 5 00:00:12.880 --> 00:00:16.408 line:15% or supervising the process of invoices comin' through. 6 00:00:16.408 --> 00:00:19.749 Month-end responsibilities, journal entries. 7 00:00:19.749 --> 00:00:23.040 We're a public company, so we have reporting requirements, 8 00:00:23.040 --> 00:00:26.978 so quarter-ends, year-ends, et cetera. 9 00:00:26.978 --> 00:00:28.998 line:15% We're a steel company, so we melt scrap 10 00:00:28.998 --> 00:00:30.549 line:15% to make our finished product. 11 00:00:30.549 --> 00:00:33.509 line:15% And we get scrap hauled in by truck and by rail, 12 00:00:33.509 --> 00:00:36.920 line:15% so every load of that has a weight associated with it, 13 00:00:36.920 --> 00:00:40.059 and we pay a price based on the market 14 00:00:40.059 --> 00:00:43.198 of the scrap in that period. 15 00:00:43.198 --> 00:00:46.099 So at month end, there's a reconciliation that needs done 16 00:00:46.099 --> 00:00:50.728 where there will be, it's called accounts payable aging. 17 00:00:50.728 --> 00:00:53.878 It'll be a report that shows all of our outstanding invoices 18 00:00:53.878 --> 00:00:56.859 line:15% that haven't been paid as of the end of the month, 19 00:00:56.859 --> 00:01:00.128 line:15% and that needs to match what your general ledger balance 20 00:01:00.128 --> 00:01:03.876 line:15% of your accounts payable shows, and if there's 21 00:01:03.876 --> 00:01:05.934 discrepancies, you gotta figure out 22 00:01:05.934 --> 00:01:08.349 what they are and reconcile the two. 23 00:01:08.349 --> 00:01:12.294 Great Plains is our software, so all of our invoices 24 00:01:12.294 --> 00:01:15.661 and our cash receipts and everything get posted 25 00:01:15.661 --> 00:01:18.770 into Great Plains, and then we have tools that we've built 26 00:01:18.770 --> 00:01:22.912 line:15% internally that will take data out of those systems 27 00:01:22.912 --> 00:01:24.981 line:15% and we can do reporting and run 28 00:01:24.981 --> 00:01:26.960 line:15% different queries and things like that. 29 00:01:26.960 --> 00:01:29.840 line:15% Filter down on the information that you want for whatever 30 00:01:29.840 --> 00:01:31.821 research you're doing. 31 00:01:31.821 --> 00:01:33.952 The way our reporting works, as of nine o'clock 32 00:01:33.952 --> 00:01:35.740 on the first business day of the month, 33 00:01:35.740 --> 00:01:37.421 that's kinda where we cut things off. 34 00:01:37.421 --> 00:01:40.160 So once nine o'clock hits, we're then looking back 35 00:01:40.160 --> 00:01:42.891 at the month, summarizing everything, 36 00:01:42.891 --> 00:01:46.600 and everything that we do during that first week of the 37 00:01:46.600 --> 00:01:50.150 line:15% month is to come up with a set of financial statements. 38 00:01:50.150 --> 00:01:53.101 line:15% We're a separate division, we operate independently, 39 00:01:53.101 --> 00:01:56.620 line:15% so we have to come up with our own financial statements and 40 00:01:56.620 --> 00:01:58.482 report those up to corporate. 41 00:01:58.482 --> 00:02:00.160 So there's all kinds of deadlines. 42 00:02:00.160 --> 00:02:03.239 Corporate needs our numbers by a certain date, 43 00:02:03.239 --> 00:02:04.909 and we kinda work backwards to figure out, 44 00:02:04.909 --> 00:02:06.800 okay, how do we get that amount of work done 45 00:02:06.800 --> 00:02:09.300 in the four days, or whatever. 46 00:02:11.531 --> 00:02:14.709 So the first week of a month is usually pretty busy. 47 00:02:14.709 --> 00:02:18.158 We're kind of under the gun to get things done 48 00:02:18.158 --> 00:02:20.469 line:15% in a timely manner, making sure everything's accurate, 49 00:02:20.469 --> 00:02:23.178 line:15% reviewing everything once, twice over, 50 00:02:23.178 --> 00:02:24.939 line:15% double checks, that sort of thing. 51 00:02:24.939 --> 00:02:27.800 line:15% And then it'll peak as well, 52 00:02:27.800 --> 00:02:31.383 at a quarter-end or a year-end, typically.