problem solving skills accounting

10 Accounting Problem Solving Skills and How To Improve Them

Discover 10 Accounting Problem Solving skills along with some of the best tips to help you improve these abilities.

Accounting is an important skill for anyone who wants to be financially successful. Without a basic understanding of accounting, it can be difficult to make sound financial decisions. However, even if you have a strong understanding of accounting principles, you may still encounter occasional accounting problems.

When these problems arise, it is important to have strong problem solving skills in order to find a resolution. In this guide, we will discuss some tips for solving accounting problems. We will also provide an overview of some common accounting problems so that you can be prepared in the event that one arises.

Financial Statements

Regulatory filings, revenue projections, account reconciliation, general ledger, business knowledge, problem solving.

Financial statements are important because they provide a snapshot of a company’s financial health. They can be used to make decisions about whether or not to invest in a company, and they can also be used to track a company’s performance over time. Financial statements include the balance sheet, income statement, and cash flow statement.

Payroll is an important skill for accountants because it allows them to process and manage employee compensation and benefits. Payroll processing includes calculating gross wages, deductions, and net wages; preparing payroll tax returns; and managing benefits such as health insurance, retirement plans, and paid time off.

Accountants who can effectively manage payroll can help businesses save time and money. They can also help businesses comply with federal and state tax laws and regulations.

Regulatory filings are important because they are required by law. Companies must file certain documents with government agencies in order to operate. These filings include tax returns, annual reports, and shareholder communications. Failure to file these documents can result in penalties or even the closure of a company.

Regulatory filings are important because they provide transparency. By law, companies must file certain documents with government agencies. These filings are public, which means that anyone can access them. This transparency allows investors and other stakeholders to see how a company is operating.

Revenue projections are important for businesses because they help businesses plan for future income. Revenue projections can be used to determine how much money a business will need to operate and grow. Revenue projections can also be used to help businesses raise money from investors.

Revenue projections are important because they help businesses plan for future income. Revenue projections can be used to determine how much money a business will need to operate and grow. Revenue projections can also be used to help businesses raise money from investors.

Account reconciliation is the process of ensuring that all transactions in a company’s books are accurate. This process is important because it helps ensure that the company’s financial statements are accurate and can be relied upon by investors, creditors and other stakeholders.

Account reconciliation involves comparing the company’s books with the records kept by its banks, vendors and other parties with whom it does business. If there are any differences, they need to be investigated and resolved. This process can be time-consuming, but it is important to ensure that the company’s books are accurate.

Compliance is the process of ensuring that you are in compliance with the laws and regulations that apply to your business. It is important for businesses to be compliant because it helps to protect them from penalties and fines. Compliance also helps to build trust with customers and regulators.

To be compliant, businesses need to understand the laws and regulations that apply to them and then take the necessary steps to ensure that they are following the rules. For example, businesses that sell products to consumers need to be aware of the consumer protection laws that apply to them. Businesses that operate in certain industries, such as healthcare, need to be aware of the regulations that apply to them.

General ledger is an important accounting problem solving skill because it is used to track and report financial information for a business. The general ledger is a summary of all of the accounts that make up the financial statements, and it is used to keep track of the money coming in and going out of the business. The general ledger is also used to prepare financial statements, and it is important that the information in the general ledger is accurate and up to date.

Quickbooks is an important skill for anyone in the accounting field. Quickbooks is a software program that helps accountants and business owners keep track of their finances. Quickbooks can help you track invoices, manage payroll, and create financial reports. Quickbooks is a valuable skill because it can save you time and make your job easier.

Business knowledge is important for accounting problem solving because it helps accountants understand the context of the problem they are trying to solve. It also helps them identify the root cause of the problem and develop a solution that will be effective in the real world.

Accounting problem solving often involves looking at a company’s financial statements and trying to identify where the company is spending too much money or where it is making mistakes in its accounting practices. To do this, accountants need to understand the company’s business and the industry in which it operates. They also need to be familiar with the latest accounting standards and best practices.

Problem solving is an important skill for accountants because they often have to solve complex problems. Problem solving requires the ability to identify the problem, gather information, develop a plan and implement the plan. Accountants must be able to think critically and creatively to solve problems.

Problem solving often requires good communication skills. Accountants must be able to explain the problem, gather information and develop a plan with the client. They also need to be able to follow up to make sure the plan is working and to troubleshoot if there are any issues.

How to Improve Your Accounting Problem Solving Skills

1. Understand the basics of accounting If you want to improve your accounting problem solving skills, it is important to have a strong foundation in accounting principles. You should be able to read and understand financial statements, as well as have a working knowledge of payroll, regulatory filings, revenue projections and account reconciliation.

2. Be well-versed in accounting software In order to be an effective problem solver, you need to be well-versed in accounting software. This will allow you to quickly and efficiently find solutions to accounting problems.

3. Stay up-to-date on accounting news and changes It is also important to stay up-to-date on accounting news and changes. This will help you anticipate problems and find solutions more quickly.

4. Be proactive in solving problems When you encounter an accounting problem, it is important to be proactive in solving it. This means taking the time to understand the problem and researching potential solutions.

5. Communicate effectively with your team When you are working on a team, it is important to communicate effectively. This means being clear about what you need from your team members and keeping them updated on your progress.

6. Be organized and efficient When solving accounting problems, it is important to be organized and efficient. This means having a system in place for tracking your progress and keeping your work area tidy.

7. Practice problem solving One of the best ways to improve your accounting problem solving skills is to practice. This can be done by working on practice problems or by taking on small projects in your personal life.

8. Seek out feedback When you are working on solving accounting problems, it is important to seek out feedback. This can be done by asking for feedback from your team members or by seeking out feedback from a mentor.

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Problem Solving in Accounting

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Problem-solving in accounting is a critical skill that can always be improved upon. Master problem-solver and CFO at Musselman & Hall Contractors LLC, Adam Porter, shares his insight and experience with us in the latest episode of CFO Weekly.

What Makes a Great Problem-solver?

If you know, you know, right? Adam instinctively knew he was a problem-solver when he was younger. Something as simple as going from point A to point B became an opportunity to experiment with which route got him to his destination quicker. And his quest for discovery hasn't stopped.

“If we don’t understand the ‘why’ behind the actions we take, how do we know if we’re really doing the right thing,” Porter said.

To solve is to correct or optimize, and none of us can do that if we don’t first recognize an opportunity to get involved. Problem-solving goes hand in hand with the willingness to roll up your sleeves and get stuck in, take an active role in, and see through the potential outcome. Adam empowers each of his team members to become (and grow as) problem-solvers, by recognizing them and their contributions to identifying and solving issues.

Involving people in the problem-solving process and connecting the dots for them, showing them how they make the business a better organism, is how you create more great problem-solvers and amplify your ability to tackle problems as they appear.

Accounting Problem-solving in Action

Problem-solving is a term that gets thrown around in interviews and on resumes quite a bit. When the time comes, real problem-solvers like Adam approach things in a specific way.

System Upgrades

If you’ve navigated a system change and survived to tell the tale, some would say you have superpowers. Upgrading something like an ERP system is a mammoth task, even for a seasoned team of executives. During a project like this, you’re reviewing and possibly amending every single organizational process.

You’re also required to identify how everything you do during this project starts to affect other areas of the business: finance, accounting, HR, IT and so on.

Adam’s own experience with one such project led him through a GL restructure. At the end of a six-month series of efforts, with the support of a Controller whom he had brought it to, Adam succeeded and was able to present information back to the business, which could be used to inform business decisions.

The domino effect: once more information became available, and it was clear how it related to each portion of the business, the people in charge of those respective portions became more engaged and more curious and more willing to work with that information.

Problem-solving is just one of those skills where nobody needs to formally identify the need for it. It’s the problem-solvers who are constantly on the lookout for opportunities to apply themselves.

The result is that everybody benefits.

The Problem-solving Process in Accounting

Adam’s very first step in his problem-solving process is to absorb as much information from as many sources as he can. Whether it’s listening to the news every day or speaking with different people inside the business, there’s this ongoing effort to find out more, learn about topical challenges that others might be facing, and use that to drive questions internally about further opportunities to solve problems.

It doesn’t necessarily need to reach the state of being a ‘problem’ to receive attention for optimization. You just need to listen and pay attention to where things might be slower, costing more than usual or requiring manual input from too many people.

Once you have this information, you can gather the right people into the room to start looking at that information, gathering more of it from different sources.

One of the key components of fully resolving any issue is to understand the full scope and depth of its current and future impact: What happens if you leave it alone, or if it gets worse, or if it’s completely resolved? Who gets more time in a day when you resolve something? Whose budget gets some breathing room? Can you reduce the amount of manual input that everybody’s required to give?

Finding the Right People to Solve the Problem in Your Accounting Department

So, once you know what the problem is, you need to get the right people in to solve it.

How do you know who that is? The team behind your solution is critical. As a CFO, you have the responsibility of setting your team up for success when they’re working on solving problems. All execs have this responsibility.

In any organization, cross-functional training is the quickest way to widen perspectives when approaching any problems. If your execs are regularly making time to get down to the operational level, and understand how and why things work a certain way, it becomes so much easier to strategically recommend a resolution when one is needed.

Problem-solving isn’t a one-way road.

Solve the Problem, Not the Symptom

How do you know when you’re solving the right thing? So many times, we see something blatantly creating a bottleneck in an operation and we’ll head right toward that point to clear the blockage. Is that really solving the problem, though?

Most times, it isn’t. Once you clear the blockage, if you don’t look a little deeper or follow it upstream, it’s probably going to reappear not long after you put in all that effort.

Adam explains that sometimes, you already know what the real root cause is, of one or more bottlenecks in the business. Sometimes it’s trial and error. Always, though, it requires you to dig deeper, uncover more detail, more links and connections to other parts of the business operation or the stakeholder network.

Adam goes on to say that getting to the root of the issue can also be achieved by just getting the right people in the room with you. Musselman & Hall Contractors does a great job of this, getting executives together at least once weekly, to just help others on the team evaluate elements, ask more questions, different questions, and gain a different perspective on things that can be missed during the daily routine.

Dealing with Resistance

Resistance is natural. Inertia affects every company in the world to some degree. When problem-solving, it’s likely that this will occur too.

You need to follow the process and listen as much as you convey messages. Cultivate the mindset within your business that someone else learning about your job is a positive thing. Take the time to explain that it’s because a fresh pair of eyes and a fresh mind might ask a different question that can enable you to work faster, reduce manual input, take on more responsibility, and actually achieve a promotion.

The right mindset about problem-solving enables it to benefit everyone on the team. No matter who is working on which problem or when, another major benefit to your business is to thoroughly document your procedures and changes thereto. It enriches the context of every issue that gets identified and resolved now and in the future, creating even greater efficiency for you as time passes.

Overcoming resistance is made possible by including and involving the right people, and enabling regular two-way communication with them through the problem-solving process.

For more interviews from the CFO Weekly podcast, check us out on Apple or Spotify or your favorite podcast player.

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Accountants as Problem Solvers

August 01, 2020

By: Linda McCann , DBA, CMA, CPA ; David Horn , CPA ; Jennifer Dosch , CMA

Managers often complain that accounting graduates aren’t prepared for today’s business environment. The complexity of our global economy and the increasing influence of, and reliance on, technology leads to practitioners and instructors questioning if undergraduate accounting programs focus on the right curriculum to prepare students for careers.

One soft skill that can help prepare accounting students for their careers is problem solving. Management accountants need to be able to work cross-functionally to solve problems and provide meaningful analyses. Many colleges, universities, and accrediting bodies in academia incorporate strategic goals requiring curriculum that facilitates problem-solving skills.

As instructors, we teach technical accounting skills by demonstrating and providing practice with accounting concepts and structured problems, which we assess via homework and exams. Teaching soft skills, such as unstructured problem solving, poses greater challenges that are more difficult to incorporate into the curriculum. How can students learn and approach unstructured problem solving?

A SLOW-THINKING APPROACH

Recent scientific discoveries into the brain reveal that humans employ fast and slow thinking to solve problems. The brain especially prefers making decisions and solving problems quickly based on recognized patterns, visual and verbal cues, prior knowledge, routines, familiar preferences, prejudices, and emotions.

In contrast, decision making and problem solving often require slow thinking to digest new information, hypothesize alternatives, employ quantitative mathematical and statistical analysis, overtly recognize and break free from cognitive biases, challenge preconceived notions, synthesize ideas, and create new knowledge. To support this kind of slow, rational thinking, accountants can learn a methodical process for problem solving (see Table 1).

Many common business models—such as Six Sigma, A3 Lean, and Appreciative Inquiry—and the Association of American Colleges and Universities value problem solving, and critical-thinking grading rubrics describe specific steps for rational (i.e., slow thinking) problem solving. Business students, however, learn and apply these models in various courses, typically with no thread that ties them specifically to the accounting profession. Students learn bits and pieces of rational thinking throughout their undergraduate coursework, but instructors often don’t teach a common framework to apply these skills in a relevant and value-added way (see “Survey of Practitioners”).

To help address this issue, we developed a problem-solving rubric for accounting students (see Table 2). The three of us are faculty members from Metropolitan State University in Minneapolis/St. Paul, Minn., and represent three different parts of the curriculum (auditing, business taxation, and management accounting), so it was important that it could be used across the entire accounting program.

The rubric assesses learning in an organized way, providing a common framework (criteria) for students to consistently approach problem solving. The criteria include problem identification, analysis, and communication of results. It guides students through a series of problem-solving steps using terms and vocabulary specific to the accounting profession. The rubric also reminds us, as instructors, to create a learning environment where problem solving can occur (see “Setting the Tone”).

STEP 1: PROBLEM IDENTIFICATION

The iterative and looping nature of problem solving confounds inexperienced accountants. Where does one begin? Students tell us using a rubric provides a starting point.

To implement the rubric, we assign students projects with unclear goals, incomplete information, and more than one possible solution. Assignment topics vary. It could have students develop a cost-benefit analysis between adding employees or adopting Lean manufacturing techniques, analyze tax outcomes of business decisions, create a risk assessment and audit response for a fictitious client, or some other accounting-related issue.

Students begin by developing one or several hypotheses as to the nature of the problem. To generate ideas, we assist students in their brainstorming discussions. The rubric leads students to consider the environment, strategy, unexpected observations, overall importance, and risk assessment. At this stage, the identified problem may change, but the original hypothesized problem gives direction for next steps. Upon completing the assignment, we assess students on how they identified the problem.

Metropolitan State University’s business taxation course used the rubric in a case study that involves assessing the implication of the Wayfair v. South Dakota U.S. Supreme Court decision on a company’s sales tax collection. Prior to Wayfair , companies operated under a physical presence nexus established in Quill v. North Dakota . The Quill decision required companies to have a physical presence in a taxing jurisdiction in order to require collection and remittance of sales taxes on transactions.

In Wayfair , the U.S. Supreme Court overturned Quill in favor of an economic nexus standard, where companies only needed to have a certain level of economic activity. For example, in South Dakota, the threshold economic activity is 200 transactions or $100,000 in sales. The change from Quill to Wayfair was a major development in how companies operate and collect sales tax. It required companies to assess all jurisdictions in which they operate and evaluate how the change in the nexus standards impact its operations.

To apply this rubric to the change, students learn about a fictitious company that sells inventory to multiple states and collects and remits sales tax under the Quill physical presence nexus standard. We give students a subledger with all sales data for the given year. The rubric leads students to ask about implications of the Wayfair decision on the company, how the ruling impacts the company’s strategic objectives, and risks to the company because of the change in the law. Using the rubric, students are guided to discover the issue at hand, which is whether the company will have a significant number of new sales tax jurisdictions requiring collections and remittance from its customers.

Students tell us that without the rubric, they often feel like they have no road map at the beginning of a project or case study; identifying the problem seems too big and undefined to tackle. Many students initially resist engaging with unstructured problem-solving assignments because they differ from past assignments. Similar to what one might find in cross-functional teams opposed to change, students show their displeasure with crossed arms and distant body language.

Many college courses still rely on testing facts and use formulas and calculations, an approach that doesn’t put the student in the decision-making role but is familiar to them. With a rubric, students see smaller doable steps, where the assignment is heading, and how they can move forward and loop backward, when necessary. The rubric breaks down the initial intimidation students feel with unstructured problems.

STEP 2: ANALYSIS

Next, the rubric guides students through analyzing the problem using accounting-specific skills they’ve acquired in each course. For example, students consider tax laws, financial reporting and audit principles, or cost accounting techniques.

Continuing the sales and use tax example, at this stage, students apply the rubric to perform a complete analysis, enabling them to form a conclusion to communicate. What are the relevant facts to determine Wayfair ’s impact? What facts are irrelevant? What primary and secondary tax authority is needed to conduct research? Are there alternatives and exceptions to applying Wayfair ? Have all states adopted an economic nexus standard? Have all states adopted South Dakota’s transactional thresholds? What’s the quantitative impact to the company? Are there financial accounting implications to the Wayfair decision? What’s the scope of the necessary research, and are there limitations, constraints, and so on? Through the rubric, students formulate and answer questions and perform analysis to solve the problem at hand.

We assess students on their ability to gather and identify relevant facts, research any applicable rules and laws, assess alternatives, and perform any needed qualitative and quantitative analyses. At this stage, students apply theories and best practices learned in specific course fields, such as management accounting, taxation, and auditing.

To encourage elaboration, the rubric uses words such as curious, skeptical, model, assumption, authoritative, best practices, relevant, and sufficient sources. Like many accountants, students want to get their work done quickly, but problem solving takes time and slow thinking. Thanks to the rubric, more students turned in papers with greater depth, less “cut and paste,” and more relevant supporting details.

As in the real world, students often discover their original hypothesis or identified problem is incorrect, incomplete, or irrelevant. They confront the iterative nature of problem solving as they work through the analysis stage and build evidence to support their hypothesis. When evidence doesn’t support an identified problem, students go back and redefine their problem, gather new evidence, explore new alternative solutions, and build a case for their conclusion.

STEP 3: COMMUNICATION

Finally, students present their results in a memorandum to a hypothetical manager or audit partner. The memorandum mirrors common styles, such as IFRAC (issues, facts, rules, analysis, and conclusion) and BLUF (bottom line up front). Students state the problem and include the conclusion (i.e., solution) up front along with a summary of relevant facts and assumptions. Supporting documentation presents additional in-depth analysis.

This format familiarizes students with a presentation style that allows management to quickly understand conclusions while also providing more depth to support the up-front conclusion. We expect students to write and present findings in a clear and concise manner as if in a professional accounting setting. The rubric grading criteria helps students solve problems using rational thinking and delivering a memorandum that directly supports management decision making.

In the Wayfair case study, students draft a memorandum to management addressing the implications of the sales tax nexus precedence change. The facts section should discuss the company’s current sales and use tax policies. Students identify the issue as the change from physical presence nexus to economic nexus. The up-front conclusion should identify new jurisdictions from which the company needs to register and collect sales tax and quantify the volume of sales tax it expects to collect. Finally, the analysis provides an in-depth discussion of the change from Quill to Wayfair . Students should discuss how they determined new jurisdictions, limitations, and further required resources for the company.

PREPARING STUDENTS FOR THEIR CAREERS

We use the rubric format for projects or cases at different stages throughout the accounting curriculum. The problem-solving rubric measures student learning and reinforces rational thinking with each assignment. The projects that use the rubric vary in length, depth, and complexity as students move from management accounting to tax and then finally to audit. We find the rubric flexible enough to adapt to an instructor’s needs, yet it provides consistent core steps—identify the problem, analyze, and communicate—to solve problems.

The rubric helps students organize their communication through the memorandum. Setting up a memorandum so the problem and solution appear “up front” highlights mismatches between the problem, evidence, and conclusion. Further, it encourages students to decide—rather than ramble and include information that isn’t relevant. We find students often get to the communication stage and realize that their analysis doesn’t support their conclusion or identified problem. Fortunately, the rubric allows them to loop back and redefine and reanalyze.

By using the same grading criteria in multiple courses, we provide students with a familiar approach to problem solving that turns fast thinking to slow, rational thinking. The process and steps become routine and less daunting for the student. While each step still requires arduous thinking, the approach itself is a recognized pattern for students.

From our point of view as accounting instructors, the rubric helps provide consistent and fair grading. We provide separate points for milestones in problem identification, analysis, and communication, which further encourages students to go through each step of the process. Metropolitan State University plans to expand the use of this rubric in the accounting curriculum. This common framework provides students with a process to identify problems, research and investigate facts, conduct analyses, and communicate results across all accounting disciplines.

This process reinforces the problem-solving skills that students will need in their professional careers. These capabilities will help them perform their roles in today’s strategic, fast-paced business environment. Solving problems is critical for today’s management accountant. Through implementing the rubric, instructors can help students systematically apply a problem-solving process that they can take with them as they move from student to management accountant.

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August 2020

• Strategy, Planning & Performance
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• The joys of problem solving
• Student e-magazine

Many accountants enjoy problem solving more than number crunching. So what typical problems can you look forward to cracking at work? Iwona Tokc-Wilde reports

Problem solving is something that accountants and finance professionals deal with virtually every working day. In fact, a recent survey by Robert Half shows it is this part of working in the profession that they like best: 41% of accountants say solving problems gives them the most job satisfaction, compared to just 22% who prefer working with numbers.

‘Accountants are usually excellent at dealing with detail and spotting patterns, which makes them good at – and enjoy – problem solving,’ comments Andi Lonnen, founder and director of Finance Training Academy.

If you are at the beginning of your journey into the profession and enjoy tackling problems, you have a head start. Problem solving is also a skill that is one of the 10 most sought-after trainee skills globally (see 'Related links').

Why problem-solving skills are so important

‘The role of accountancy and finance has shifted from a pure focus on fiscal control to one where it has an impact on the business,’ says Phil Sheridan, managing director at Robert Half.

‘The requirement for problem-solving skills is part of this transition as, by mining data and analysing trends, accountants are now translating numbers into actionable insights for the business and are increasingly being seen as strategic partners.’ By putting their data skills and their problem-solving skills to work together, they also help uncover potential areas for concern.

It is vital for accountants in practice to correctly identify, analyse and solve problems too.

‘As trusted advisers, it’s our role to look at everything in detail to pick-up anomalies, patterns and correlations in order to advise our clients on how to take things forward,’ says Shahzad Nawaz of AA Accountants. If they fail to pick up and analyse problems correctly, the accounts could be wrong.

‘This means the business owner would be relying on incorrect data, which could have a detrimental effect on the future of the business. And, of course, if external stakeholders are relying on the data, then we could potentially be misleading them too.’

Incorrect accounts could also have other serious knock-on effects.

‘If the accounting figures are incorrect, then the tax payments relating to the company will be incorrect too. Later on, the client could find themselves with additional tax to pay – with interest,’ says Tanya Addy of BHP Chartered Accountants. 

‘Inaccurate accounting can also land businesses in serious commercial difficulties especially if, as a result, directors/owners have been taking more salary or dividends from the business than they were entitled to. In the worst case scenario, it could even lead to closure of the business.’

Problem solving at work

There are many areas where trainee and new accountants can practise solving problems, depending on the job you are doing.

‘If it’s accountancy, you’ll be looking at helping a business with cash flow, debtors and improving their record-keeping,’ says Nawaz.

At the nitty-gritty level, you will be reconciling control accounts, trying to understand why an account might not be balancing and investigating and clearing old items on reconciliations.

‘The work to balance an account involves finding out what the problem is and then resolving it, for example identifying and correcting transposition errors,’ says Lodden.

If you work in tax, you’ll be involved in advising a client on how much tax they will need to pay (and how much tax they can save) in a particular year.

‘This will require a review of the information provided by the client, such as bank statements and expenses, analysing which expenses incurred are allowable and disallowable for taxation, quantifying the results and communicating them to the client and to tax authorities,’ explains Carolyn Napier, senior ACCA tutor at London School of Business and Finance. 

You will also be dealing with tax implications, and tax cost for both employer and employee, of providing benefits.

‘You will need to ascertain which benefits are taxable and which are tax-free, and then you’ll need to "solve the problem" of which tax or taxes are due and payable, and by what date,’ says Napier.

In industry, you may be given the opportunity to help analyse projects, and communicate your findings to various parts of the business.

‘This is where new and trainee accountants will need to be prepared to utilise their problem-solving skills – noting anomalies and seeking clarification on areas of uncertainly will ensure that a clearer picture can be obtained,’ says Sheridan.

Deborah Adigun-Hameed is an accountant and junior financial analyst at BlueBay Asset Management. By utilising her problem-solving aptitude and skills, she has been involved in major decisions that shape the company she works for.

‘I’ve contributed to key strategic discussions about which market and products are profitable, what we should be selling and how we compare with our competitors,’ says Adigun-Hameed.

‘I may be newly qualified, but my informed opinions and advice are really valued by the management.’

Both in practice and in industry, accountants are also increasingly called upon to help solve technology problems – for example, when a business intends to implement new business software solutions. They help with the evaluation and selection of a solution, and with planning and execution of the implementation process. They also assist in testing the new system and facilitate going live when the system is ready.

Hone your problem-solving skills

Problem solving is about using logic and your technical expertise to assess a situation and to come up with a workable solution. It is connected to other skills such as level-headedness and resilience, analytical skills and good teamworking skills.

It also requires creativity, which is best learnt through collaboration – brainstorming with others to clarify the problem, generate ideas and create as many potential solutions as possible. When putting forward ideas, be confident in your contributions.

‘Everyone, including those newly-qualified, has something to offer,’ says Adigun-Hameed.  ‘Always think outside of the box, as cliché as that may sound. No new idea is insignificant. Innovation can be incremental; change can be small or radical.’

Improving your listening and communication skills will also make you a better problem solver.

‘Learning to communicate well is vital as you need to build rapport with clients. If you have a good rapport with someone, you are confident to ask questions, which is how you can pin down problems and find answers to those problems,’ says Nawaz.

Above all else, getting practical on-the-job experience is how you can get really good at problem solving.

‘The first control account a trainee tends to tackle and perfect is the bank control account; every trainee accountant has had to look for that 1p difference – as painful as that sounds, it certainly helps you learn,’ says Lauren Burt, client manager at EST Accountants and Tax Advisers.

"Everyone, including those newly-qualified, has something to offer. Always think outside of the box, as cliché as that may sound. No new idea is insignificant. Innovation can be incremental; change can be small or radical" Deborah Adigun-Hameed - BlueBay Asset Management

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Problem Solving Skills For Accountants

Problem solving skills for accountants are so valuable because businesses are full of problems that need solving – and almost all business problems have some kind of financial impact.

Therefore accountants with problem solving skills are highly valuable.

As a technically proficient accountant you understand many technical solutions to finance problems and issues.

You know what complies with the rules, what is possible and what is not.

However there comes a time when you are faced with problems that are difficult, eiether because they aren’t well-formed, are ambiguous or complex.

Complex problems

These are problems where there is no right answer and the issues span multiple disciplines and departments.

Developing problem-solving skills will set you apart from your colleagues, as you will be able to help solve these complex problems.

For instance, you will be a vital resource for developing the finance function.

You’ll also become a valued partner to other non-financial managers.

You will be able to propose solutions that work for you and them.

You can also ensure that they work within the financial constraints that you understand well.

Understanding business problems

The first step is to understand the problem thoroughly. To examine it from every relevant angle and understand it in context.

This means understanding the business, what is important and what would be right for the business – not just finance.

Lateral thinking for problem solving

Solving a business problem often requires lateral thinking – coming at things from a new perspective.

With your financial and analytical mind you can bring a valuable perspective that your colleagues may lack.

If you are able to develop lateral thinking skills you can make a significant contribution to the debate. Particularly when you use these alongside and combined with your technical and analytical approach.

Creative ideas

Accountants aren’t always noted for their creative thinking. Therefore being able to suspend judgement and think creatively and imaginatively can give you an edge over others. Because this enables you to bring something unique and different to the discussion.

Learning to think creatively can be liberating and fun. But it can also produce some new insights and innovations.

These can make everyone’s lives more productive and set you apart from your colleagues.

Proposing solutions

Having great ideas is one thing, but arguing the case for them and presenting your proposed solutions to your colleagues and decision-makers is another.

Being able to see – and sell – the benefits of a solution requires an insight into the business, your colleagues and the office politics that inevitably exist.

Why are problem solving skills for accountants so important?

Most business problems have a financial dimension and as accountant you have unrivalled expertise.

An accountant who can proactively solve business problems will be a highly valuable asset for any business..

Being a creative problem-solver may not be your natural strength, but these skills can be learnt and developed.

You have a huge opportunity to become a highly valued member of the team if you can develop your problem solving skills.

How are you developing your problem solving skills?

Do you have sufficient understanding of the business to propose solutions that will be accepted, how adept are you at persuading others of the merits of your solution, which of the  other key soft skills for accountants  do you need to develop, discover the seven essential soft skills for accountants download the report now.

There are some key soft skills to focus on as your finance career progresses.

Find out which they are by downloading the free report.

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Interview Questions

Comprehensive Interview Guide: 60+ Professions Explored in Detail

26 Good Examples of Problem Solving (Interview Answers)

By Biron Clark

Published: November 15, 2023

Employers like to hire people who can solve problems and work well under pressure. A job rarely goes 100% according to plan, so hiring managers will be more likely to hire you if you seem like you can handle unexpected challenges while staying calm and logical in your approach.

But how do they measure this?

They’re going to ask you interview questions about these problem solving skills, and they might also look for examples of problem solving on your resume and cover letter. So coming up, I’m going to share a list of examples of problem solving, whether you’re an experienced job seeker or recent graduate.

Then I’ll share sample interview answers to, “Give an example of a time you used logic to solve a problem?”

Problem-Solving Defined

It is the ability to identify the problem, prioritize based on gravity and urgency, analyze the root cause, gather relevant information, develop and evaluate viable solutions, decide on the most effective and logical solution, and plan and execute implementation. 

Problem-solving also involves critical thinking, communication, listening, creativity, research, data gathering, risk assessment, continuous learning, decision-making, and other soft and technical skills.

Solving problems not only prevent losses or damages but also boosts self-confidence and reputation when you successfully execute it. The spotlight shines on you when people see you handle issues with ease and savvy despite the challenges. Your ability and potential to be a future leader that can take on more significant roles and tackle bigger setbacks shine through. Problem-solving is a skill you can master by learning from others and acquiring wisdom from their and your own experiences. 

It takes a village to come up with solutions, but a good problem solver can steer the team towards the best choice and implement it to achieve the desired result.

Watch: 26 Good Examples of Problem Solving

Examples of problem solving scenarios in the workplace.

• Correcting a mistake at work, whether it was made by you or someone else
• Overcoming a delay at work through problem solving and communication
• Resolving an issue with a difficult or upset customer
• Overcoming issues related to a limited budget, and still delivering good work through the use of creative problem solving
• Overcoming a scheduling/staffing shortage in the department to still deliver excellent work
• Troubleshooting and resolving technical issues
• Handling and resolving a conflict with a coworker
• Solving any problems related to money, customer billing, accounting and bookkeeping, etc.
• Taking initiative when another team member overlooked or missed something important
• Taking initiative to meet with your superior to discuss a problem before it became potentially worse
• Solving a safety issue at work or reporting the issue to those who could solve it
• Using problem solving abilities to reduce/eliminate a company expense
• Finding a way to make the company more profitable through new service or product offerings, new pricing ideas, promotion and sale ideas, etc.
• Changing how a process, team, or task is organized to make it more efficient
• Using creative thinking to come up with a solution that the company hasn’t used before
• Performing research to collect data and information to find a new solution to a problem
• Boosting a company or team’s performance by improving some aspect of communication among employees
• Finding a new piece of data that can guide a company’s decisions or strategy better in a certain area

Problem Solving Examples for Recent Grads/Entry Level Job Seekers

• Coordinating work between team members in a class project
• Reassigning a missing team member’s work to other group members in a class project
• Adjusting your workflow on a project to accommodate a tight deadline
• Speaking to your professor to get help when you were struggling or unsure about a project
• Asking classmates, peers, or professors for help in an area of struggle
• Talking to your academic advisor to brainstorm solutions to a problem you were facing
• Researching solutions to an academic problem online, via Google or other methods
• Using problem solving and creative thinking to obtain an internship or other work opportunity during school after struggling at first

You can share all of the examples above when you’re asked questions about problem solving in your interview. As you can see, even if you have no professional work experience, it’s possible to think back to problems and unexpected challenges that you faced in your studies and discuss how you solved them.

Interview Answers to “Give an Example of an Occasion When You Used Logic to Solve a Problem”

Now, let’s look at some sample interview answers to, “Give me an example of a time you used logic to solve a problem,” since you’re likely to hear this interview question in all sorts of industries.

Example Answer 1:

At my current job, I recently solved a problem where a client was upset about our software pricing. They had misunderstood the sales representative who explained pricing originally, and when their package renewed for its second month, they called to complain about the invoice. I apologized for the confusion and then spoke to our billing team to see what type of solution we could come up with. We decided that the best course of action was to offer a long-term pricing package that would provide a discount. This not only solved the problem but got the customer to agree to a longer-term contract, which means we’ll keep their business for at least one year now, and they’re happy with the pricing. I feel I got the best possible outcome and the way I chose to solve the problem was effective.

Example Answer 2:

In my last job, I had to do quite a bit of problem solving related to our shift scheduling. We had four people quit within a week and the department was severely understaffed. I coordinated a ramp-up of our hiring efforts, I got approval from the department head to offer bonuses for overtime work, and then I found eight employees who were willing to do overtime this month. I think the key problem solving skills here were taking initiative, communicating clearly, and reacting quickly to solve this problem before it became an even bigger issue.

Example Answer 3:

In my current marketing role, my manager asked me to come up with a solution to our declining social media engagement. I assessed our current strategy and recent results, analyzed what some of our top competitors were doing, and then came up with an exact blueprint we could follow this year to emulate our best competitors but also stand out and develop a unique voice as a brand. I feel this is a good example of using logic to solve a problem because it was based on analysis and observation of competitors, rather than guessing or quickly reacting to the situation without reliable data. I always use logic and data to solve problems when possible. The project turned out to be a success and we increased our social media engagement by an average of 82% by the end of the year.

Answering Questions About Problem Solving with the STAR Method

When you answer interview questions about problem solving scenarios, or if you decide to demonstrate your problem solving skills in a cover letter (which is a good idea any time the job description mention problem solving as a necessary skill), I recommend using the STAR method to tell your story.

STAR stands for:

It’s a simple way of walking the listener or reader through the story in a way that will make sense to them. So before jumping in and talking about the problem that needed solving, make sure to describe the general situation. What job/company were you working at? When was this? Then, you can describe the task at hand and the problem that needed solving. After this, describe the course of action you chose and why. Ideally, show that you evaluated all the information you could given the time you had, and made a decision based on logic and fact.

Finally, describe a positive result you got.

Whether you’re answering interview questions about problem solving or writing a cover letter, you should only choose examples where you got a positive result and successfully solved the issue.

Example answer:

Situation : We had an irate client who was a social media influencer and had impossible delivery time demands we could not meet. She spoke negatively about us in her vlog and asked her followers to boycott our products. (Task : To develop an official statement to explain our company’s side, clarify the issue, and prevent it from getting out of hand). Action : I drafted a statement that balanced empathy, understanding, and utmost customer service with facts, logic, and fairness. It was direct, simple, succinct, and phrased to highlight our brand values while addressing the issue in a logical yet sensitive way.   We also tapped our influencer partners to subtly and indirectly share their positive experiences with our brand so we could counter the negative content being shared online.  Result : We got the results we worked for through proper communication and a positive and strategic campaign. The irate client agreed to have a dialogue with us. She apologized to us, and we reaffirmed our commitment to delivering quality service to all. We assured her that she can reach out to us anytime regarding her purchases and that we’d gladly accommodate her requests whenever possible. She also retracted her negative statements in her vlog and urged her followers to keep supporting our brand.

What Are Good Outcomes of Problem Solving?

Whenever you answer interview questions about problem solving or share examples of problem solving in a cover letter, you want to be sure you’re sharing a positive outcome.

Below are good outcomes of problem solving:

• Saving the company time or money
• Making the company money
• Pleasing/keeping a customer
• Obtaining new customers
• Solving a safety issue
• Solving a staffing/scheduling issue
• Solving a logistical issue
• Solving a company hiring issue
• Solving a technical/software issue
• Making a process more efficient and faster for the company
• Creating a new business process to make the company more profitable
• Improving the company’s brand/image/reputation
• Getting the company positive reviews from customers/clients

Every employer wants to make more money, save money, and save time. If you can assess your problem solving experience and think about how you’ve helped past employers in those three areas, then that’s a great start. That’s where I recommend you begin looking for stories of times you had to solve problems.

Tips to Improve Your Problem Solving Skills

Throughout your career, you’re going to get hired for better jobs and earn more money if you can show employers that you’re a problem solver. So to improve your problem solving skills, I recommend always analyzing a problem and situation before acting. When discussing problem solving with employers, you never want to sound like you rush or make impulsive decisions. They want to see fact-based or data-based decisions when you solve problems.

Next, to get better at solving problems, analyze the outcomes of past solutions you came up with. You can recognize what works and what doesn’t. Think about how you can get better at researching and analyzing a situation, but also how you can get better at communicating, deciding the right people in the organization to talk to and “pull in” to help you if needed, etc.

Finally, practice staying calm even in stressful situations. Take a few minutes to walk outside if needed. Step away from your phone and computer to clear your head. A work problem is rarely so urgent that you cannot take five minutes to think (with the possible exception of safety problems), and you’ll get better outcomes if you solve problems by acting logically instead of rushing to react in a panic.

You can use all of the ideas above to describe your problem solving skills when asked interview questions about the topic. If you say that you do the things above, employers will be impressed when they assess your problem solving ability.

If you practice the tips above, you’ll be ready to share detailed, impressive stories and problem solving examples that will make hiring managers want to offer you the job. Every employer appreciates a problem solver, whether solving problems is a requirement listed on the job description or not. And you never know which hiring manager or interviewer will ask you about a time you solved a problem, so you should always be ready to discuss this when applying for a job.

Related interview questions & answers:

• How do you handle stress?
• How do you handle conflict?
• Tell me about a time when you failed

About the Author

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30 Accounting Coordinator Interview Questions and Answers

Common Accounting Coordinator interview questions, how to answer them, and example answers from a certified career coach.

In the world of finance, precision and attention to detail are essential. As an accounting coordinator, you have honed your skills in managing financial records, ensuring accuracy, and maintaining compliance with relevant regulations. Now that you’re preparing for an interview in this field, it’s important to present yourself as a reliable candidate who can handle the responsibilities that come with this role.

To help you make a strong impression on your potential employer and demonstrate your expertise in accounting coordination, we’ve put together a list of common interview questions along with advice on how to answer them effectively and confidently.

1. Can you describe your experience with accounts payable and accounts receivable processes?

Employers are seeking to gauge your understanding and familiarity with essential accounting tasks. As an accounting coordinator, you’ll be responsible for managing both accounts payable (money owed by the company) and accounts receivable (money owed to the company). Demonstrating your experience in handling these processes is vital, as it shows that you’re capable of efficiently managing the company’s financial transactions and maintaining accurate records.

Example: “Certainly, in my previous role as an accounting assistant, I gained extensive experience with both accounts payable and accounts receivable processes. For accounts payable, I was responsible for processing invoices, verifying their accuracy against purchase orders, and ensuring timely payments to vendors. This involved maintaining accurate records, reconciling vendor statements, and resolving any discrepancies that arose.

On the accounts receivable side, I managed invoicing clients, posting payments, and monitoring outstanding balances. I also collaborated closely with our sales team to ensure proper documentation of transactions and worked on streamlining the collections process by implementing a more efficient follow-up system. My experience in handling both aspects of accounting has provided me with a comprehensive understanding of cash flow management and its impact on overall business operations.”

2. What accounting software are you familiar with, and how proficient are you in using them?

Your interviewer wants to ensure you have the necessary technical skills to complete your tasks efficiently and accurately. As an accounting coordinator, you’ll likely be working with various accounting software, and your ability to navigate these programs is critical to your success in the role. Demonstrating your proficiency in using popular accounting software can make you a more attractive candidate and show that you can hit the ground running.

Example: “Throughout my career as an accounting coordinator, I have gained experience with several widely-used accounting software programs. I am highly proficient in QuickBooks and Microsoft Dynamics GP, having used both extensively for managing financial transactions, generating reports, and streamlining the overall accounting process.

I also have a working knowledge of SAP and Oracle Financials, which I’ve utilized in previous roles to support specific project requirements. My adaptability and eagerness to learn new tools allow me to quickly become proficient in any software that may be required by the organization. This proficiency enables me to efficiently manage tasks while maintaining accuracy and ensuring compliance with relevant regulations.”

3. How do you ensure accuracy when entering financial data into the system?

Accuracy in financial data entry is critical in the world of accounting. Interviewers want to know that you have a system in place to minimize errors and maintain the integrity of financial records. Demonstrating your attention to detail and ability to follow established procedures will reassure them that you take this responsibility seriously and have the skills necessary to excel in the role.

Example: “Accuracy is paramount in accounting, as even minor errors can have significant consequences. To ensure accuracy when entering financial data into the system, I follow a two-step approach: organization and verification.

Organization involves maintaining a systematic process for handling documents and data entry. This includes properly labeling files, keeping track of pending entries, and ensuring that all relevant information is readily available before starting the data entry process. This helps me avoid confusion and reduces the likelihood of making mistakes.

Verification is the second step, where I double-check my work to catch any potential errors. After entering the data, I cross-reference it with the original source documents to confirm its correctness. Additionally, I use built-in validation tools within the accounting software to identify any discrepancies or inconsistencies. If necessary, I also collaborate with colleagues to review complex transactions, which provides an extra layer of scrutiny and ensures the highest level of accuracy in our financial records.”

4. Describe a time when you had to reconcile a discrepancy in an account. What steps did you take to resolve it?

The ultimate goal of an accounting coordinator is to ensure accuracy and compliance in financial records. Discrepancies can lead to significant problems, from incorrect financial statements to potential legal issues. Interviewers ask this question to assess your attention to detail, problem-solving skills, and ability to follow accounting best practices. They want to know how you handle these situations and if you can efficiently identify and resolve discrepancies to maintain accurate financial records.

Example: “I recall an instance where I discovered a significant discrepancy in one of our client’s accounts during the monthly reconciliation process. The first step I took was to thoroughly review the account transactions and compare them with the supporting documents, such as invoices, receipts, and bank statements, to identify any errors or missing entries.

Upon identifying the source of the discrepancy, which turned out to be a duplicate entry for a large payment, I corrected the error in the accounting system and re-ran the reconciliation report to ensure that the issue had been resolved. To prevent similar issues from occurring in the future, I shared my findings with the team and emphasized the importance of double-checking data entries before finalizing transactions. This experience reinforced the value of meticulous attention to detail and effective communication within the team to maintain accurate financial records.”

5. Explain the process of bank reconciliation and its importance.

Bank reconciliation is a crucial element of financial management, and interviewers want to know that you understand this process and its significance. As an accounting coordinator, you’ll be responsible for ensuring the accuracy and integrity of financial records by comparing your company’s internal records to bank statements. This process helps identify discrepancies, detect fraud, and maintain overall financial health. Your ability to explain bank reconciliation and its importance demonstrates your knowledge of accounting principles and your attention to detail.

Example: “Bank reconciliation is the process of comparing an organization’s financial records, such as its general ledger or cash book, with the bank statement provided by the financial institution. This comparison helps identify any discrepancies between the two sets of records and ensures that all transactions are accurately recorded.

The importance of bank reconciliation lies in maintaining accurate financial records and detecting potential errors or fraud. Regularly reconciling the accounts allows for timely identification of discrepancies, such as missing deposits, unauthorized withdrawals, or incorrect charges. It also helps to ensure that the organization’s cash flow is properly managed, which is essential for making informed financial decisions and meeting reporting requirements. In summary, bank reconciliation plays a vital role in maintaining the accuracy and integrity of an organization’s financial information.”

6. Have you ever been responsible for preparing financial statements? If so, which ones and how often?

As an accounting coordinator, one of your key responsibilities is to ensure the accuracy and reliability of financial statements. These documents are critical for assessing the company’s financial health and making informed decisions. By asking this question, interviewers want to gauge your experience and expertise in preparing various financial statements, such as income statements, balance sheets, and cash flow statements, as well as your ability to meet deadlines and handle the pressure that comes with this responsibility.

Example: “Yes, in my previous role as an accounting coordinator at a mid-sized company, I was responsible for preparing financial statements on a monthly basis. My primary responsibility involved generating the income statement, balance sheet, and cash flow statement. These reports were essential for providing management with insights into the company’s financial performance and ensuring that all stakeholders had accurate information to make informed decisions.

To prepare these statements, I collaborated closely with other members of the finance team to gather and verify data from various sources, such as accounts payable, accounts receivable, and payroll. Additionally, I ensured that all transactions were accurately recorded and reconciled according to GAAP standards. This process allowed me to maintain accuracy and consistency across all financial statements while meeting strict deadlines each month.”

7. What is your understanding of Generally Accepted Accounting Principles (GAAP)?

Hiring managers ask this question to gauge your foundational knowledge of accounting principles and ensure you have the necessary expertise to perform your job accurately and effectively. GAAP is a critical aspect of financial reporting and a standard set of rules that every accountant must adhere to. Demonstrating your understanding of GAAP is essential for ensuring that you can maintain financial integrity and comply with regulations in your work.

Example: “Generally Accepted Accounting Principles (GAAP) are a set of standardized accounting rules and guidelines that companies must follow when preparing their financial statements. These principles ensure consistency, transparency, and comparability across different organizations’ financial reports. GAAP is essential for investors, creditors, and other stakeholders to make informed decisions based on accurate and reliable financial information.

Some key components of GAAP include the accrual basis of accounting, revenue recognition, matching principle, and materiality. The Financial Accounting Standards Board (FASB) oversees the development and updates of these principles in the United States. As an accounting coordinator, it’s vital to have a strong understanding of GAAP to maintain compliance with regulations and provide accurate financial data to support decision-making within the organization.”

8. Are you familiar with any tax regulations that may impact the company’s finances?

Understanding tax regulations is essential for any accounting professional, as it directly influences the company’s financial health and compliance. Interviewers ask this question to gauge your knowledge of applicable tax laws and to assess your ability to navigate the ever-changing landscape of regulations, ensuring accurate financial reporting and minimizing any potential legal issues.

Example: “Yes, as an accounting coordinator with experience in various industries, I have gained familiarity with tax regulations that can impact a company’s finances. For instance, I am well-versed in corporate income tax laws and sales tax regulations, which are essential for accurate financial reporting and ensuring compliance.

Moreover, I stay updated on any changes to tax legislation by attending seminars, participating in professional development courses, and subscribing to industry newsletters. This proactive approach allows me to adapt quickly to new regulations and implement necessary adjustments within the company’s accounting processes. Consequently, my knowledge of tax regulations helps minimize potential risks and ensures the organization remains compliant while optimizing its financial performance.”

9. How do you stay up-to-date on changes in accounting rules and regulations?

Staying current on accounting rules and regulations is vital to ensuring the financial integrity of a company. Interviewers ask this question to assess your commitment to professional growth and your ability to adapt to changes in the accounting landscape. Your answer should demonstrate that you’re proactive in keeping yourself informed and maintaining the highest possible accounting standards.

Example: “To stay up-to-date on changes in accounting rules and regulations, I actively engage in continuous professional development. This includes subscribing to industry newsletters and publications, such as the Journal of Accountancy and Accounting Today, which provide timely updates on regulatory changes and best practices.

Furthermore, I am a member of professional organizations like the AICPA and my local chapter of accountants, where I attend seminars, workshops, and conferences that focus on emerging trends and changes in accounting standards. These events not only help me stay informed but also offer valuable networking opportunities with fellow professionals who can share their insights and experiences. Through these combined efforts, I ensure that my knowledge remains current and relevant, allowing me to effectively adapt to any changes in the accounting landscape.”

10. Describe your experience with budget preparation and monitoring.

When it comes to financial management, budget preparation and monitoring are critical to ensuring a company’s financial health and success. Interviewers ask this question to gauge your ability to develop an effective budget and manage it throughout the fiscal year, identifying potential cost-saving measures, anticipating fluctuations in revenue, and making any necessary adjustments. Your experience in this area demonstrates your skills in strategic financial planning and your understanding of the company’s financial goals.

Example: “As an accounting coordinator at my previous company, I was actively involved in the annual budget preparation process. My role included collaborating with various department heads to gather their financial projections and understand their specific needs for the upcoming fiscal year. I would then consolidate this information and analyze it against historical data to identify trends and potential areas of improvement.

Once the budget was approved, I closely monitored actual expenditures against the allocated budget throughout the year. This involved generating monthly variance reports and discussing any significant discrepancies with the respective departments. If necessary, we would make adjustments to ensure that spending remained within the established limits. Through this experience, I developed strong analytical skills and a keen eye for detail, which allowed me to effectively contribute to the overall financial health of the organization.”

11. Can you explain the difference between cash basis and accrual basis accounting?

A strong understanding of accounting principles is essential for success in the field, and that includes knowing the differences between cash basis and accrual basis accounting. By asking this question, interviewers want to gauge your knowledge and ensure you can accurately apply the appropriate accounting method when recording financial transactions. This also helps them assess your ability to explain complex concepts, which is an important skill for communicating with colleagues and clients.

Example: “Certainly! Cash basis and accrual basis accounting are two different methods used to record financial transactions, each with its own advantages and applications.

Cash basis accounting records revenues when cash is received and expenses when they are paid. This method is straightforward and easy to understand, making it suitable for small businesses or individuals who primarily deal with cash transactions. However, it may not accurately reflect the financial health of a business over time, as it doesn’t account for outstanding receivables or payables.

On the other hand, accrual basis accounting recognizes revenues when they are earned and expenses when they are incurred, regardless of when cash is exchanged. This approach provides a more accurate picture of a company’s financial position, as it takes into account both current and future obligations. Accrual basis accounting is generally preferred by larger organizations and is required under Generally Accepted Accounting Principles (GAAP) for publicly traded companies.”

12. What role does an accounting coordinator play in the month-end closing process?

Understanding the importance of an accounting coordinator in the month-end closing process is essential because it demonstrates your knowledge of the responsibilities and expectations that come with the role. The accounting coordinator plays a significant part in ensuring financial data is accurate, up-to-date, and ready for analysis by higher-level management. This question also allows you to showcase your experience in handling the various tasks associated with the month-end closing process, such as reconciliations, journal entries, and financial reporting.

Example: “As an accounting coordinator, my role in the month-end closing process is to ensure that all financial transactions and records are accurate, complete, and properly documented. This involves reconciling accounts, reviewing journal entries, and verifying supporting documentation.

I collaborate with other departments to gather necessary information and resolve any discrepancies or issues that may arise during the closing process. Additionally, I assist in preparing financial statements and reports for management review, ensuring they accurately reflect the company’s financial position at the end of the month. Through these activities, I contribute to maintaining the integrity of the company’s financial records and support informed decision-making by providing timely and accurate financial data.”

13. How do you handle confidential financial information?

Trustworthiness is a cornerstone of the accounting profession. As an Accounting Coordinator, you’ll be privy to sensitive financial data that, if mishandled, could have serious consequences for the company and its stakeholders. Interviewers want to ensure that you have the necessary integrity, professionalism, and discretion to handle confidential information responsibly and securely.

Example: “As an Accounting Coordinator, I understand the importance of maintaining confidentiality when handling sensitive financial information. To ensure that confidential data remains secure, I adhere to strict company policies and industry best practices.

I start by limiting access to sensitive documents and files only to authorized personnel who need the information for their job responsibilities. This includes using password protection on electronic files and securely storing physical documents in locked cabinets. Additionally, I am cautious about discussing confidential matters in public spaces or with unauthorized individuals.

Furthermore, I stay up-to-date with any changes in data privacy regulations and attend regular training sessions to enhance my knowledge of security protocols. This proactive approach helps me maintain a high level of vigilance and ensures that I handle confidential financial information responsibly and professionally at all times.”

14. Describe a situation where you had to work under pressure to meet a tight deadline. How did you manage it?

Deadlines and time-sensitive tasks are a common part of an Accounting Coordinator’s job. By asking this question, the interviewer aims to gauge your ability to handle stress and prioritize tasks effectively. They want to know if you can maintain accuracy and attention to detail while working under pressure, as this is vital for ensuring the company’s financial records remain accurate and up-to-date.

Example: “I recall a situation where our company was undergoing an internal audit, and I was responsible for preparing the financial statements within a tight deadline. The pressure was high as these documents were essential for the auditors to complete their work on time.

To manage this challenge, I first prioritized tasks by identifying which financial statements were most critical for the audit process. Then, I developed a detailed action plan with specific milestones and deadlines for each task. To ensure that I stayed on track, I communicated my progress regularly with both my manager and the auditing team, addressing any concerns or questions they had along the way.

During this period, I also made sure to maintain a healthy work-life balance by taking short breaks when needed and staying organized to avoid burnout. Ultimately, I successfully completed the financial statements ahead of schedule, allowing the auditors to finish their work without delay. This experience taught me the importance of effective planning, communication, and stress management in meeting tight deadlines.”

15. Have you ever identified a potential cost-saving opportunity for a previous employer? If so, what was it and how did you implement it?

Savvy employers want to know that you’re not just good at crunching numbers but that you also possess a strategic mindset and can offer valuable insights to improve the company’s financial health. By asking about your experience in identifying cost-saving opportunities, they are gauging your ability to think critically, analyze financial data, and provide actionable suggestions for enhancing the organization’s bottom line.

Example: “Yes, I have identified a cost-saving opportunity in my previous role as an accounting coordinator. While reviewing the company’s monthly expenses, I noticed that we were spending a significant amount on paper and printing supplies. Upon further investigation, I discovered that many of our internal processes still relied heavily on physical documentation, which led to excessive printing.

To address this issue, I proposed implementing a digital document management system to streamline workflows and reduce our reliance on paper. After discussing the idea with my manager and presenting a cost-benefit analysis, we decided to move forward with the implementation. We gradually transitioned various departments to the new system, providing training sessions for employees to ensure they understood how to use it effectively.

As a result, not only did we significantly reduce our paper and printing costs, but we also improved overall efficiency by making it easier for employees to access and share documents electronically. This experience demonstrated the importance of continually evaluating and optimizing financial processes to identify potential cost-saving opportunities.”

16. What methods do you use to organize and prioritize your workload?

Organization and time management are essential skills for an accounting coordinator, as they often juggle multiple tasks, deadlines, and responsibilities. Interviewers ask this question to gauge your ability to effectively manage your workload, prioritize tasks, and ensure accuracy in your work. They want to know that you have strategies in place to handle the demands of the role and maintain efficiency in a fast-paced environment.

Example: “To effectively organize and prioritize my workload as an Accounting Coordinator, I rely on a combination of digital tools and time management techniques. First, I use task management software to create a list of tasks with deadlines, which helps me visualize the scope of work and allocate sufficient time for each assignment.

I then prioritize tasks based on their urgency and importance, following the Eisenhower Matrix principle. This method allows me to focus on high-priority tasks first while ensuring that less urgent but still important tasks are not neglected. Additionally, I set aside specific blocks of time in my calendar for focused work on complex tasks, minimizing distractions and promoting efficiency.

To maintain organization, I regularly review and update my task list, adjusting priorities as needed to accommodate any changes in project requirements or deadlines. This proactive approach ensures that I stay on top of my responsibilities and consistently meet the expectations of both internal and external stakeholders.”

17. How do you communicate complex financial information to non-financial colleagues?

Presenting complex financial information in a digestible manner is a valuable skill for an accounting coordinator. Interviewers ask this to gauge your ability to bridge the gap between the financial and non-financial aspects of a company. By understanding how well you can communicate and simplify financial data, they can determine if you’ll be a valuable asset in helping the entire team make more informed decisions based on the company’s financial health.

Example: “When communicating complex financial information to non-financial colleagues, I focus on simplifying the concepts and using relatable analogies. First, I identify the key points that are most relevant to their roles or the decision-making process at hand. This helps me tailor my explanation to their specific needs and interests.

Then, I break down the information into smaller, more digestible pieces, avoiding jargon and technical terms as much as possible. If necessary, I use visual aids such as charts or graphs to illustrate trends or relationships between data points. Throughout the conversation, I encourage questions and feedback to ensure understanding and address any concerns they may have. Ultimately, my goal is to make the financial information accessible and meaningful to my non-financial colleagues so they can make informed decisions based on accurate data.”

18. Do you have experience working with external auditors? If so, can you describe that experience?

Auditing is an essential part of maintaining financial accuracy and compliance within a company. By asking this question, interviewers want to know if you have experience collaborating with external auditors and can successfully navigate the auditing process. Your ability to work effectively with auditors demonstrates your understanding of financial regulations, attention to detail, and communication skills—all of which are crucial qualities for an Accounting Coordinator.

Example: “Yes, I have experience working with external auditors during my time at a mid-sized manufacturing company. Our company underwent annual audits to ensure compliance with financial regulations and maintain transparency for our stakeholders.

During the audit process, I played an active role in facilitating communication between the auditors and our accounting team. This involved providing them with access to relevant financial records, such as general ledgers, invoices, and bank statements. Additionally, I assisted in preparing detailed schedules and reconciliations that supported our financial statements, ensuring they were accurate and complete.

Throughout the audit, I made sure to address any questions or concerns raised by the auditors promptly and provided clarification on specific transactions or accounting policies when needed. My proactive approach and open communication helped streamline the audit process and contributed to a positive working relationship with the external auditors.”

19. What strategies do you employ to minimize errors in financial reporting?

Accuracy is critical in the world of accounting, and your potential employer wants to know that you have a keen eye for detail and a systematic approach to ensuring the accuracy of financial reports. By sharing your strategies for minimizing errors, you demonstrate your commitment to maintaining the integrity of financial data, which is essential for making informed decisions and maintaining a company’s reputation.

Example: “To minimize errors in financial reporting, I employ a combination of thorough review processes and leveraging technology. First, I ensure that all data entries are double-checked for accuracy before they are incorporated into the reports. This includes cross-referencing source documents, such as invoices and receipts, to verify the correctness of figures.

Another strategy is utilizing accounting software with built-in error detection features, which can help identify discrepancies or inconsistencies in the data. Additionally, I maintain a clear and organized filing system for all financial records, making it easier to track and retrieve information when needed.

Collaboration also plays a key role in minimizing errors. I work closely with other team members and departments to confirm any unclear transactions or obtain missing information. Regular communication helps create a strong feedback loop, ensuring that potential issues are addressed promptly and accurately. These strategies have proven effective in maintaining high-quality financial reporting throughout my career.”

20. Can you provide an example of a time when you had to adapt to a change in accounting procedures or policies?

Adaptability is a key skill in the ever-evolving world of finance and accounting. Interviewers ask this question to gauge your ability to adapt to changes within the organization and industry. They want to know if you can stay up-to-date with new regulations, technologies, and best practices, ensuring the company’s financial records remain accurate and in compliance with the latest standards. Your response will demonstrate your flexibility, problem-solving skills, and commitment to continuous improvement.

Example: “Certainly, a few years ago at my previous company, we decided to transition from a manual accounting system to an automated one. This change required us to adapt to new software and modify our existing procedures to align with the updated policies.

During this transition, I took the initiative to thoroughly learn the new software by attending training sessions and studying its features independently. As I became proficient in using the software, I assisted my colleagues in adapting to the changes as well. We worked together to update our internal processes and ensure that all team members were comfortable with the new system.

This experience taught me the importance of being adaptable and proactive when faced with changes in accounting procedures or policies. It also highlighted the value of teamwork and collaboration in ensuring a smooth transition for everyone involved.”

21. Describe your experience with payroll processing and related tasks.

Employers ask this question to gauge your expertise in payroll management, which is a critical aspect of the accounting coordinator role. They want to ensure you’re well-versed in handling payroll administration tasks, such as processing paychecks, managing employee deductions, and ensuring compliance with tax laws and other regulations. Demonstrating your experience and knowledge in payroll processing will help convince interviewers that you can effectively handle this responsibility in your new role.

Example: “During my previous role as an accounting assistant, I was responsible for managing the entire payroll process for a mid-sized company with over 200 employees. This included collecting and verifying employee information, such as hours worked, overtime, deductions, and time-off requests. I used payroll software to accurately calculate wages, taxes, and other withholdings while ensuring compliance with federal, state, and local regulations.

Apart from processing payroll, I also collaborated closely with the HR department to address any discrepancies or issues related to employee compensation. Additionally, I prepared monthly payroll reports and assisted in year-end tasks like generating W-2 forms and reconciling payroll accounts. My experience in handling these responsibilities has equipped me with a strong understanding of payroll processes and the importance of accuracy and timeliness in this area.”

22. Have you ever had to train or mentor junior staff members in accounting practices? If so, how did you approach it?

Mentoring and training junior staff are valuable skills in any workplace, but they take on added importance in the field of accounting where accuracy and adherence to guidelines are critical. Interviewers ask this question to gauge your ability to nurture talent, communicate complex concepts effectively, and foster a supportive team environment. Your approach to training others speaks to your leadership qualities and your commitment to maintaining high standards within your team.

Example: “Yes, I have had the opportunity to train and mentor junior staff members in accounting practices. My approach focused on creating a supportive learning environment while ensuring they gained practical experience.

Initially, I would provide them with an overview of our company’s accounting processes and policies, as well as any relevant software or tools we use. This helped establish a solid foundation for their understanding. Then, I would assign tasks that gradually increased in complexity, allowing them to apply their knowledge and gain hands-on experience under my supervision.

Throughout this process, I encouraged open communication and made myself available for questions or guidance whenever needed. I also provided constructive feedback on their work, highlighting areas where they excelled and offering suggestions for improvement. This combination of theoretical knowledge, practical application, and ongoing support proved effective in helping junior staff members develop their skills and confidence in accounting practices.”

23. What role does an accounting coordinator play in ensuring compliance with internal controls and policies?

The accounting coordinator’s role is vital in maintaining the financial health and integrity of an organization. By asking this question, interviewers want to gauge your understanding of the importance of compliance, your ability to implement and monitor internal controls, and your commitment to upholding policies that protect the company from financial mismanagement and fraud. Demonstrating your knowledge in this area shows that you take responsibility for maintaining financial order and stability seriously.

Example: “An accounting coordinator plays a vital role in ensuring compliance with internal controls and policies by acting as the first line of defense against potential financial discrepancies and inaccuracies. They are responsible for maintaining accurate records, reconciling accounts, and verifying transactions to ensure that all financial activities adhere to established guidelines.

Moreover, an accounting coordinator actively collaborates with other departments and team members to identify areas where internal controls can be improved or strengthened. This includes staying up-to-date on relevant regulations and industry best practices, providing training and guidance to colleagues, and assisting in the development and implementation of new policies and procedures. Through these efforts, the accounting coordinator helps maintain the integrity of the company’s financial information and contributes to its overall financial stability and success.”

24. How do you handle disputes or discrepancies with vendors or clients regarding invoices or payments?

The ability to resolve financial disputes professionally and diplomatically is a critical skill for anyone working in accounting. When interviewers ask this question, they want to know if you can effectively communicate, analyze the situation, and come to a mutually agreeable solution—all while maintaining positive relationships with vendors and clients. This speaks to your problem-solving, conflict resolution, and interpersonal skills, which are vital in the accounting field.

Example: “When handling disputes or discrepancies with vendors or clients, my first step is to maintain open and respectful communication. I listen carefully to their concerns and gather all relevant information from them. Then, I thoroughly review our records, including invoices, contracts, and payment history, to identify any errors or inconsistencies.

If I find an error on our end, I promptly acknowledge it, apologize for the inconvenience, and take corrective action to resolve the issue. If the discrepancy lies with the vendor or client, I provide clear documentation supporting our position and explain the situation in a professional manner. Throughout the process, I ensure that both parties are kept informed of progress and updates, fostering transparency and trust. This approach has helped me effectively resolve disputes while maintaining positive relationships with vendors and clients.”

25. Are you familiar with any industry-specific accounting practices or regulations that may be relevant to our company?

For an accounting coordinator, it’s essential to have knowledge of the specific accounting practices and regulations that apply to the company’s industry. Interviewers ask this question to gauge your understanding of these unique requirements and ensure you’re well-prepared to handle the nuances of the financial aspects of their business. Your familiarity with the relevant regulations demonstrates your ability to maintain compliance, minimize risk, and contribute to the company’s overall financial success.

Example: “Yes, I am familiar with several industry-specific accounting practices and regulations that may be relevant to your company. For instance, if your company operates in the manufacturing sector, I have experience working with inventory valuation methods such as FIFO (first-in, first-out) and LIFO (last-in, first-out), which are essential for accurate cost accounting and financial reporting.

Moreover, I have dealt with revenue recognition principles under ASC 606, which is applicable across various industries, including software, telecommunications, and construction. This standard ensures that companies recognize revenue consistently and transparently, allowing stakeholders to make informed decisions based on financial statements.

My familiarity with these industry-specific practices and regulations enables me to adapt quickly to different business environments and ensure compliance with all relevant accounting standards. This expertise will contribute to maintaining the integrity of your company’s financial records and supporting its overall success.”

26. Can you explain the concept of depreciation and how it affects financial statements?

Depreciation is a key concept in accounting, and hiring managers want to make sure you have a solid understanding of it and its impact on financial statements. As an accounting coordinator, you’ll be responsible for accurately recording and reporting financial data, which includes calculating and tracking depreciation for a company’s assets. Demonstrating your knowledge of depreciation shows that you’re well-prepared to handle the complexities of the job and can maintain accurate financial records.

Example: “Depreciation is the process of allocating the cost of a tangible asset over its useful life, reflecting the decrease in value due to wear and tear, obsolescence, or other factors. It’s an essential concept in accounting because it allows businesses to account for the gradual decline in value of their assets, which helps provide a more accurate representation of a company’s financial health.

Depreciation affects financial statements in several ways. On the income statement, depreciation is recorded as an expense, reducing the net income for the period. This reduction in net income also impacts retained earnings on the balance sheet. Meanwhile, on the balance sheet, accumulated depreciation is subtracted from the gross value of the asset, resulting in a lower net book value. Consequently, this reduces the total value of assets reported on the balance sheet. Lastly, on the cash flow statement, depreciation is added back to the net income under operating activities since it’s a non-cash expense, thus increasing the cash flow generated by operations. Understanding and accurately recording depreciation is vital for presenting a clear picture of a company’s financial position and performance.”

27. Describe your experience with managing cash flow and forecasting.

Understanding cash flow and financial forecasting is crucial to a company’s financial health. By asking this question, interviewers want to ensure that you have the necessary skills and experience to manage these critical aspects of the job. Your response can provide insight into your ability to analyze financial data, make informed decisions, and contribute to the company’s financial stability and growth.

Example: “As an accounting coordinator at my previous company, I was responsible for managing cash flow and creating accurate forecasts to ensure the organization’s financial stability. My approach involved closely monitoring accounts receivable and payable, as well as tracking daily bank transactions to maintain a clear picture of our current cash position.

To create reliable cash flow forecasts, I utilized historical data, trends, and input from various departments to project future inflows and outflows. This allowed me to identify potential cash shortages or surpluses in advance, enabling management to make informed decisions regarding investments, expenses, and resource allocation. Additionally, I regularly reviewed and updated these forecasts to account for any changes in business conditions or unexpected events, ensuring that our financial planning remained agile and responsive to the company’s needs.”

28. Have you ever had to implement new accounting software or systems? If so, what was your role in the process?

Change is inevitable, even in the accounting world. Interviewers ask this question because they want to gauge your adaptability and your ability to lead or contribute to the implementation of new software or systems. Your experience could be vital in helping the company transition smoothly when adopting new technology or streamlining accounting processes, ultimately improving efficiency and accuracy.

Example: “Yes, I have had the opportunity to implement new accounting software in my previous role. Our company decided to transition from a legacy system to a more modern and efficient solution. As an Accounting Coordinator, my role in this process was multifaceted.

Initially, I collaborated with the IT department and external software vendors to evaluate various options and select the most suitable software based on our company’s needs and budget constraints. Once we chose the software, I played a key part in customizing it according to our specific requirements and ensuring that all necessary modules were properly integrated.

During the implementation phase, I led training sessions for the accounting team to familiarize them with the new system and its functionalities. Additionally, I worked closely with the IT department to ensure a smooth data migration from the old system to the new one while maintaining data integrity. Throughout the entire process, I acted as a liaison between the accounting team and other stakeholders involved, addressing any concerns or issues that arose and providing regular progress updates. The successful implementation of the new accounting software ultimately streamlined our financial processes and improved overall efficiency within the department.”

29. What steps do you take to ensure data security when working with sensitive financial information?

It’s essential for companies to know they can trust their accounting professionals to handle sensitive data with care and maintain the confidentiality of financial information. By asking this question, interviewers want to gauge your understanding of data security best practices, your commitment to protecting the company’s assets, and your ability to safeguard confidential information. This demonstrates not only your technical knowledge but also your ethical awareness in the accounting field.

Example: “Data security is of utmost importance when working with sensitive financial information. To ensure the highest level of protection, I adhere to strict protocols and follow best practices in handling such data. Firstly, I use secure and encrypted communication channels for sharing confidential documents or files with colleagues or clients. This includes utilizing password-protected files and secure file-sharing platforms.

Moreover, I stay vigilant about updating software and systems regularly to protect against potential vulnerabilities. This involves installing patches and updates as soon as they become available, as well as using reliable antivirus and firewall solutions. Additionally, I maintain strong passwords and enable multi-factor authentication wherever possible to further enhance account security.

By consistently following these steps and staying informed about emerging threats and industry best practices, I can effectively safeguard sensitive financial information and uphold the trust placed in me by my organization and its stakeholders.”

30. Why are you interested in this Accounting Coordinator position, and what unique skills or experiences can you bring to our team?

Interviewers ask this question for two reasons. First, they want to gauge your genuine interest in the position and ensure you have a clear understanding of the role. Secondly, they are seeking to find out what sets you apart from other candidates – your unique skills, experiences, and strengths that make you the right fit for their team. Showcasing your passion for the field and highlighting your specific expertise will help them determine if you’re a strong match for their organization.

Example: “I am interested in the Accounting Coordinator position because it aligns with my passion for working with numbers and helping businesses maintain accurate financial records. I believe that a strong accounting foundation is essential for any organization’s success, and this role allows me to contribute directly to that.

My unique skills and experiences include a solid background in both accounts payable and receivable, which has given me a comprehensive understanding of the entire accounting cycle. Additionally, I have experience using various accounting software programs, such as QuickBooks and SAP, which will enable me to adapt quickly to your company’s systems. My attention to detail and ability to work under tight deadlines make me an ideal candidate for this role. Furthermore, my excellent communication skills allow me to collaborate effectively with team members and other departments, ensuring smooth operations and timely resolution of any issues that may arise.”

30 Digital Marketing Strategist Interview Questions and Answers

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WildHacks 2024 Showcases Students’ Dynamic Problem-solving Skills

Students from 14 universities completed 43 innovative software projects april 5 – 7 during the wildhacks 2024 event.

Collaborative, creative, and fast-paced, WildHacks is Northwestern’s largest hackathon. The annual coding-based competition is designed for all students to learn and broaden their programming skills. Teams solve problems and innovate in a convivial, inclusive, and supportive atmosphere.

During WildHacks 2024 , held April 5 - 7, approximately 300 participants from 14 universities dedicated the weekend to building functional and compelling software.

University students across the country were invited to participate. Alongside more than 200 Northwestern participants, hackers joined the in-person event from Colgate University, DePaul University, Emory University, Illinois Institute of Technology, Loyola University Chicago, Rice University, Stanford University, University of Illinois Chicago, University of Illinois Urbana-Champaign, University of Iowa, University of Pennsylvania, University of Toronto, and the University of Wisconsin–Madison.

The WildHacks organizing team also included:

• Ebube Okonji , director of logistics and programming
• Juwon Park , director of marketing and design
• Kris Yun , director of sponsorship
• Riva Lakkadi , logistics and programming support
• Defne Deda and Hunter Tran, marketing and design team
• Vivian Chen and Dahyun Kang , sponsorship team
• Annabel Edwards , Andrew Li , and Angela Zheng , technology team

To support participants with varying degrees of experience, the WildHacks team shared resources and beginner-friendly tutorials. Student organizations including Develop + Innovate for Social Change (DISC NU), Emerging Coders , Northwestern University's Student Chapter of the Institute of Electrical and Electronics Engineers (NU IEEE), and Responsible AI Student Organization (RAISO) hosted workshops. A Discord-based help channel was also available during the event to aid hackers.

WildHacks submissions

A total of 43 software projects were submitted.

In the first round of judging, all team submissions were evaluated on the criteria of technical complexity, utility, originality, design, and presentation within three tracks: urban planning, productivity, and wellness. The 10 top-rated teams were then invited to present an in-depth demo of their projects’ functionality in an interactive session with the panel of judges.

Music Notes , developed by Northwestern students Alex Feng, Shubhanshi Gaudani, and Carolyn Zou, along with Anthony Xie (Stanford University), won first place overall. The program is a study aid that leverages a language model to extract the core ideas of course readings and turn them into the titles and lyrics for catchy songs.

Northwestern team members Samarth Arul, Jeffrey Ryan, and Jonathan Zhang earned second place for FYND , an intuitive application that builds community by matching the hobbies and interests of new college graduates who are relocating to unfamiliar cities.

Angel Shot , built by Northwestern students Jack Burkhardt, Alexis Diaz-Waterman, Lev Rosenberg, and Finn Wintz, earned third place. The program helps people in uneasy or potentially unsafe situations, such as a rideshare driver taking an unfamiliar route, make a realistic-sounding phone call using an OpenAI text-to-speech system.

"I was really impressed with how far our students came in one day and the quality of their projects,” said Sruti Bhagavatula , a WildHacks 2024 judge and assistant professor of instruction at Northwestern Engineering. “It was great to hear how much students learned in the process even if they couldn't get a working project scraped together by the end. Hackathons are a chance for students to be thrown into something new and get their hands dirty and it's always successful in that respect whether they get a working product or not."

Additional winning projects included:

• The project Remap.City , by Northwestern students Ryan Newkirk, Andrew Pulver, and Franklin Zhao, earned the urban planning track award.
• Northwestern team Darin Cheng and Eliseu Kloster Filho won the productivity track award for their MathTyper tool.
• Northwestern’s Timothy Fu and James Kim earned the wellness track prize for their Fitlial fitness app.
• Best design was awarded to the web app Heartland , developed by Northwestern students Iris Ely, Miya Liu, Elysia Lopez, and Chelsey Yiran Tao.
• The iOS app MoodGenie , by Northwestern students Irena Liu, Michelle Sheen, Michelle Wang, Ziye Wang, won the best technology award.
• Netpet , a virtual internet pet, won the crowd favorite award. The screen time companion was built by Northwestern students Alison Bai, Jasmine Meyer, and Hannah Zhao.

Additional WildHacks 2024 project judges included Brylan Donaldson , associate director at The Garage at Northwestern , and Lydia Tse , software engineer at Google and adjunct lecturer in computer science at Northwestern Engineering.

Representatives from industry and the event sponsors also volunteered their time to evaluate project submissions, including Ronit Basu (Domino Data Lab), Andrew Seto, Sahar Siddiqui, and Ian Wallace (Accenture).

Hackers also had the opportunity to enter their projects into extra challenges presented and judged by Major League Hacking (MLH), a student hackathon league platform that provided support for WildHacks 2024. The MLH challenge winners included Version Control Add-on (most creative Adobe Express add-on), Bearly (best domain name from GoDaddy registry), Urban Pulse (best DEI hack sponsored by Fidelity), PocketCats.Co (best use of Kintone), and Scholarly (best use of AI in education). The project FundsFly earned both the MLH ‘best use of Starknet’ award and the Capital One challenge for best financial hack.

Sponsors of the event included Northwestern Computer Science, The Garage at Northwestern, Accenture, Call for Code, Capital One, CodeCrafters, Deloitte, and Major League Hacking. Event partners included Coca-Cola, Insomnia Cookies, and StandOut Stickers.

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