Eric Lanz Shows Accounting is a Business Language

According to some reports, modern-day accounting originated towards the end of the 15th century. This translates to a period of 500 years that was used to polish the profession that many people now refer to as the language of business. Sure, speaking English will generally facilitate a productive working environment between multinational partners, yet nothing showcases a serious intent like sales figures and dollar amounts. Eric Lanz, a successful CPA from Kentucky who runs Lanz Consulting Solutions, believes that knowing accounting translates to an overall knowledge of entrepreneurship.

In order to become an accountant, one must go through rigorous schooling that often requires a graduate degree. Well, one of the perks of such a prolonged academic career is that students will learn about countless sectors of business. First, basic studies will require one to know principles of marketing and management as well as problem-solving ideas from finance and taxation. Then, advanced programs require learning about conflict solution, psychology, negotiation, and of course, a ton of accounting. The best way to demonstrate this is to showcase Eric Lanz's career. After starting as an auditor, he was able to effortlessly switch to finance, operations, consulting, human resources, and even mergers and acquisitions.

Accounting is a profession that familiarizes one with the necessary tools for everyday life. It covers things like filing taxes, writing wills, understanding credit histories, reading financial reports, and so on. To demonstrate further applicability, consider the following scenario. A Miami resident is looking into starting their own business. Before doing so, they have to answer some questions. Will the business be a sole proprietorship, a partnership, a limited liability company, a corporation, or something else? What are the laws pertaining to start-up companies in Florida? If they import, are there any tariffs or quotas?

Someone with a background in accounting will answer every single one of those questions in less than five seconds. Others, however, might be clueless about most of those topics. After all, people who have not studied business do not need to know things like Miami's benefit seen through a lack of state's tax. They also do not need to know that Miami is a great place to run a seasonal business due to tourists' exposure. Well, unfortunately, then they cannot anticipate any success since their knowledge does not meet their ambition.

When Eric Lanz says he is a CPA, some people might have to look up what the acronym stands for. Even though "Certified Public Accountant" is quite a normal business title, there are those unfamiliar with it. If he was to say that he was in charge of hundreds of millions of dollars throughout his career and operates Lanz Consulting Solutions, on the other hand, people would definitely need less clarification on his duties. This is an important point about accounting professionals. Most fields within this industry are focused on money. Tax compliance deals with the proper amount of money being paid. Audit deals with money being properly recorded in the financial statements as per the GAAP principles. Consulting services deal with advising clients on how to best spend their money and improve their overall operations.

Therefore, every offspring of accounting somehow ties back to the same bottom line - money. Why is this important? Because business always comes down to numbers. Maximizing profits means earning more revenues or having fewer expenses. The only way to do that is to analyze where money is coming from and where it is going to. Someone who is known for their artistic talents will hardly possess the natural instinct that accountants do when it comes to budgets, forecasts, and strategies. After all, if that Miami resident that was starting their own business was a writer with no formal training in entrepreneurship, nobody can expect them to comprehend how economics and market equilibriums operate. Just like an accountant should not be expected to know how to write an opening to a 1,000-page science fiction book.

Eric Lanz utilized his vast knowledge to do things like marketing and sales plans, implement ERP systems and lean manufacturing, work as an IT consultant, set HR policies and incentives, serve on several committees, and ultimately establish his own company, Lanz Consulting Solutions. All of that was made possible by those three letters that establish his credibility in the world of business - "CPA". This same concept can apply to the hypothetical Miami resident who, with a proper accounting background, could engage in trade, sell products, provide services, be a manufacturer, purchase a franchise, or do anything that would be successful in this area.