Accounting is the process of recording and reporting a company’s financial transactions. These transactions must be recorded accurately and in accordance with a set of accounting rules called generally accepted accounting principles. Accurate financial statements are required by our lenders, are important to our members, and allow management to plan, forecast, and make informed operating decisions.
As you might imagine, KEC has a lot of transactions that must be recorded correctly. Examples are the electric bills that we issue to members, invoices we pay for expenses, or keeping track of the many parts and pieces of distribution equipment that KEC builds to deliver electricity, such as poles and wires. Ensuring every transaction is recorded accurately can be a challenge to oversee because of the high volume of transactions. I spend a lot of time reviewing transactions and making sure our automated accounting processes are working properly.