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    Accounting "You're an accountant? You must love numbers!"

    August 09, 2018

    Accounting "You're an accountant? You must love numbers!"

    "You're an accountant? You must love numbers!"

    Posted: 09 Aug 2018 04:20 PM PDT

    Real accountants know how to get sum

    Posted: 09 Aug 2018 06:31 AM PDT

    Wherein I get mad at a newspaper for publishing dumb shit about taxes

    Posted: 09 Aug 2018 05:50 PM PDT

    Article that I found on the front page:

    How on earth have we let Trump get away with hiding his tax returns?

    The main thrust of the article is that Trump's tax returns should be disclosed for transparency's sake, which, OK, fair enough. But the tax claims found in the article are dumb.

    The Treasury Department has issued a set of proposed regulations clarifying who can and can't take advantage of the "pass-through" loophole that Republicans included in the tax cut they passed last year

    This is the main dumb claim in the article: that the QBI deduction in the TCJA is some kind of loophole. Like, man, loopholes exist, but that's not one them. It's a heavily publicized attempt to give pass-through entities parity with corporations, which got a bigass cut to the corporate tax rate. It's no more a loophole than the increased standard deduction.

    which, in ordinary circumstances, would be a story of interest only to a relatively small number of tax nerds.

    Or every fuckin' tax practitioner serving a sole proprietor or partnership. Y'know how many of those there are? A shitload.

    Before the 2017 tax cut, pass-through income was treated largely like regular income, taxed at a top rate of 39.6 percent. The Republican bill not only brought down that top rate, it inserted a loophole allowing certain owners of pass-throughs to deduct 20 percent of their income from their taxes. It was almost as though Republicans wrote the pass-through loophole into their bill specifically to give a windfall to Trump.

    Or maybe they did it to avoid pissing off every person doing business as something other than a corporation. Not everything in the TCJA is a Republican conspiracy.

    Like many provisions in Republican tax bills, this one will benefit some people of modest means, but the real winners are the wealthy. According to the Joint Committee on Taxation, more than 75 percent of the benefit goes to people making more than $200,000 a year, and nearly half goes to those making more than $1 million a year.

    20% of a lot of money is more than 20% of a little money? Stop the fuckin' presses. Or don't.

    It'd be one thing if this were like, a straight-up layman on reddit, but I expect professional columnists writing articles about tax shit to not say dumb shit about taxes. Like, I shouldn't, but I do.

    submitted by /u/UnalloyedOutwork
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    Manager shenanigans, is this fair?

    Posted: 09 Aug 2018 05:35 PM PDT

    Here is the scenario:

    Partner wants something done by the end of the week, which is possible.

    Manager acts as gatekeeper and has to review the work before it can go to the partner.

    I get everything ready and send it to the manager for review Monday afternoon.

    It is now Thursday night and the partner is asking where the work is.

    Manager chews me out because I should have followed up if she hadn't reviewed it by Wednesday.

    I am also busy as shit and have a million things in my queue too.

    Why are people like this?

    submitted by /u/28percentcollectible
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    Spotted on My Afternoon Commute

    Posted: 09 Aug 2018 06:41 PM PDT

    25,000 students voted on the No. 1 internship — and it isn't Google or Facebook

    Posted: 09 Aug 2018 11:35 AM PDT

    How do you cruise in Public accounting?

    Posted: 09 Aug 2018 03:40 PM PDT

    Currently on an engagement with a over achieving coworker who works 70-80 hour weeks in the summer.

    I feel bad for not working as much as them, but at the same time 3s still get promoted. How do I not play their game (contemplated working longer hours to show face, but the manager doesnt care and leaves at 5)

    What the maximum I should work to not get fire and get promoted? I've been told by friends who were ex-b4 is that if you dont want to be burnt out, you should walk not sprint.

    submitted by /u/SeriousIntern
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    Why is this sub like 95% public accountants?

    Posted: 09 Aug 2018 06:09 PM PDT

    I feel like I don't ever see anyone talk about private accounting

    submitted by /u/hehasntreddit
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    FAR - Holy Fack

    Posted: 09 Aug 2018 02:31 PM PDT

    Just started studying for my first exam which will be FAR and holy fuck it is dense. I allocated 8 hours a day on weekdays, 3 hours a day on weekends, for a month and idk if that'll be enough time. In 8-10 hours Im nearly halfway through the first module. I'm watching the lecture and skipping what I know and doing the skills and MCQs, which I've been doing fairly well but this is the easy stuff. I may need to rethink my studying strategy.

    This is pretty overwhelming and I just started lol.

    submitted by /u/blackmushh
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    Data analytics the future of audit?

    Posted: 09 Aug 2018 06:17 PM PDT

    I keep on hearing that the future of audit is in data analytics . Is that true? Will auditors just become data analysts with CPAs?

    submitted by /u/expedition2017
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    For those of you just starting out/in school and planning to audit

    Posted: 09 Aug 2018 06:48 AM PDT

    Think carefully about your decision.

    I'm a soon to be ex big-4 auditor who suffered through audit for nearly 2 years before getting lucky and getting an exit opp into a finance role ( botique IBD). I can't say my big 4 experience got me the role - I had a personal connection and had some lucky circumstances. If anything, my accounting background hurt me in the interview process. Here are a few bullet points summing up why I think big 4 audit is bullshit and you shouldn't do it.

    • the work: the ENTIRE job is clerical. Whether you're sampling a population, testing controls, "writing" walkthroughs, rolling forward workpapers, filling out forms, you'll almost exclusively be doing one of a few things; copy-pasting and changing dates, using a sum or sumif formula in excel to make sure the client didn't fuck up their spreadsheet, changing the font size or style of something, clicking into obnoxious macro-enabled forms, and most certainly making things look the same as last year (SALY).
    • the most interesting things you will do include writing nonsensical tickmarks to explain around the client's mistakes or laziness, writing original walkthrough documentation (more than likely you'll just roll PY and change dates and job titles to match CY), or maybe using an index match formula or pivot table to try and figure out why the fucking population you're trying to sample from won't agree back to the GL
    • If you're lucky like I was, you might get to use a minimal amount of accounting skills and participate in higher level discussions with the seniors/managers about accounting treatment for something that you really don't care about, determine a sampling methodology, or participate in a walkthrough meeting with a high-level client who is clearly displeased to be talking to a clueless 24 y/o
    • the people: I worked with many intelligent and nice people. However, the people are generally brainwashed into thinking what they're doing is the most important thing on the planet. Accountants tend to be very white-washed and conservative - good luck discussing anything outside of the weather, sports, the bachelor or bachelorette, car payments on your Honda CRV, etc.
    • the hours: not terrible most of the year unless you are one of the unlucky ones who rolls onto multiple busy seasons (this is extremely common). Expect the work to pickup in the fall to 50ish hours and 65-75 during busy season, with up to 80-90 a couple weeks of busy season. May not sound bad, but it is definitely unpleasant, especially when you're making $12 an hour pre-tax in January and February. Most people roll into private jobs for a second busy season once their public job files, so be prepared to work bad hours all the way until early April. Some get lucky and finish busy season by the end of February
    • the pay: atrociously low, don't listen to the posters on here who say it's decent. It's not. I make less than almost all of my friends who have professional, 40 hour per week jobs. A big 4 manager may start at around 80-90, depending on the market. Spend 5 years in almost any other type of professional services and you'll be making significantly more than that. The pay sucks until you're a partner, and these days, that takes 15 years minimum.
    • overall, you are not respected by clients and are seen as burdensome and a necessary evil. Audit is necessary (there would be widespread material misstatements without our existence imo), but the chances of you finding anything material is remote
    • you'll be working for a bunch of type A people who have no actual concept of materiality. I've gotten review comments on variances that are 1% of our materiality. Many of the people who stay past senior 1 are OCD/insecure and they will blow up your workpapers because of this. There are many talented managers at my firm who understand materiality and what would be material to a financial statement user. There are many more managers I've worked under who truly don't understand the bigger picture of what an audit is supposed to achieve and blow up pointless details that simply do not matter. I now realize that many people in this profession are simply here because it was easy to get a job in out of school.
    • SOX: fuck SOX, fuck controls, fuck asking for email follow-up on something that has already clearly been marked as reviewed. The amount of shit that I stick my nose in because of SOX documentation requirements makes me disgusted with the entire regulation and ashamed of my profession.

    In summary, it's not too late to change your major or pursue a job in finance. Don't drink the koolaid.

    submitted by /u/Jd56201
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    [CAN] CFE: anyone have Densmore material they're willing to share?

    Posted: 09 Aug 2018 07:04 PM PDT

    Looking for extra study material and hoping someone is willing to share a few cases, maybe even a couple videos. Thanks!

    submitted by /u/sct876
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    Not sure if I want to be an Accountant for the rest of my life

    Posted: 09 Aug 2018 02:58 PM PDT

    Incoming freshman starting off as an Accounting major. I understand that my major isn't set in stone and that I can change it but I have no idea what I even want to change it to / what I see myself doing for the rest of my life. I just picked Accounting because I'm interested in business and because of all the benefits I hear about becoming a CPA but I'm about to begin college in a few days and I feel so lost. Any advice ?

    submitted by /u/bigred2022
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    The feels when that final reserves figure is updated

    Posted: 09 Aug 2018 12:58 AM PDT

    Playing the B4

    Posted: 09 Aug 2018 11:59 AM PDT

    So I'm currently at one of the B4 in the DC area, I've been here a while and I've had my grumbles, so when another B4 came knocking and offered me a promotion and substantial raise, it didn't take long to consider it. I've signed with this 2nd B4 firm, have a start date and everything. Then a couple of days ago another B4 firm comes knocking, offering the same promotion but an even more substantial raise.

    Question is: can I tell the firm I've signed with and have a start date for that I've been offered another position at a higher salary and ask them to meet, or just sleep in the bed I've made and get on with it? I wouldn't take this newest offer because my commute would be hell even though the additional salary bump would be nice.

    What do?

    submitted by /u/accthrowaway56
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    Why do the majority of you not consider the instrinic value if your job?

    Posted: 09 Aug 2018 12:58 PM PDT

    Yeah, your jobs sound pretty thankless but without y'all things would be much worse in terms of economic/financial prosperity locally, Nationwide, or globally.

    That was my thoughts while doing my bachelor's but I think y'all would appreciate what you did more if you looked at the intrinsic value of it.

    Just my thoughts.

    submitted by /u/New2Adrafinil
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    1 year in at B4, CPA exams passed.....would becoming a police officer be more lucrative?

    Posted: 09 Aug 2018 08:24 PM PDT

    Happy with my job, but I cant seem to get this thought out of my mind.

    While the pay raises/promotions within public accounting are very stable, a part of me thinks that being a cop has even greater earning potential. I'm from NJ, and cops here make a ton of money, see here: https://www.nj.com/news/index.ssf/2017/05/how_much_is_the_median_cop_salary_in_your_town.html

    These guys are cracking 100k easy, not even accounting for overtime. Retiring at 50 with a nice pension, while retaining the ability to work elsewhere, sounds nice too.

    I understand that there are dangers of this job, if you're working in a bad area. Working in a middle-class suburb, though, I'd imagine you would have a greater chance of death from driving during your daily commute. I guess I'm jaded from seeing the cops in my town with literally nothing to do, or watching construction sites all day instead, while earning overtime.

    Am I horribly overlooking something?

    submitted by /u/accountantornah
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    How to decline internship offers

    Posted: 09 Aug 2018 01:44 PM PDT

    So I accepted my audit internship offer for next summer, but I am trying to figure out a good way to contact people from the other firms who gave me offers, and express my appreciation for their interest in me. I want to keep those relationships in case I don't end up working full time for the company I am interning at.

    Any suggestions? Should I contact them by phone, or does email suffice? What to include in my message?

    Thanks for the help!

    submitted by /u/kddspartans
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    OUT OF ALL THE ACCOUNTING INDUSTRIES OUT THERE (CAD)

    Posted: 09 Aug 2018 07:27 PM PDT

    From Forensics, to tax specialists .. I was wondering which accounting career pays the best.Also is there any industries in accounting where when you start off right off in that path or career you can make a lot of money? I thought the big4 paid well but I live in Toronto soo......... yeah

    submitted by /u/theaccountant95
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    Is this unethical? I'm sort of fed up.

    Posted: 09 Aug 2018 10:40 AM PDT

    I intern at a firm that does financial planning, tax planning, insurance, banking, estate planning etc. basically it focuses around comprehensive financial advising where CPAs and insurance agents help assist the financial advisor.

    I don't want to be a financial advisor. Yet they are making me do a 5 week, 20 hour/week off the clock study plan for a Registered Investment advisor (series 65) license that I don't want. The material is not easy. They are giving me no pay raise or incentive to get it. I just "need it to be a CPA there one day"

    I'm in tons of debt and can't pay it off because I feel like I'm basically forced into studying for an exam that no other accounting student has to take.

    Details about the firm: HUGE 10 billion in assets under management. But the Pay? Shit

    Interns: $12/hr Staff: $35k/year salary for 50 hours a week Advisors: probably average around $60k/year ON A DRAW. CPA's: average $55k/ year These are for long long hours. Starting advisors work 60-70 hours a week year round.

    My full time offer would literally be $38,000 salary during busy season. I feel like I should just quit now. This feels like slave labor.

    submitted by /u/FlexasAandM
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    Preparing for Intermediate Financial Accounting I after not taking accounting classes for a while

    Posted: 09 Aug 2018 07:20 PM PDT

    Because I am transferring universities and there was some difficulty with transfer credits, there will be a large gap of time between when I took Intro to Financial Accounting/Managerial Accounting at my previous college and when I will take Intermediate Accounting I at my new college... I'm quite worried because of the large gap of time between these courses and I'm wondering how I can sufficiently prepare for the Intermediate Financial Accounting I course as I've heard it's quite difficult.

    If there's no way to *really* prepare for Intermediate Accounting I other than just waiting to actually take it, are there any principal skills from Intro to Financial Accounting/Managerial Accounting that you recommend I have absolutely no problems with? Just so that I have a good foundation...

    edit: typos

    submitted by /u/bananaboy_20
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    Industry accountant here: Is it normal to feel less motivated studying for AUD because it is less applicable to career?

    Posted: 09 Aug 2018 07:13 PM PDT

    I know I need to pass it to become a CPA but as an industry accountant FAR seemed much more useful to me. I will never work in public, so part of me feels like a lot of the stuff in AUD involves concepts that I will personally never touch in my profession. Is this a false belief?

    submitted by /u/rizzeck
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    Tips for a college freshman?

    Posted: 09 Aug 2018 10:20 AM PDT

    I'm an upcoming freshman accounting student at SFSU and I want to do college right. I didn't do that well in high school but I want to change that in college. Any tips for accounting or college in general? Thanks! Kinda worried after reading this sub that Sfsu isn't really recruited from

    submitted by /u/biryaniandcakelover
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