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    Home Unlabelled Accounting When you finally become a CPA and while people congratulate you they say "so can you do my taxes"?

    Accounting When you finally become a CPA and while people congratulate you they say "so can you do my taxes"?

    February 28, 2019

    Accounting When you finally become a CPA and while people congratulate you they say "so can you do my taxes"?

    When you finally become a CPA and while people congratulate you they say "so can you do my taxes"?

    Posted: 28 Feb 2019 07:29 AM PST

    Relevant?

    Posted: 28 Feb 2019 12:56 PM PST

    Thot Audit

    Posted: 28 Feb 2019 10:20 AM PST

    An intern with a workpaper

    Posted: 28 Feb 2019 04:30 PM PST

    Today my client sent over a PBC trial balance and it actually tied out to their GL

    Posted: 28 Feb 2019 06:10 PM PST

    The lord works in mysterious ways

    submitted by /u/TickAndTieMeUp
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    Accountant: me too.

    Posted: 28 Feb 2019 07:20 AM PST

    Being sick during busy season is the worst.

    Posted: 28 Feb 2019 06:18 PM PST

    All I've done this week is wake up, drive to work, drive home, and sleep. And now... Vent about it on Reddit. Pounding cold medicine and water and hitting the bathroom every 45 mins of 12 hour days is a rough existence.

    submitted by /u/finallyransub17
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    What are your worst partner stories?

    Posted: 28 Feb 2019 05:07 PM PST

    A while back we had a thread on worst intern stories.

    Tell me about your worst partner experiences.

    (I know someone out there walked in on a partner and an intern at some point...)

    submitted by /u/nickfarr
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    Fired a 40 year Olde intern. Said he would be back once he gets enough ammo

    Posted: 28 Feb 2019 02:34 PM PST

    I'm kinda scared. This is not a joke and they sent out a company wide email. We have security guards downstairs but they don't have guns. I'm gonna use some pto

    submitted by /u/murdergang69420
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    FUCK

    Posted: 28 Feb 2019 07:37 AM PST

    How the everloving fuck do people do this for 40 goddamn years. Christ, I could not have picked a more miserable, mind-numbingly annoying career path that could have suited me any worse.

    submitted by /u/Hoooookay
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    Cringe in my accounting class today

    Posted: 28 Feb 2019 08:06 PM PST

    We were reviewing for the first midterm today, and our professor was going over contra accounts. Somebody asked for clarification on the debits/credits for them and she explained it and asked if anyone else had questions. A student in the back of my class, said, "So basically, a Contra Account is the Sith, and a normal account is the Jedi and accounting is the world of Star Wars." Immediately after, there was a really awkward silence and I felt really bad for the guy.

    submitted by /u/MigsKicks
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    Shout out to those who take a second to say good job/thank you

    Posted: 28 Feb 2019 07:48 AM PST

    I moved from a smaller firm to a regional firm this year. My old firm's partners never really complimented us and had the mindset of "well it's your job, that's what you should be doing". While that might true, it didn't help build my self confidence in my work and overall, I wasn't very happy there so I left.

    At my new firm, a partner reached out over IM just to say a quick "good job" and another emailed me to say thank you.

    It's probably not much to some people, but it means a lot to me and I feel happy about the choice I made to switch firms.

    So thank you to those who send out kind words.

    submitted by /u/hidingaccountant
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    Accounting firms need therapists

    Posted: 28 Feb 2019 07:02 PM PST

    Screw the free meals, give me 30 minutes to bitch about everything and I'll be good

    submitted by /u/TickAndTieMeUp
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    When my fellow new hires tease me about getting double shot espressos in the morning

    Posted: 28 Feb 2019 09:26 AM PST

    When you call the accountants and they are "in a meeting"

    Posted: 28 Feb 2019 12:02 PM PST

    Non-Profit Audit

    Posted: 28 Feb 2019 06:41 PM PST

    I'm a CPA, in industry, and I sit on the all-volunteer board (and specifically the finance committee) of a non-profit. It's a tiny organization, about $1M, with a 6/30 year-end. We have a full-time bookkeeper who styles herself as the Director of Finance, which- okay, sure. We have a financial statement audit every year, and now, for the second year, a yellow book audit. The accounting files are kept in QuickBooks Desktop.

    We got the audit back last month. There were 23 adjusting journal entries, a page of material misstatements, and a material weakness (in ICFR, of COURSE). I was extremely unhappy, and expressed as much to the finance staff member. Net income as she reported it was off by over 120%, almost $80,000 from what she reported in the trial balance this summer. Temporarily restricted net assets were off over $234,000, and on and on and on. I understand that it's not uncommon for a small organization to basically have someone do data entry during the year, and let the auditors produce the final financial statements. Which I would almost be ok with! But we pay this person full time to be the Director of Finance, I would appreciate financial reporting that is a little (ok- a lot) more correct in order to make prudent financial decisions. For example- we are hiring a new ED. There has been a lot of discussion over what to pay this person. A relevant data point is obviously our net income last year, and our current TRNA- sure would have been nice the figure we were working off of were anything close to actual. But it was an unqualified opinion, so no one else on the board was really worried, or even read much of it. The auditors were polite, and not really worried, because of course they weren't. They want to be hired again next year, and technically they've done their job correctly.

    One of the suggestions from the auditor was more financial oversight of the finance staff member. It's pretty hard to give financial oversight when I know that the interim balance sheet she is presenting me is complete garbage. I am familiar with a remote hosting solution called QBOX, and suggested to the chair of the finance committee that we give it a try. We could move the file to QBOX, create a read-only login for me, and I could log in periodically to see where we are, check that items are being completed, and make recommendations- have the 941s been filed? Okay, excellent. Why are we showing a net loss of $117K, what hasn't been booked? Oh, look, you didn't release the funds from TRNA, why don't you go ahead and do that before you call last month closed? I know it's unorthodox, but #1, it's read-only, and #2, we don't have the money to hire anyone additional, so if we're going to get into better financial reporting shape for next year, it's gonna have to be done by the board.

    I asked the finance staff member to get the file moved a few times over the last month, and just didn't feel any urgency from her on it. Finally, I set up the account for her and sent her an email with instructions on downloading and hosting. She replied back that she had "reached out to several professionals in the non-profit world to get additional feedback. The consensus among them is that no board member should have direct access to accounting files. The Board purpose is to govern, not manage. Giving you (or anyone else on the Board) ongoing unlimited access to QuickBooks would put the organization at risk. If there are questions you need answered, related to your role on the Board, I am happy to provide any detailed reports you request."

    Put us at risk? Of what?? Slightly fewer adjusting entries next year? Net income on the final financial statements within $20,000 of what was presented to the Board?

    Am I totally off base here? I am struggling to make my concerns clear to the Board, who are mostly bored by finances and happy to accept the "clean" audit report. We need more financial oversight! I am trying to provide more financial oversight!

    Sorry to get heated. I would appreciate hearing from those of you who have served on non-profit boards, or who audit NPOs, about your thoughts on this situation and any suggestions about moving forward.

    submitted by /u/10tenkey
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    Any fellow bullet journal keepers? 7 days 'til FAR

    Posted: 28 Feb 2019 02:42 PM PST

    Lost af intern

    Posted: 28 Feb 2019 12:53 PM PST

    Im a b4 intern. Im just so fucking lost on everything. I have shitload of workpapers to finish before my internship ends in less than a week. Wont finish them for sure. None of the associates can help me because they never worked on the stuff im doing. They look at the prior year workpaper and says "holy shit what are you working on" Its a small team compared to my last one, so i feel like the expectations are higher for me to carry my weight. My last client literally had 0 work for me. The budget has been blown hard already. I ask plenty of questions but still lost af. Wtf should i do?

    submitted by /u/Bzszn
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    When I was in school all I wanted to do was audit manufacturing companies.

    Posted: 28 Feb 2019 12:41 PM PST

    What a fool I was. Regulated industries are the way to go kids. Less mess. Less stress.

    submitted by /u/TickAndTieMeUp
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    Critical thinking and accounting

    Posted: 28 Feb 2019 05:51 PM PST

    Hey ya'll, I'm a graduate student studying how organizations value and develop critical thinking. Since I also work in accounting, I think this is especially interesting for accountants, since there is often a misconception that accounting is procedural and not a critical or creative form of work, in my experience. I'd very much appreciate it if you would take my short 9-question survey. Or, even better, if you'd be willing to let me interview you, please send a PM! Thanks!

    submitted by /u/jmila
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    Raccoon going crazy with an abacus

    Posted: 28 Feb 2019 02:30 PM PST

    Career Advice [CAN]

    Posted: 28 Feb 2019 05:21 PM PST

    Hey I'm facing a bit of a dilemma and am hoping I could get some constructive advice.

    Here is a brief synopsis of my current situation.

    I've worked in the same very small public accounting firm for the past almost 6 years.

    I've completed my CPA and should be eligible for a public accounting license. This, and assurances from the partners where I work put me on track for partnership in the next 3-4 years.

    I can honestly say that I really enjoy most of the work that I do. I am and am treated as a valuable resource on pretty much every topic we deal with from financial reporting to tax planning. I really enjoy this aspect of my job.

    However I am a little leery about becoming a partner. Obviously the increased earning potential would be great. But I'm not particularly fond of the idea of the other staff in the office working for me, based on personalities and work ethic, etc. I'm also less fond of the idea of being the person to bill people. It's not a dynamic I'm particularly comfortable with. As well partially due to being very small, it is a very unorganized office as a whole and needs some significant work to get it to an appropriate workflow.

    I have come across a job posting recently that is really enticing to me. It's an appropriate level of seniority for someone with my experience in the general accounting department of a subsidiary of a public company. The duties of the job would draw on some of the aspects I really like about my job such as being a resource and being relied on, etc. The pay is a fair bit better now, but barring significant promotions wouldn't match the partner earnings.

    Any input would be greatly appreciated thanks.

    submitted by /u/sugarbaron22
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    Industry Vs. Big 4 Question (Student)

    Posted: 28 Feb 2019 10:29 PM PST

    I'm a fourth year student (still have one more year to graduate) and I am conflicted between working in Industry or public accounting to get my CPA. Some brief background information about me is that I have about 1.5 years worth of accounting industry work experience (1 year co-op and 2 summer internships), and my GPA is currently around a 3.6. If i were to go into public accounting I think I would eventually leave to go into industry anyways because I don't want to work the long hours. I just switched from a finance major in the fall so I went through fall recruitment. I've networked with mostly EY and Deloitte, and I actually received an interview with EY last year for their spring recruitment (didn't get an offer). I also applied this fall for a summer internship, and again, I got denied. After not making it into EY, I was pretty bummed and upset because they rejected me twice, but I continued my job search and applied to various companies within the industry. To my surprise, I had many companies call me back for interviews. The company I took an offer with for the summer named the position a "CPA Student" summer position. I'll be doing internal audit at this company and they also have a pre-approved CPA program since they are a large company.

    ​

    I've got a couple questions for you guys. Why is it that I am finding it much easier to find jobs within the industry than in Big 4? People I've networked with say that your GPA and experience matter. I have a decent GPA and I have a good amount of work experience, but people I competed with had no relevant accounting experience. I'm not sure if they were 4.0 students, but they didn't seem like the types to be 4.0 students. I'm just confused why I've been rejected twice against people without relevant experience. I even got rejected for someone who isn't even an accounting major (he was finance), and he wasn't even planning on doing audit.

    ​

    I also have a second question, considering that this company I'm working at this summer has a pre-approved CPA program, should I check after this summer if I can work full time? I feel as if I'm on such a short time constraint because it's spring recruiting right now, but at the same time, I don't know what to do. I've been reading other posts about the difference between Big 4 and Industry CPA, but I would like more insights if possible.

    ​

    Thanks for taking the time to read.

    submitted by /u/kilroy1812
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