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    Accounting I’ll just leave this here

    June 09, 2019

    Accounting I’ll just leave this here

    I’ll just leave this here

    Posted: 09 Jun 2019 10:52 AM PDT

    When we follow the same logic as communist Russia

    Posted: 09 Jun 2019 05:04 PM PDT

    Yup

    Posted: 09 Jun 2019 11:44 AM PDT

    When the intern is explaining they're workpapers

    Posted: 09 Jun 2019 08:24 AM PDT

    Advice from a B4 audit manager...

    Posted: 09 Jun 2019 06:28 PM PDT

    Don't stay until manager, leave at senior with a CPA and you've unlocked most of the value of having B4 audit experience on your resume. I drank a bit of the kool-aid and bought into the notion that the best time to leave B4 was after doing a busy season as manager and now that I'm looking for jobs, a lot of them are pretty similar to what people who left as seniors current job titles are (that is most of them have been promoted since the first job they left for, either internally or by job hopping again). It's possible to get really good jobs at the manager and senior manager level that you may not otherwise be able to have gotten, but you really have to do some networking and try to create that job for yourself - which is something that most people can't do. So if you're most people your fine leaving right after the senior promotion unless you want to take a run at partner.

    submitted by /u/big4throwaway199
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    Someone is not telling me the secret job opportunities in Toronto. All I know is to bring a 4 cream/4 sugar Dark Roast medium Tim Horton's coffee for my boss at 10 am while making 15/hr.

    Posted: 08 Jun 2019 10:02 PM PDT

    New Controller "doesn't do vlookups"

    Posted: 09 Jun 2019 07:58 PM PDT

    Hi Reddit,

    Quick question--is it possible to work in private industry accounting for over 20 years and not know vlookups, how to refresh a pivot table, or even enter a basic formula?

    I work for a start up and we just hired our first senior accounting position. We didn't do a background check because we're a chaotic, disorganized start up, but this person was hired to take over the mediocre reports I've built and make them better/ scrap them all together and make new ones with more analytics.

    I've only worked for two other companies in accounting, but the controller and CFO at my last company were both extremely Excel savvy.

    I was showing this new person how to do a simple report and she stops, looks at me and says, "I don't do vlookups." I was shocked and figured, no biggie, I'll just show you. In talking her through the formula, I realized, she doesn't even know how to enter a formula. She kept forgetting to put the equals sign.

    Is this possible?? I know when you're heading up a team you're a little removed but--she doesn't know anything.

    Claimed to have QuickBooks desktop experience and didn't know how to add or match a transaction from the bank feed. I get that we're using QuickBooks online but I feel like most accountants can pick up any system relatively quickly.

    She told me she "knew pivot tables" but didn't know how to repoint the data source or refresh the table.

    Should I be worried that she's a total fraud?? Her resume claims to have over 20 years of experience in accounting and an MBA from the University of Phoenix. It's been less than a week but I just can't get over this feeling like she's a big fat pants on fire liar liar liar.

    Thoughts? Feelings? Advice?

    TLDR; New controller doesn't know excel from a jelly donut. Kept forgetting to put the equals sign when I was trying to teach her vlookups. Are there any other controllers out there that don't know excel?? Or should I be worried that her whole resume is a big fat lie?

    submitted by /u/bystander8000
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    The rules have changed (semi-rant)

    Posted: 09 Jun 2019 04:24 AM PDT

    Regarding the current state of the profession in CPA firms, am I alone here or has anyone else noticed that the rules have changed and the goal posts are constantly being adjusted? I am a manager at a mid-sized, national firm and between the obsession by the partners for everyone to be constantly utilized (in essence causing staff shortages), engagement realization while offering lowball fees to the client to get them to sign on the dotted line (backing you into a corner engagement budget wise), the pressure they have on their shoulders to bring in business which leads you being busy 24/7/365 and all of the extras the top brass want you to do in order for you to stand out (training staff, writing articles, doing presentations, networking), it seems almost impossible to make partner today. Its a black box on purpose. Now, I am light years away from being partner, but these are the things I keep observing time and time again. I have seen several senior managers burn out because depending on the partner they work for, its never good enough once they have engagements with a different partner and don't fit their style.

    ​

    Based on what partners have told me, it was easier to make partner back in the day. If you hung in their long enough you were essentially admitted to partnership. The industry wasn't focused on realization and utilization, busy season was from January through April and died down in the summer it was not this around-the-clock mayhem that it is now. Additionally, there were not all of these extra initiatives you needed to do in order to politic correctly within the firm. I've had several partners tell me off the record that if they had to make partner today in what we are having to do, they wouldn't be able to do it. That is a HUGE red flag.

    ​

    Additionally, it seems that the partners don't want to bring anyone up to their level and admit them into the partnership for their own greed's sake (diluting their shares). I work for one partner in particular that has one of the largest books of business in the firm, yet he is stressed out 24/7 but is more or less greedy......he's not a fan of bringing people into the partnership because he doesn't want to offload any of his book at all to someone, even though it will make him less stressed and increase morale if they bring someone up to partnership. It seems that he, and other partners, just keep moving the carrot in front of you so you can complete their work and deliver a completed audit binder so they can issue the financial to the client and collect the fee.

    ​

    Now, I know I am not breaking any new ground here. You would need to be incredibly naive to think that the way this business operates its all fair and contingent upon how hard you work. Politics are a GIGANTIC factor. Having a business case is a GIGANTIC factor. I guess what it just comes down to is how out of touch are these partners? They do nothing but say how we need to become advisors, yet don't teach us, keep up busy 24/7 (its June and I am working all weekend) which is actually detrimental to our growth because we are busy for busyness sake and are now starting to deal with Generation Z being the staff coming in (which from what I can see are way too entitled to work in a professional services type of environment) which they do nothing but pander to. I feel like when it comes to the profession itself, I am on the Titanic and we are heading towards the iceberg. How is this sustainable? The generation Z comment can go deeper but I don't want to become the angry old man here and lose sight of the point I am trying to make (or god forbid become the personification of the Principal Skinner meme "Am I out of touch? No, it's the children who are wrong").

    submitted by /u/NYCPA88
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    (Serious) Accountants in public practise with social anxiety, how have you dealt with it?

    Posted: 09 Jun 2019 07:13 PM PDT

    FAR... I can't do it... About to quit

    Posted: 09 Jun 2019 09:55 AM PDT

    I just graduated from school and started my journey towards the CPA. I've always earned decent grades in my Accounting courses and naively began studying FAR with the assumption it would be a cake walk... Obviously my ego was quickly shut down after the first week. I was shocked by the shear amount of content covered on this exam.

    I use Wiley and spend around 40 minutes per assignment (263 assignments in all) (watching the lectures x2 speed, reading the book, and taking notes). When I get to the mcq's, I score around 60-70% every single time. And even after spending all this time, I know if I were to look back at the material I covered, a lot of it is not retained.

    The amount of material covered in FAR is my biggest concern. I just began working on the consolidation section and it seems as though all of Advanced Accounting is smooshed in 60 pages. These 60 pages in addition to the videos will take me 2x the amount of time as any other section. I'm 9 days in and have only read through 140 of the 1000 pages in total. I'm behind my goal and completely discouraged... Is this a normal reaction or am I in dangerous territory here...

    Really would appreciate advice

    submitted by /u/NyteKrollers
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    What are some drawbacks of being an accountant?

    Posted: 09 Jun 2019 04:46 AM PDT

    Extra: What made you keep wanting to be an accountant despite the drawbacks

    submitted by /u/raixuz
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    Partner at a small accounting firm reached to me to take over his firm in 2-3 years.

    Posted: 09 Jun 2019 08:55 PM PDT

    Hello everyone.

    I'm a CPA for about 7 years now. I did 5 in public accounting at a medium sized firm (tax, audit and counseling), then switched for a financial analyst position in an international company. Oh and I just turned 30.

    I left my initial firm job because I was getting the biggest clients and they were all exhausting audits. I loved personal tax, company tax, compilation and reviews. The boring audit work wasn't there and I was closer to the clients. With audits, it was the firm's partners who counseled the clients.

    Two summers ago I has enough and applied for a financial analyst position at a publicly traded company. Holy crap are the conditions good. 35-40 hr workweeks (no more 60-70), about 50% better compensation and a whole month of paid vacation.

    My personal quality of life improved significantly. Plus both jobs are in the same city, meaning the compensation increase becomes all supplemental available revenue.

    I'm definitely comfortable where I am and I could easily stay for life. I could stay analyst all my life to keep stress low (but pay then pretty much only follows inflation) or I could battle for a manager and higher job, but stress and workload would increase. The choice will always be there.

    However, I do miss counseling different clients from the region. It was definitely fun seeing different companies grow and help their owners take important decisions.

    This partner that reached out is a good family friend and my grandmother had a great relationship with his own mother. He's the sole partner in an about 7-10 employee sized firm. He seems to have a solid, regular clientele.

    I'm actually in a deep process of thinking. I'm meeting the partner soon again for lunch and will ask for financials.

    I'm definitely not 100% comfortable with all of this at this very moment, because I'm fine where I am, but I see this as a once in a lifetime chance. Very high risk, very high reward.

    Here is where I'm reaching out to you guys, any opinions?

    Thanks for reading.

    submitted by /u/PKSubban
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    Do I really want this?

    Posted: 09 Jun 2019 03:13 PM PDT

    How can I figure out if I really want to be an accountant? Right now I'm majoring in Accounting and I didn't really think about careers. I just took classes and ended up here because I was in a rush to start making money.

    Is there such a thing as volunteering to learn about accounting? Any ideas or insights? Thanks!

    submitted by /u/The-Protege
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    When will we find out about promotions at EY this year?

    Posted: 09 Jun 2019 07:57 PM PDT

    Do you think over summer? Or later on (since our comp discussions got pushed back last year anyways).

    submitted by /u/New2thiz11
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    Why does B4 treat their interns so well but then their 1st years like crap?

    Posted: 09 Jun 2019 07:32 PM PDT

    Got placed into SALT and want to switch. I start next month.

    Posted: 09 Jun 2019 09:16 AM PDT

    I'm at a modest-sized Big 4 office, about 200 people total, and about 100 in tax. They asked for our top 3 priorities out of 6 groups/departments and apparently I was placed into state and local tax, even though it was not even in my top 3. I would rather have any of the other 5 really, just because I don't see a future doing state and local tax returns and it seems relatively insignificant and finnicky. Any thoughts? Is this sort of thing flexible?

    I've never worked or interned at the Big 4 before, and this will be my first day at a full-time job after having just graduated from grad school.

    submitted by /u/Flip5ide
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    Low Utilization and feeling stuck

    Posted: 09 Jun 2019 07:03 PM PDT

    Anyone ever deal with piss poor utilization? I started in January at a middle-market firm after graduating in December. I was only given enough opportunity to hit budgeted hours one month this year, March, which of course makes sense since it's the heart of busy season.

    As staff we are able to view each other's hours and utilization via CCH. I am the bottom rung for associates as far as hours billed, but near everyone else in hours clocked. All other associates have as much as 45% higher in productivity. Of course admin time doesn't mean anything, but I have that going for me. I have been doing everything I can to get work since starting, and it has thus far been a futile attempt. I try to make an effort to research tax issues as well so I'm not just staring at the screen. I feel that times when work was slow, most business returns have been funneled to someone who graduated when I did and started when I did, and I sometimes feel like a whiner when I complain about nepotism, but it's almost definitely due to the fact that his father is in management. So I mainly worked on individuals since January. I feel that I am not only losing an opportunity to show my worth, but especially in building experience to become more proficient in the job to prepare for September and October and next busy season.

    I would most definitely start looking elsewhere, but I feel the reason holding me back is the fear of background checks. I can get my record completely expunged this September after 5 years of not drinking my weight (or any at all) in booze and getting into trouble like I foolishly did in the early years of college. I am also waiting for this to happen in order to take the CPA exam, though I have unlimited access to Becker study materials now. This was unfortunately why I decided to work with this firm, a sure thing, and not go for the 6 other firms I had second round interviews with (in B4, Mid-tier, local, SEI). It's also why I wasn't extended an offer from a mid-tier after interning with them last year, as I found out recently. It's a hole I dug myself into unfortunately, and it came with less pay compared to other firms in the area.

    On top of that, 4 people have been let go within the past month, although I am not certain as to whether it was performance reasons - I was only told they were let go. I recently had my review and got a 3/5 (meets expectations), and when hours were presented as lacking I was a bit upset. There are days I have billed as little as 0 minutes, and as low as 15 minutes since 4/15. I understand Summer is slow, but other associates complain of little work but seem to average 5-6 hours.

    More of a rant than anything. If anyone has been in such an odd situation or has a bit of advice please let me know.

    submitted by /u/Bum_In_The_Park
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    How to be a stand out audit intern?

    Posted: 09 Jun 2019 10:14 PM PDT

    I am soon to start my audit internship at a big four accounting firm. How can I make sure I stand out, get a full time offer and still remain likable?

    submitted by /u/redditherring54321
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    How hard will it be to work at a big 4 in the bay area?

    Posted: 09 Jun 2019 02:41 PM PDT

    I'll be going to UCSB starting this summer for economics and accounting. I was wondering how easy it would be for me to be recruited at a big 4 in the bay area. I will be doing extracurricular activities as well, but I just want to know what would I have to do?

    submitted by /u/UCSBalumni300
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    General Depression About Recruiting lmao

    Posted: 09 Jun 2019 09:58 PM PDT

    I'm a student that just finished second year at a Canadian university, and it's the tail end of spring recruit rn, where most of the firms are doing interviews and gearing up for offers. I guess I bought into the networking thing too much, and went to a lot of events for one specific B4 firms because they had the most events, and then invited me to a bunch of them. Talking to people there, they said the people they invite to that event are usually picked at interns for the next year.

    Fast forward, I finished my first round interview which I thought went well, and they rejected me. I understand that they have a shit ton of applicants and everything, but I guess I'm just sad about not getting it because people are always saying how important networking is, and now that the firm I've networked with the most and have met the most people from has rejected me, I'm wondering about my chances with other firms.

    Shortly after hearing back from the first B4, I head back from two more rejecting me. I know that there's still the fall recruit, but I don't know much about how that works. I know it's not all about the B4, and other firms are great too, but I haven't heard back from anything either.

    I guess I'm just asking for advice about fall recruit and other people's experience with networking and summer internships/co-op in Vancouver? Thanks for reading lol

    submitted by /u/help-me-idk
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    148/150 hrs req, 10k bonus on line Aug. Any Self-Paced Classes?

    Posted: 09 Jun 2019 07:25 AM PDT

    Hi mad lads,

    I recently passed the CPA exam and filed for my initial license. State Board shot back and explained I'm short on educational hours. When I look into, they're right. I'm short 2 freaking hours. Deadline for the firm's bonus is August 13, I'd like to take an online class to make up the gap instead of spending all my new found free-time crying.
    All of the Universities I've looked up have a mini-session stop date of August 11 (August 5 for Strayer) which is too close to deadline for the board to process it. Are there accredited, online classes I could take to make up the hours but just bang out the course? Like self-paced, online courses on basket-weaving?

    Thanks,

    submitted by /u/missmka
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    Start client fieldwork tomorrow - Big 4 Summer Intern

    Posted: 09 Jun 2019 01:52 PM PDT

    Hi all,

    I recently received my client schedule for the summer and I begin on a 3/31 year end audit tomorrow and a 6/30 year end audit in July. Should I expect to be working busy season hours or do you think I will be capped at 40 hours still. Both clients are decently sized private jobs $1-3 billion in revenue.

    Thanks!

    submitted by /u/accountingstudent98
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    Any way to tell when becker materials get updated?

    Posted: 09 Jun 2019 03:17 PM PDT

    I want to start studying for auditing to test in July. How can you tell if there is going to be any updates to the book? Such as A new version?

    submitted by /u/throwaway4uses
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    I have finally reached the pinnacle of private accounting and now have my own office. Now, WTF do I put in it?

    Posted: 09 Jun 2019 02:55 PM PDT

    its a decently sized office and has an L shaped desk that maybe takes up a 3rd of it. Corner office so it has windows on 50% of the sides.

    Any suggestions on what to put in there? Looks bleak af with only 1 picture of a building on the wall from the 1970's. everything else is just empty space.

    submitted by /u/BurningTrees
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