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    Accounting Partners after you put in your two weeks

    August 06, 2019

    Accounting Partners after you put in your two weeks

    Partners after you put in your two weeks

    Posted: 06 Aug 2019 12:44 PM PDT

    Got the FT offer! / Life changing moment!

    Posted: 06 Aug 2019 08:18 PM PDT

    *as I'm writing I realized my handle should be "TypicalIntern" not "StereotypicalIntern•

    We did it! Got the Big4 full time offer now that the internship is wrapping up. I know the hours are gonna be crap, and the pay will be crap compared to hours, but damn it feels amazing!

    First person in the family to attend college, first person to get a college degree (1 semester left), and first person to have an actual career. Worked my ass off for this and it paid off!

    Thank you for attending my Ted talk.

    Edit: thanks for the love! 🙏

    submitted by /u/StereotypicalIntern
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    For all my tax peeps out there

    Posted: 06 Aug 2019 05:00 PM PDT

    The corporate world hasn't changed much since the 60s

    Posted: 06 Aug 2019 05:05 PM PDT

    Yeah sure, let's put in a new structure during busy season

    Posted: 06 Aug 2019 01:22 PM PDT

    Is going for CPA certification worth it if I'm not looking to become an auditor or tax accountant?

    Posted: 06 Aug 2019 02:45 PM PDT

    I'm currently in my senior year of my bachelor's program (FSU), and up until now I've been dead set on doing the master's program afterwards so I can sit for the CPA exam. However, I've recently begun to learn that auditing jobs have very poor work-life balance, even outside of the Big Four.

    Work-life balance is something that's more important to me personally than the higher salary that auditors earn (I'm fine with working a few hours overtime for a couple of days a month if necessary, but I don't want to go much further than that. 80 hour crunch weeks aren't appealing to me, lol.). Therefore, I'm starting to consider just going for staff accountant positions, or even going into a different business-related position that my skillset is applicable to. Will the advantage that having a master's and CPA certification will give me in the market for these positions worth the time, money, and effort it'll take to get one?

    I'm already incurring a lot of debt to go to college for my bachelor's, and I want to work to get rid of it as soon as possible.

    submitted by /u/ProfessorBadvibes
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    [CAN][CFE] My CFE reddit gods, please motivate me

    Posted: 06 Aug 2019 02:30 PM PDT

    It's August 6th. I have been off work since July 18th. I have done maybe about 10 day 3 cases by now and I feel like I am not getting anywhere. I would pick up an old UFE case as suggested on Capstone 2 and boy oh boy I have no idea how to write them. This morning I picked up 2 old UFE cases. I don't know how the fuck can I write those in 75 minutes. So I just ended up reading the solution.

    This shit scares me. I really don't want to rewrite. I am not lazy. I always study from 9-4pm and 7-10pm everyday.

    I am not planning to have a study buddy as I don't really do well studying with someone else. I also don't have the fortune to buy a third party service. So I am mostly really just relying on capstone 2 practice cases. I read someone did the same and failed. That person went through all the practice cases as laid out on capstone 2 but still failed. I think that part demotivates me. I am scared. I think that's the right word.

    How many cases should I write in a day? Can I just write cases and pick up technical along the way?

    Any words of advice will be greatly appreciated.

    submitted by /u/krungy7
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    You guys suck too! It's not just the clients.

    Posted: 06 Aug 2019 11:41 AM PDT

    So I work in industry in a small firm. One of my responsibilities is working with our external accounting team for the year-end financial statements. I've worked in my current role for 3 years and overseen 3 year-ends with 2 different accounting firms. Guess what, y'all suck too!

    Both our accounting firms have done the following:

    1. forgotten crucial elimination entries
    2. forgotten to send us the actual finalized statements; we'd have only received the final draft with the watermark and asked for the finalized statements without the watermark and never received it until months later when we remembered again
    3. lost documents (luckily mostly electronic) that we have provided them, requiring me to either track it down or re-create it
    4. neglected to respond to emails for multiple weeks until more than 1 follow up email is sent (emails coming from executives mind you and not piddly financial analysts like myself)
    5. asked questions previously answered

    I've read enough posts on this page insulting the client, and while I find it hilarious and often forward it to people I know. You guys need a piece of humble pie sometimes, because like I said, you guys can suck too. Rant over.

    PS I don't really think you all suck, just that you can suck. Love you still :) k thx bye.

    submitted by /u/pinkstickynote1
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    Interning somewhere after singing full-time somewhere else?

    Posted: 06 Aug 2019 09:37 PM PDT

    Is it wrong/unacceptable to apply for internships when you've already signed a B4 full-time offer? I have signed full-time but my start date is far off in the future. Therefore, I still have next summer free and would like to do something accounting related for experience but also to make some money before I start full-time. Does anyone know if the B4 have any rules about this not being allowed? Also, is it wrong of me to apply to intern at a company if I have no ability/intention of being a full-time hire for them?

    submitted by /u/AvailableBar4
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    Does anyone own their own firm? What kind of net income could you expect?

    Posted: 06 Aug 2019 08:51 PM PDT

    I'm wondering what a small firm with only 1 or 2 tax accountants and a few hundred individual and small business clients could make annually? I've worked for a couple in the past and I'm curious what kind of net income an average small firm could make. Maybe they do a bit of bookkeeping/payroll/financial planning on the off season? Any insights would be appreciated!

    submitted by /u/quentin_taranturtle
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    I'm taking a 15yo for work experience on Friday, what's a good activity I can set them up with for a couple of hours.

    Posted: 06 Aug 2019 09:26 AM PDT

    She is completely new to accounting, it's a partnership thing with a local school.
    It doesn't have to be "real" work, just something I can occupy her with and hopefully teach her something in a way that's not embarrassingly boring.

    Any ideas?

    submitted by /u/Dont_Prompt_Me_Bro
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    Should I put B4 Summer Leadership programs on resume when applying for FLDP related internships?

    Posted: 06 Aug 2019 04:48 PM PDT

    Not sure if it would help me or hurt me. Shows I successfully went through B4 recruiting but might suggest I'm not interested in corporate work or that I wasn't good enough to get an internship offer.

    Also wondering what the ethics of applying for these internships are given I have to accept or decline my B4 internship well before many of these positions are even posted.

    Thanks!

    submitted by /u/peachesncream99
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    Do you think Managers, Directors, and Partners can tell who will move up based on first impressions of new incoming class?

    Posted: 06 Aug 2019 06:18 PM PDT

    Do you think Managers, Directors, and Partners can tell who will move up based on first impressions of new incoming class?

    submitted by /u/guessmythrow
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    I start my audit associate big 4 job next week. Someone hype me up because after lurking on this sub for a while, I’m starting to dread what I’m getting myself into

    Posted: 06 Aug 2019 08:26 AM PDT

    Tell me what to look forward to!

    submitted by /u/jeffreysusann
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    How to look important in your weekly tax meetings.

    Posted: 06 Aug 2019 10:24 AM PDT

    Don't know what kind of roles I should apply for

    Posted: 06 Aug 2019 07:36 PM PDT

    I have almost 4 years of experience, 2 years in B4 external audit and another 2 as an intermediate internal audit staff and I am almost licensed as a CPA. I thought I wouldn't struggle with finding an intermediate to senior accounting role with the experience I have but my job hunt has been shocking. The only people who call me back are small audit firms looking for external audit/internal audit seniors (I am talking really,really small firms like with 5 to 8 people) and one entry level financial analyst role. Even working with a recruiter, he is just putting me forward for staff accounting roles. I could have gotten these kind of roles straight out of uni but instead I am applying for a staff role with almost 4 years of experience.

    In the meantime, my cousin and ex-audit senior who I was close with back in the day, left as seniors from the same firm into controller and finance manager positions at smaller companies. They only had 2.5 years of external audit experience but they waited for the promotion before leaving. My cousin knew the owner of the company so that's why he was able to become the controller but my ex-senior was recruited directly into a finance manager role.

    I find it hard to believe that someone with only 6 months more of audit experience than I did is somehow more qualified to be a finance manager and I can't even land a intermediate accountant role. We were pretty much on the same clients so I know our technical skills and work ethic are about on par with each other and I think he would say the same as well.

    At one of these interviews at this small firm, I met another candidate who was applying for the same job as I was. We were just talking while waiting for our interview. I was surprised to find out she also had 2 years of audit experience also at the same firm I was from, and experience as an internal auditor at another huge and well-known company in our area and several more years after that as a self-employed accountant and was fully licensed. She was also really friendly and personable. Yet, we were interviewing for the exact same role even though she was like probably 3x more experienced than I was.

    Going for that interview was like looking into the future and it scared me. I don't want to be stuck at a close to entry level role going nowhere in another 5 years and still lost in my career. By this point I feel like if I had skipped audit entirely and searched harder for a staff financial analyst role right out of uni, maybe I'd be in a better place than I am in now despite going the conventional path. It's hard to not feel discouraged. I don't even know what I should be doing now, if I should just take the first thing I find,keep looking or should I really change careers cause accounting work at the bottom is really mundane and I don't know how much longer I can take it if I am always going to be stuck here.

    submitted by /u/yuoal
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    Do seniors/above actually 'review' your work in public?

    Posted: 06 Aug 2019 12:42 PM PDT

    Hey y'all

    I made this throwaway because I feel like there's way too much personally identifying info on my main, but I've been sitting on this question for a while and felt the urge to ask it.

    Do senior staff (or higher) in PA actually 'review' your work, or just check the box, because I'm deathly afraid of the mistakes I may make in my first year of public accounting.

    For context, in-between my PA start date and graduation I've been working as an accounting assistant for a small community college in a Texas major-metro. I've been working here for a little over a year, but was part-time while in school. Originally, I did very basic assistant-type work (stamping checks, entering data, etc.), but over time I've been given increased responsibility around the office - to the point where I'm actually generating invoices, billing customers, and doing budget tracking. Don't get me wrong, I appreciate the additional responsibility and am grateful to my supervisor, but I've noticed that for all intents and purposes she's basically stopped reviewing my work. She'll occasionally glance over it if she's required to sign somewhere, but usually I'm expected to do everything from preparing/manually entering the raw data, creating invoices/documents, to distributing them to customers - with little-to-no supervisory review work in-between. I've also been told to open checks/receivables, record the amounts, and make the deposits, which to me seems like a major internal control deficiency.

    Because of the increased risk, whenever my supervisor asks me to do something I've started repeating it back to her to verify that I've completely understood what needs to be done, or by making notes in a notepad, but even then I've had a few screw-ups (either mistyping a number (there's a high volume of manual data entry because our infrastructure is ancient and my supervisor has only basic Excel knowledge) or through miscommunication between myself and my supervisor. I've been chewed out for most of these and have happily taken the blame, but I can't help think that if there were an actual review process they would have been caught sooner.

    Again, I could just be a little bitch, but objectively I'm 22 years old, have no idea what I'm doing beyond what I learned in undergrad, and yet I'm still responsible for billing customers thousands of dollars. I've started reviewing my own work several times over before submitting it, but I'm still worried something may result in a screw-up and cause a major issue.

    I know this has turned into a kind of rant/vent, but is a lack of supervisory process something I'll have to worry about in PA or could it just be my organization?

    Tldr: Are senior staff in PA actually expected to review their juniors' work? In the small chance that I do screw something up, is there a safety-net in-place to catch the mistake? Am I just being a little bitch?

    submitted by /u/StupidAcctQuestion69
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    Reviewing for FAR in a few days. I feel like I have got most things down. For some reason long term notes payable/receivables seem to be going over my head a bit. Anyone got some tips/ a short run down of the topic that could help me?

    Posted: 06 Aug 2019 11:02 PM PDT

    I feel like Dwight at the company I work at because it’s my first full-time job in accounting after graduating:

    Posted: 05 Aug 2019 11:21 PM PDT

    CISA certification

    Posted: 06 Aug 2019 05:02 PM PDT

    I've been interested in the CISA certification and I currently work for EY in assurance. Has anyone else been in my shoes and can offer any pros/cons to spending the time studying and taking the CISA? I already have my CPA so this would an additional certification because I'm interested in IT Audit

    submitted by /u/scorkett
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    Dental Benefits at B4

    Posted: 06 Aug 2019 01:12 PM PDT

    I've always heard that Dental benefits are great at B4 (I am currently in private), but I wanted some prespective.

    Lets say if I wanted to get ceramic braces or something, how much will I typically end up paying out of pocket?

    submitted by /u/AccountingFan
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    Any Financial Analysts in the Sub?

    Posted: 06 Aug 2019 12:19 PM PDT

    I'm looking at a slot as a Financial Analyst. I've done most of the job description (accruals, adjustments, daily flash, status meetings, requisition approvals) but I've never been in an analyst job.

    What else should I know about FP&A? How is it different from industry staff?

    Thanks to the beautiful people who answer

    submitted by /u/justn_thyme
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    Tax question in M&A

    Posted: 06 Aug 2019 10:19 PM PDT

    Hi guys,

    When Bidder acquires Target company above book value, Target assets are adjusted to their Fair Value thanks to write-ups/downs then statements are combined.
    I understand that under Stock Purchase, DTLs are created as Tax accounting doesnt allow for these assets write-ups to be used to lower the taxable income. Book and Tax books should converge over time.

    However,
    1. Wouldnt Bidder benefit anyways from higher D&A post transaction from tangible assets written up which in turn would lower taxable income? (but no tax benefits from Intangibles and Goodwill in the case Bidder is a public company)

    1. In case Bidder is a private company, it can amortize goodwill under GAAP, so doesnt that also reduce taxable income? (or it just "magnifies" DTLs as cash tax payment wont change despite D&A being higher?)
    2. If I got 1 & 2 right, wouldn't that mean that Private companies benefit the most from doing M&A as they can claim higher D&A from assets AND amortize goodwill? Or it all doesnt matter because the cash tax payment recorded in the Tax Book is what really matters vs Book accounting?

    Thanks

    submitted by /u/Choubix
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