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    Accounting Do you bill your tears to the client?

    April 07, 2020

    Accounting Do you bill your tears to the client?

    Do you bill your tears to the client?

    Posted: 07 Apr 2020 11:53 AM PDT

    The Partner called me...

    Posted: 07 Apr 2020 08:00 AM PDT

    Thought he was going to fire me but he said, "AmyWhino1986, you are going to be very successful at this firm. I've gotten a lot of positive feedback from your team. Keep up the good work!" Then he asked me how WFH was going and if I have everything I need. And that was it.

    At first I was relieved I wasn't fired then I was flattered but then again I wonder if it was just empty praise and he said this to everybody. I did do a lot for the team, automated workpapers and documented the tax preparation process. I'm having the worst imposter syndrome right now.

    submitted by /u/AmyWhino1986
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    This sub feels more like an audit sub than actual accounting sub

    Posted: 07 Apr 2020 09:15 AM PDT

    I dont know but after being in this sub for a few days it feels like this sub is more of an audit sub for Big 4 staffers. I was under the impression there are different kinds of accounting but it seems everyone in this sub is from Big 4.

    submitted by /u/BF5lagsssss
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    KPMG staff working 6pm-6am ET to process SBA loan applications for one of the big banks. RIP.

    Posted: 07 Apr 2020 04:30 PM PDT

    Just got the email. ~1500 US on loan staff. Just when wfh was getting real comfortable...

    submitted by /u/sandwich_helo
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    PwC Canada now offering voluntary hour adjustments/leave of absence

    Posted: 07 Apr 2020 02:55 PM PDT

    PwC Canada has now expectedly joined the rest of the B4 in offering a voluntary hour adjustment/leave of absence program.

    As stated by Nicolas Marcouz, CEO:

    "As we continue to manage through the COVID-19 situation, we recognize that continuing to work your usual hours is challenging for some of you. This might be for a variety of circumstances, including increasing childcare or other caregiving responsibilities, or the fact that the nature of your role makes it difficult to carry out work remotely.

    On that note, we're offering the below voluntary programs to give you greater flexibility. These programs also provide PwC Canada additional flexibility to manage our capacity as a firm throughout the COVID-19 situation.

    The programs are as follows:

    • Voluntary Hour Adjustment Program (hours and pay will be adjusted from May 1 to September 15). The adjustment options available are:
    Hours Worked Adjusted Pay Received
    a) 80% 84% (80% base salary + 4% prorated bonus paid at the end of the program)
    b) 60% 66% (60% base salary + 6% prorated bonus paid at the end of the program)
    c) 45% 55% (45% base salary + 10% prorated bonus paid at the end of the program)
    • Voluntary Leave of Absence Program (You will continue to be eligible for flexbenefits coverage for up to a maximum of six months during the unpaid leave, and are required to cover the cost of your share of your benefits premiums while on leave. You may also be eligible for payments under Federal programs such as the Canada Emergency Response Benefit.)

    Let me emphasize that these programs are entirely voluntary.

    Please also understand that participation in these programs will require approval from or consultation with your national Line of Service leader. Different parts of our business have different peak periods throughout the year that we need to keep in mind so that we can continue to deliver quality work for our clients.

    We understand that you may have many questions about these programs. You can learn more details during your line of service webinar scheduled for either Wednesday or Thursday of this week.

    Thank you for all that you're doing to keep connected with each other, deliver quality for our clients and keep PwC Canada strong!"

    submitted by /u/Tagatapa
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    Pro tip #16: Never try and perfect a work paper. Leave some bait for the reviewer.

    Posted: 07 Apr 2020 05:58 AM PDT

    You could produce/review and pass up the chain the most perfect work paper of all time. Doesn't matter. Such as that old saying goes about a man with a hammer, your reviewer WILL find problems. They also need to justify their jobs.

    So, leave some bait they'll latch onto. Clearing this type of comment is usually a lot easier than the more nipicky kind you generally only find on better prepared work papers (and of course, you'll only have to clear this comment instead of doing the work for it and then clearing "another" nitpicky comment).

    submitted by /u/TupacTuvok
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    B4 sending out “r you up?” emails after covid 19 is settled (too soon?)

    Posted: 07 Apr 2020 04:44 PM PDT

    Got laid off today...

    Posted: 07 Apr 2020 01:18 PM PDT

    Was a first year staff at a small local firm in the Midwest. I just graduated last year. Is it worth applying for jobs now or should I focus on studying for the CPA? What should I do? Thanks all.

    submitted by /u/h0m0slaypien
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    When the partner calls and tells you you'll basically be a slave for the next few months

    Posted: 07 Apr 2020 02:58 PM PDT

    Accountancy firms weigh up reputational risk of furloughing staff

    Posted: 07 Apr 2020 02:07 PM PDT

    What are some of the unwritten rules of Public Accounting?

    Posted: 07 Apr 2020 05:32 PM PDT

    SALYing a bunch of planning forms today I started thinking about how many things we do that are probably not the perfectly right way. Like rolling forward client forms instead of having the client fill them out, or checking the box that the formal planning meeting was done when we all no that never actually happened. Anyone got some good ones?

    submitted by /u/M00se1637
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    Is this ethical to say during interview?

    Posted: 07 Apr 2020 07:40 PM PDT

    I am currently double majored in CIS and Accounting. I am going to drop the CIS double 100% though by senior year. (Currently a soph)

    I talked to the interviewer how I wanted to keep up with tech blah blah and learn SQL etc. etc. but basically made my CIS double a talking point. Of course it was a bluff I dont give 2 shits about technology.

    But my secret intention is that I won't take any CIS courses and drop it by senior year.

    Do u think this was ethical to do? I got the offer in the bag but do u think this will come back and bite me in the ass?

    Btw this was for a non-tech internship (think audit/tax)

    submitted by /u/Big4Liar69
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    SATIRE: Local Accountant Lands New Balance Sponsorship: Trademark Coined “Bored Man Gets Paid”

    Posted: 07 Apr 2020 03:46 PM PDT

    Second Interview

    Posted: 07 Apr 2020 05:52 PM PDT

    Hi guys, I just got called for a second webcam interview for an entry level internal audit position. For my first interview, it was with a senior manager, and it was really casual. She didn't really ask me any hard hitting questions, just about questions about my experiences so far and what interests me about the job and company. For this next interview, it looks like I'll be meeting with another manager and VP. (I was really surprised because this is an entry-level job. maybe i'm just psyching myself out lol). I was wondering what I should be expecting and how I should prepare. I'm not sure if this next interview would be more serious/technical, or another casual one.

    ​

    Thanks in advance!

    submitted by /u/cchho001
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    Some advice before starting my Masters in Accounting

    Posted: 07 Apr 2020 07:21 PM PDT

    I got a non-business undergraduate degree with a Business admin minor, so in college I took rudimentary accounting classes and enjoy them. Fast forward a few years I'm working in an accounting adjacent career field and want to get my degree and maybe eventually take the CPA exam. Do you have any advice before I start this program?

    Thank you in advance!

    submitted by /u/goosetheboss1
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    Is it Worth it to Apply for Jobs Right Now?

    Posted: 07 Apr 2020 08:01 AM PDT

    I'm trying to switch jobs (been with my company almost 3 years and want something new), but with the COVID-19 crisis, I'm not sure if It's worth my time to apply for new jobs. I see that some companies are still posting new jobs, but there seem to be swarms of applicants, and who knows if the companies have a hiring freeze or not (mine does, and we're a large F500 company).

    For those job searching, are you still applying for jobs? Is it best to wait till this dies down?

    submitted by /u/eman12771
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    HELP, can’t find an entry-level accountant job!

    Posted: 07 Apr 2020 12:49 PM PDT

    (F, 24) I've recently graduated with an accounting degree and am having trouble finding an entry-level job. I have no previous experience with accounting. During college I worked a lot of hours in retail trying to support myself and I do regret not finding an internship. I am extremely hardworking and a quick learner, but it seems like everyone is looking for applicants with experience. I've been applying online to almost every entry-level job. I'm anything but picky.

    My question is what can I do to better my chances of getting hired for a position as an accountant? What can I put on my resume to make me more attractive to employers?

    I know a lot of companies have paused hiring new applicants due to coronavirus and now might not be the best time of finding a new job...but I desperately need advice so I can be better prepared when all of this is over!

    P.S. I live in NJ, very close to NYC, so there are constantly new job postings.

    submitted by /u/nadiers
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    EY Internship Offer

    Posted: 07 Apr 2020 08:11 PM PDT

    I had an EY second round interview a few weeks ago. I talked to a SM and a Partner, 30-minutes each. I thought they both went really well. I received an email from the recruiter about a week later saying "we are still making decisions and need additional time." What does this mean? Is it a nice way of them rejected me... I know a couple people who interviewed for the same office location and got offers the same week as the interview. I emailed the recruiter to follow up and say thank you, no response. Its been a week. Am I rejected? Am I on a waitlist? Should I follow up with the recruiter again? I don't know what to do and I really like EY. And, if I still I have hope of an offer, do I even accept it since I was their second choice? Thanks in advance!

    submitted by /u/sourlemon21
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    Got into a huge argument with my woman over depreciating land: I need your help.

    Posted: 07 Apr 2020 10:07 AM PDT

    I have an accounting question stemming from a huge argument I got into over depreciating land.

    I was studying REG and my lady was present and reading some of the MCQs I was doing. I was letting her take a guess at some of the questions that seemed interesting. As it often does in accounting, the topic of land not being depreciable came up. She is not trained in accounting, so this was news to her. She refused to believe that land could not be depreciated, and she said she had a story to back this up.

    She proceeded to tell me the story of a man named Chicken Jones. Chicken Jones is a meth dealer from the Appalachia of southern Virginia right on the border between NC and VA. Chicken Jones inherited a big plot of land from a long lost uncle that had no one else to will his land to. I say "long lost" but I probably mean estranged because they both lived within a square mile of each other despite not speaking for 30 years. Anyway, Chicken Jones is notorious in his neck of the woods for being exceptionally destructive to his land. I am told that Chicken Jones digs giant holes in his land for no particular reason at all. He just creates craters in the land and he does not fill them or use them for any particular purpose. Another land-related hobby of Mr. Jones is his love of burying cars. There is nothing Mr. Jones likes to do with his meth money more than buy a rust bucket from the junkyard and immediately bury the car on his property. No one knows why he does this, but I assume it is to give them a proper funeral.

    The point of her story was simple: the fair market value of Chicken Jones' land has declined because of his own "de-provements" of the land. In the same way land improvements increase your tax basis and (I assume) book value, she says these "de-provements" should reduce both of those. Now for tax purposes, I don't think you can reduce the basis of your land for de-provements, but I was having a hard thinking of a reason why Chicken Jones' land shouldn't be depreciated on the financial reporting side of things, but then I had thought:

    If Mr. Jones was keeping GAAP financials for his meth production business, is it possible that he can impair the value of his land similar to goodwill or depreciable assets that have to be written down when FMV is significantly lower than book value? Basically, I'm thinking he wouldn't need to "depreciate" his land, he would need to "impair" his land on his GAAP financials.

    TL;DR: Can you impair land?

    Thanks for your help.

    submitted by /u/Ramsgiving
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    Have not heard back from firm about SLP (at all)?

    Posted: 07 Apr 2020 10:13 PM PDT

    I applied for an SLP in early March but I still haven't received any emails yet. Nothing about interviews or anything.

    Are there any other SLP applicants who still haven't heard back from firms they applied to? It seems a lot of SLP applicants have gotten interviews but I still haven't gotten a response except for that my application was received when I submitted it.

    submitted by /u/mr_acct201a
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    Accounting student advice

    Posted: 07 Apr 2020 10:11 PM PDT

    Hello! I'm in school right now for accounting, and I feel like I'm drowning? We're four months into the semester for Accounting 1 - Financial and I don't think I've learned a thing at all. Any advice on learning this stuff?

    submitted by /u/demuratic
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    Should I go to MSA program?

    Posted: 07 Apr 2020 10:09 PM PDT

    Hi looking for some advice. I am about to complete my bachelors in accounting. I don't love accounting, but it is okay work, and nobody is hiring. I have been accepted into a masters of accounting program. I just want to know that becoming a CPA doesn't doom me to being an accountant, that after 2 years in big 4 tax I can move on to other jobs like middle management or project management? Is that realistic? thank you

    submitted by /u/zacharygorsen
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    Anyone here ever work as a data analyst? Is the job similar to accounting?

    Posted: 07 Apr 2020 01:22 PM PDT

    Back in 2017 I worked as a data analyst and I hated that job. I did it for a year before I quit. I didn't like it because of how mundane it was and hated the place I worked at. Is an accountant position similar?

    submitted by /u/spitfire9107
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