Accounting Problems of a working professional. |
- Problems of a working professional.
- when people who haven't filed in 4 years suddenly don't get $1200 if they don't file
- Overheard on a Zoom call between a manager and his clearly done-with-this-shit, done-with-this-job, soon-to-be-handing-in-resignation bookkeeper.
- Recent experienced Big 4 hire. Not being promoted to Senior even though I was Senior at previous firm, and I have positive feedback from all busy season engagements. Looking for advice.
- Explaining write-offs to Reddit
- How KPMG roasts first started
- Celebrating FAR prefect scores with my work buddy
- How long after did you move out of your parents house after you got your first job in public accounting?
- Middle Market Firm Tricks Seniors and Supervisors
- Mental health suffering in PA
- How to reject an already accepted offer?
- Those up for promotion this year, how is your firm handling it?
- [CAN] CPA Pert
- Getting ghosted by HR after they recruited you
- An encouragement to prospective accounting graduates comparing accounting to CS
- [CAN] Ontario : CPA preparatory courses vs University certificate courses?
- Is there an app or website with all the accounting news?
- How do you manage your job, while being busy as an Accountant and also having time for a social life?
- Holdco Sale of Shares Canada
- Isn't this going against any standard (either IAS or IFRS)
- can you guys check what i have done wrong? i dont know why it doesnt match.
- Personal Credit Card for Business Purposes
- Given the amount of time committed to work, how do you all stay in shape?
| Problems of a working professional. Posted: 27 May 2020 09:52 AM PDT
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| when people who haven't filed in 4 years suddenly don't get $1200 if they don't file Posted: 27 May 2020 01:02 AM PDT | ||
| Posted: 27 May 2020 12:40 PM PDT All this occurred while I was on a zoom call with one of the managers at a vendor of ours that I asked for regarding clarification for item descriptions on their invoices. Once this part began, I stopped playing TerraGenesis and started taking notes. Some of the phraseology has been improved for dramatic effect, but the choice bits are word-for-word. Manager: <Bookkeeper>, you made entries on the books for adjustments that I already did. What happened with my entries? Bookkeeper: Your entries were garbage and you are garbage. When will you figure out how to write notes in the memo fields? The books aren't closed for this month. Why the fuck are you adjusting retained earnings? IT WOULD HELP IF THERE WERE FUCKING NOTES FOR ONCE. Manager: Look, the officers said to make the entries and I put them in. Bookkeeper: Because we're coming up to a review by the bank on the Line (of credit, I'm guessing), you stupid gremlin. They (officers, I'm guessing) got spooked by a question someone asked, and you're dumb enough to put your name on journal entries that you don't understand. You're going to be the retard they point to when nothing adds up. I bet they asked you to make those entries after stopping by their office for a "chat", didn't they? (Author's note: At this point, I am imagining that manager is the rolly-eyed mogwai from Gremlins 2.) Manager: (Not getting it) What happened to the entries? Bookkeeper: I DELETED THEM. What aren't you getting? Manager: Look I'm go... (Interrupted) Bookkeeper: Do what you gotta do, IDGAF, but if you tell me or ask me anything, I am only going to reply by email. There were some sounds a few minutes later when the manager sat back down to the zoom call. I think manager put two-and-two together that that interaction had happened over an un-muted zoom conference. In the middle of this, I had furiously waved one of my coworkers over to listen to the conversation who waved over one of our officers to tell him what he heard, and to look at my notes. I think we're getting a pretty steep discount during renewal. Also, I want to hire this bookkeeper. [link] [comments]  | ||
| Posted: 27 May 2020 02:27 PM PDT Hello. I was just informed that I will not be promoted to Senior this year. I spent two busy seasons at a national firm (top 10), and I was a Senior at the time I joined KPMG. I came in to KPMG thinking I was hired as an A2. During my interview, I made it clear that my goal and expectation was to be promoted to Senior during the year. I joined KPMG pretty recently, in January 2020 right during busy season. The feedback I have received so far is all positive. My points of improvement all relate to KPMG methodology. For example, some feedback relates to improve my documentation up a bit, not having been part of the planning/risk assessment process (duh, I fucken joined in January), and improving my knowledge in regards to KPMG's audit guidance. My client interaction, professional skepticism, professionalism, and all other non-KPMG methodology aspects of work have been good, according to feedback. Per feedback, people like having me on their teams and think my work is at least at level/expectations for an A2. The biggest criticism is the fact that I do not have a complete understanding of KPMG methodology, which I find pretty unfair to hold against me and thought it was something that would not hold me back from promotion, per my interviews in January. I already have three fucken busy seasons under my belt and will have four by the time I get promoted. KPMG is not giving any credit for already having worked two full busy seasons at my previous firms. In essence, KPMG is treating me as an A1 with no prior experience as I am now part of the class that was hired in fall 2019, since that class and I will have the same Senior promotion timeline. KPMG is saying my prior experience was worthless, and I find that unfair to me. I was a Senior before joining KPMG, and KPMG is now treating me as a completely new hire, fresh out of college. From the feedback I was given, I feel that I am ready for the Senior promotion, as I will pick up KPMG specific knowledge the longer I am with the firm. I already talked to my Career Coach and made these points to him, but no luck. Is there anything I could do to hopefully have my promotion reconsidered? A part of me just wants to leave KPMG for pretty much lying to me (if I could find another job, of course). By the time I get the Senior promotion, I would have gone through four busy seasons (fucken absurd). My goal was to become Manager and leave public accounting. However, at this rate, it will take me seven or eight busy seasons to get promoted to Manager instead of the usual five or six. I do not see myself staying in public accounting this long. Any advice? Thanks. Edit: More info. My weak points (rated as "Progressing towards Level"):
All of these, except for Communications, are parts of the audit I did even have the opportunity to touch in any of the audits I was part of. For Communications, main feedback was I needed to do a better job of communicating more to the seniors and management, like status updates and whatnot. However, all my work and testing was done timely; I just needed to communicate it more. I feel this relates a lot to my first engagement where I was still getting used to the hang of things, as I feel I improved a lot in this sense my next two engagements. I will admit this was a weak point on my very first client at KPMG, but I did take the feedback from that engagement and did improve on it (or at least I thought I did). I feel it's BS to hold me back for stuff I could not even showcase during busy season. I left to KPMG since KPMG is a pretty big player in the banking sector in the market I live in. My previous firm did not have many banking clients, but it is something I want to get in to later in my career. I made the move to KPMG to get more exposure to banks. Hence, why I was okay with the demotion. Salary-wise, I took a paycut from $75K to $65K to join KPMG. I did not think it'd be a huge deal as I thought I would make it up within the six months it took for promotions to happen. My interviews really did paint the picture that as long as I had a good busy season, I'd get promoted. Based on my feedback, I feel I have had a good busy season. [link] [comments]  | ||
| Explaining write-offs to Reddit Posted: 27 May 2020 05:02 PM PDT
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| Posted: 27 May 2020 11:25 PM PDT
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| Celebrating FAR prefect scores with my work buddy Posted: 27 May 2020 09:11 AM PDT
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| Posted: 27 May 2020 07:11 PM PDT I'm only asking about the ones who still lived with their parents after graduation. Especially those you got their first house [link] [comments]  | ||
| Middle Market Firm Tricks Seniors and Supervisors Posted: 27 May 2020 07:51 AM PDT A well know middle market firm has tricked seniors and supervisors by offering them unlimited pto starting next month. A catch is that they have to first utilize all accrued pto balance upto year end. So all hardworking employees who have banked up pto hours which would have been eligible for encashment later on are being effectively asked to use them or not take any time off upto december to save them. Worse thing is they dont get any accrual for June to December period which is effectively a reduction in benefits. Clever play by leadership to reduce that accrued vacation line item on balance sheet ignoring how it impacts only the hard working employees who didnt take time off to support projects during good weather! sunnyinchicago[link] [comments]  | ||
| Posted: 27 May 2020 03:58 PM PDT Hey everyone-- hope everyone's hanging in there during these weird times. I thought I'd post this and hopefully get some advice/opinions from fellow beancounters. I currently work in PA and started as a 1st year last fall straight out of college. I knew starting off that I wouldn't stay in PA permanently and that I would try to stick it out till senior. However, my mental health has been suffering tremendously for the past 3-4 months due to extreme stress/anxiety b/c of long hours, an insufferable workload, and expectations of being constantly plugged in during quarantine. Everyday I wake up feeling at rock bottom and demotivated, with a tightness/shakiness in my chest. Every email/skype message I receive makes me anxious and I feel burnt out after going through spring busy szn and jumping straight into summer busy szn. I work with really great people, but I now know that this industry isn't meant for me :/ One part of me wants to put in my 2 weeks and leave for good, while the other is considering sticking it out for a few more months to hit the 1 year mark (for resume/CPA license), and then leave. I'm taking my last CPA exam in 2 months. If I leave now, I fear that I'll jump into another job too rashly in a desperate attempt to leave the one I have now. But if I wait until the fall (when hopefully the job market begins to look up), I believe I'll have a better chance of finding a position I am excited about (at the expense of me trucking through PA for 4 more months in my current mental state). I've begun to care less and draw boundaries at work, but I'd appreciate any advice/input. Thanks everyone! [link] [comments]  | ||
| How to reject an already accepted offer? Posted: 27 May 2020 06:13 PM PDT A little bit of context, I went to the SLP for a national firm (lets call this Firm A), then went through the internship in 2019, then accepted the position as a Tax Associate starting January 1, 2021. In the mean time I interned at a different firm (lets call it Firm B), which I then transitioned to full time a couple months ago right when the corona virus hit. How would I go about negating the offer I already accepted with the national firm? Is there anything to look out for? [link] [comments]  | ||
| Those up for promotion this year, how is your firm handling it? Posted: 27 May 2020 05:12 PM PDT My firm has made no comment other than pushing the process from July to November. I'm highly discouraged. Who knows if it will happen. [link] [comments]  | ||
| Posted: 27 May 2020 05:15 PM PDT Anyone from BC get a response on a final PERT assessment? I sent mine in early March 2020 and still haven't heard back. Ridiculous.. [link] [comments]  | ||
| Getting ghosted by HR after they recruited you Posted: 27 May 2020 12:03 PM PDT I have to ask, what is this about? Is there some reason for this behavior? I'm on LinkedIn and my profile is set to 'looking for opportunities' or however that's worded. I get contacted by recruiters fairly often- but, usually I don't respond as most of the jobs aren't any good, mostly low-paid temp jobs. Every once in awhile, I'll get contacted directly by an HR recruiter for a company and the job description and other details sound like something I'd be interested in. At that point, I'll go ahead and fill out their application after verifying that it isn't a scam. Twice now, I've been contacted by HR who asks me to apply, I apply to the job, they do a background check and contact me for a phone interview. THEN- they NEVER call for the scheduled interview. What is the point of this game? They've wasted their time finding me on LinkedIn, contacting me, reviewing my app, getting a background check done, scheduling my interview and then they just don't show up for the phone interview. I'm already familiar with that scam where the recruiter just wants your references because they want to recruit your boss- not you. So- I've quit including references that are still working. I've just been including retired references lately. But, if that's the game they were running, then they wouldn't have bothered to setup the interview. [link] [comments]  | ||
| An encouragement to prospective accounting graduates comparing accounting to CS Posted: 26 May 2020 11:55 PM PDT I see many posts on this subreddit by students regretting their decision to study accounting, joining big 4 for the slog etc while watching their peers who studied Computer Science (CS) making high initial salaries or experiencing a much better work life balance. Thus, I decided to make this post to encourage everyone to persevere and why accounting is not a bad option as you may perceive it to be.
1) There's relative ageism in CS. It's because CS is such a fast moving industry that companies are always favoring young programmers with the latest programming skills. The older programmers are suffering even though some even have decades of experience and relevant skillsets. Look at this post on /r/cscareerquestions. These posts are the norm, not the exception. Unless a CS grad can move into management or is in FAANG, chances are that as he grows older, his salary will cap off fast. It's very different from accounting where the longer you stay, the more valued you are for your experience (e.g companies sponsoring you for MBA, controller/CFO positions etc). Your average B4 auditor may not be worse off than your average CS grad in the long run. The best way I would describe it is that accounting has on average, a lower floor but a higher ceiling in terms of earnings potential.
2) Accounting is not a sunset industry. Blockchain, AI, Big data etc: these are tools to assist us with our jobs and it is ludicrous/naive to think that they will replace us. In the tech bubble of the early 2000s, did you know which job Excel was thought to replace first? Accountants. Instead, the job scope of accountants merely evolved to become more efficient as the industry adapted. Today, automation has already impacted the profession in many ways, freeing up accountants and auditors to tackle more complex problems and focus on their higher level professional judgement and skepticism instead of wasting time on mundane tasks. Instead of fretting about a perceived problem, we should welcome it as a tool to aid us in our work and adapt accordingly, just as what the accounting industry has always done and will continue to do.
3) The B4 long working hours are a sacrifice in the short run for the long run. Do not be dismayed by the gripes of the many auditors on this sub, as it is common for them to vent after exhausting and difficult peak periods with clients and managers. The truth is that regardless of where you are in the world, B4 is merely a stepping stone to better opportunities and most people leave after 3-5 years and their CPA. As for exit opportunities, the world is your oyster, and I have seen the gamut from consulting and compliance all the way to FP&A and internal audit. Regardless of roles, the reality is that big 4 hours are the worst hours you will ever see, and it's a temporary pain for much better future prospects, unless you cross to high finance (IB, PE, hedge funds) or entrepreneurship. Of course, dont drink the B4 Kool-Aid, but ask yourself: you are young, ambitious and full of energy: why not put in the short term sacrifice for a better future instead of regretting it when you are older and no longer have the energy to do so?
4) The current CS demand is due to supply and demand imbalance. Think about how many people around you are rushing into tech. How many of your workmates, friends are studying C++, SQL, Python in their free time, how many bootcamps you have seen pop up on Linkedin recently, how many people making ''mid career switches'' and how many of your country's universities are opening up more CS places? The one fact that endures through time is that when there is a gold rush, people will rush into it and force down the price in the long run. In my country, the hype used to be law and biomedical science degrees. We now have so many lawyers and law schools churning out graduates that salaries are depressed. Guess what? The people who want to do CS because it is an easy money path will be very disappointed. You need passion to do well in CS. Many of the engineers working in FAANG are people who code in their free time, create side projects on github to learn something new, they live and breathe programming as their passion. So what is the argument here? Many people will come into CS to drive down the average salaries in the long run, but the very best will continue to make the biggest money. Only the truly brilliant and passionate will make it to the glamorized lifestyle in the long run, which is a very low proportion of those you see studying CS right now.
So what is the point of this post? My post is not meant to disparage CS or hype up accounting or sucker new meat into the B4 grinder. The purpose of this post is to encourage prospective accounting graduates that accounting is not a bad career choice in relation to CS and that you should not be discouraged by the venting of this sub. Sure, no one can deny the demand for CS grads right now and the glamour of it. But does that mean accounting is a bad career choice? No.
TL:DR CS is a great career choice, but it doesnt mean that accounting is a bad one. Prospective accounting grads, do not be discouraged by the venting of this subreddit. [link] [comments]  | ||
| [CAN] Ontario : CPA preparatory courses vs University certificate courses? Posted: 27 May 2020 08:41 PM PDT Done my bachelor's degree in a different field and want to do accounting and considering either CPA preparatory courses or a continuing education program or courses from universities. Or perhaps a mixture of both,like 6 courses at a uni and then remainder through CPA. Thoughts? How do job prospects look with both options? Will it be possible to get career work experience for the CPA requirement? [link] [comments]  | ||
| Is there an app or website with all the accounting news? Posted: 27 May 2020 08:12 PM PDT | ||
| Posted: 27 May 2020 10:43 AM PDT | ||
| Posted: 27 May 2020 11:28 PM PDT Hi. Reaching out to tax experts out there. I recently sold my holdco shares of an OpCo. I have questions regarding the sale and taxes Do I qualify for the Lifetime Capital gain exemption? Both business meet the two criteria's. Would like to withdraw this somehow from holdco and not pay taxes. If I do not, what is the tax rate I'm looking to pay? Thanks. [link] [comments]  | ||
| Isn't this going against any standard (either IAS or IFRS) Posted: 27 May 2020 07:29 PM PDT
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| can you guys check what i have done wrong? i dont know why it doesnt match. Posted: 27 May 2020 10:57 PM PDT
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| Personal Credit Card for Business Purposes Posted: 27 May 2020 05:55 PM PDT Is it OK to open and use a personal CC under SSN but use it ONLY for S-Corp purposes? [link] [comments]  | ||
| Given the amount of time committed to work, how do you all stay in shape? Posted: 27 May 2020 09:41 PM PDT |
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