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    Accounting 06/01 Weekly Thread: Covid-19 and CARES Act

    June 01, 2020

    Accounting 06/01 Weekly Thread: Covid-19 and CARES Act

    06/01 Weekly Thread: Covid-19 and CARES Act

    Posted: 01 Jun 2020 05:41 AM PDT

    With virtual finals coming up, the mod team would like to remind students of the subreddit rules, specifically number 3. That being said, any solicitations for assistance on exams will be REMOVED and posters will be be PERMABANNED, no exceptions.

    This is a weekly mega-thread for items related to Covid-19 and the CARES Act. Covid-19 continues to have significant impact on the profession, as such posts related to Covid-19 and the CARES Act should be posted in the comments here. Other Covid-19 related threads will be removed and posters will be directed to this mega-thread that will update every Monday.

    US PUBLIC ACCOUNTING UPDATES

    (While we recognize there are users from other countries that frequent r/accounting, the information for US firms tends to be the most prevalent and is applicable to the broadest audience)

    *Note that NA means no information available

    Firm Layoffs Bonuses Salary Partner distribution reductions PTO Honoring Internship / FT Offers
    PwC NA NA NA NA NA Yes
    EY No Covid-19 layoffs planned No fiscal 2020 performance based bonuses NA Yes NA Yes
    Deloitte 3% - 5% layoffs, 1.5% furloughs, hours reductions NA Tax - No raises for non-promotes Distribution Reduction NA Yes
    KPMG No Covid-19 layoffs planned No fiscal 2020 variable compensation, encore awards frozen NA Yes NA Yes
    GT No Covid-19 Layoffs NA NA Partner draws reduced by 25% through July, leadership taking 20% salary reduction through fiscal year, partners to answer capital call NA NA
    RSM Layoffs, furloughs for underutilized LoS Possibly deferred, but to be paid out No NA NA No PTO accrual for second half of 2020
    BDO NA NA 5% - 10% reduction from 5/1 to 8/1 Yes NA NA
    Clifton Larson Allen NA NA 10% reduction from 5/1 through 12/31 NA NA NA
    Moss Adams 300 Furloughed, 200+ reduce schedules NA 5% - 20% reduction 20% partner reductions NA NA
    Crowe Yes NA NA NA NA NA

    (While we recognize there are users from other countries that frequent r/accounting, the information for US firms seems to be most prevalent and is applicable to the broadest audience)

    *Note that NA means no information available

    Got something to add about your firm? Leave it in the comments and we'll update the following week.

    Since this thread is likely to fill up quickly, consider sorting the comments by "new" (instead of "best" or "top") to see the newest posts.

    submitted by /u/its-an-accrual-world
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    Target when counting inventory

    Posted: 01 Jun 2020 08:13 AM PDT

    Where did it go wrong?

    Posted: 01 Jun 2020 08:52 AM PDT

    "Work" from home

    Posted: 01 Jun 2020 10:35 AM PDT

    When you feel like you have been working all day, but look at the clock and it's not even 10 am.

    Posted: 01 Jun 2020 02:00 PM PDT

    When you propose 3 new ways to handle sensitive personal employee information during the remote working environment.

    Posted: 01 Jun 2020 02:11 PM PDT

    Deloitte still hasn’t notified employees who have are being laid off?

    Posted: 01 Jun 2020 08:08 AM PDT

    Haven't seen anything come through here or on Fishbowl. How the hell do they expect people to work?

    submitted by /u/acctonthecomeup
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    What to do when your seniors completely incompetent and you try standing up for yourself but then she is the one that writes your review??

    Posted: 01 Jun 2020 06:47 PM PDT

    Does having a CPA pigeon hold you into accounting roles?

    Posted: 01 Jun 2020 04:49 PM PDT

    Stupid question I know, let me clarify. If you wanted to pursue a completely different job/ profession in the future, nothing to do with accounting/finance, would you do it? Or would you feel obligated to stay in an accounting role because you spent a lot of time and effort into getting the CPA? Don't you have to be working in the accounting field in order to maintain the license?

    ​

    I'll be starting at a big 4 in the fall and I have the time between now and then to study for it (not all of it, but maybe a part or two) , but I'm not sure if its worth it, if I don't see myself doing accounting my whole life. Are there any CPA's on here that no longer work in accounting? Anyone legitimately regret wasting their time studying for the CPA and no longer use it?

    submitted by /u/MeLlamoJason
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    Cannot focus with everything going on. How are you you doing it?

    Posted: 01 Jun 2020 01:10 PM PDT

    Is Densmore marking helpful or worth buying for CFE prep?

    Posted: 01 Jun 2020 06:25 PM PDT

    I am preparing for the CFE this September. I was thinking buying the CFE prep courses but not sure about whether should take the marking package.

    Does anyone know how is the Densmore's marking service and whether worth it? Or do you think the Densmore courses helpful overall? Really appreciated!

    submitted by /u/brendazz
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    A good friend passed away over the weekend, my previous employer refuses to sign off on my CPA experience, and I've got a memorandum due at the end of the day. Plus, people rioted in my town last night outside my window. What gives, 2020?

    Posted: 01 Jun 2020 10:26 AM PDT

    Using a throwaway since I'm complaining about a previous employer.

    Last week, I wrote to my previous employer asking if they could sign off on my work experience there since it's a government agency with CPAs. They refused. Now I have to wait until 2022 for the license since my state requires three years of non-public accounting experience. (I only have government experience.)

    This morning, I receive a call that a good friend had passed away. It was shocking and sudden and could have happened last year or ten years from now, but is much harder to deal with given the current circumstances.

    And people rioted in my neighborhood and caused quite a bit of damage last night. Luckily no fools burned my car. Perhaps I should move it, but apparently rioters are have become increasingly mobile in my city over the past few days, and much bolder about the neighborhoods they hit. It's not just downtown anymore. Maybe I should just sell it since I haven't driven for several months now anyway.

    I got a memorandum due at 5PM sharp today and had only written the first couple of sentences. It's for an older project too, so I needed to go back to the old workpapers and figure out what we did and how we should respond.

    IDK about you guys... but not sure if I got any fucks left to give about 2020. Fuck 2020. Fuck the coronavirus. Fuck police brutality. Fuck the idiots at my old workplace for refusing to help me get a CPA license this year. Fuck everything.

    submitted by /u/masshole1199
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    When should I start looking for accounting experience?

    Posted: 01 Jun 2020 07:40 PM PDT

    I am in a masters program at a target school for big 4, and I will be graduating in December 2021 or spring 2022. I have an unrelated bachelors degree. Even though I attend a target school, I don't want to work for a big 4 firm. My goal is to work for the government (local, state or federal) following graduation. I have zero accounting experience and am wondering when I should start looking for experience. Should I apply for internships or entry level accounting jobs while in my program? When? And should I attend career fairs/meet the firm events on campus if I want to work in government? Thank you.

    submitted by /u/CarefulTangerine9
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    EY vs PWC New York

    Posted: 01 Jun 2020 02:22 PM PDT

    Yeah you can probably already guess. Got internship offers from both, currently trying to decide which offer to take. I know it depends on the people/team, but I have to make a decision without the office visits :( Here's what I summarized based on my grueling hours of research on this page and Glassdoor:

    Ey: - more laid-back culture?? - new office in Hudson next year - DSG gives you opportunity to explore all sub service lines - technology sucks ass though

    PwC: - stricter culture??? - central location is convenient - promotes in 3 years instead of 2 :( - slightly better pay and benefits

    I'm tired and I don't even know what I want anymore so can any kind strangers impart their wisdom and advice. I'm 90% committed to tax (audit sounds like hell), I plan on working 2-5 years then dipping. Long-term, I want to work in the media/telecommunications/entertainment industry. Thank you SO MUCH in advance.

    submitted by /u/rq1261
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    Laid off from Public accounting

    Posted: 01 Jun 2020 01:34 PM PDT

    I was laid off from a public accounting firm due to COVID 19 and have been looking for another job ever since. I had started last January and have 2 busy seasons under my belt.

    I do not have my CPA yet and have limited SEC experience, but do have some in-charge experience.

    What should I do?

    View Poll

    submitted by /u/armototti96
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    I’m doing homework and there are few things I didn’t understand . If you can help me it’d be great.

    Posted: 01 Jun 2020 07:36 PM PDT

    My 3rd language is English so please understand. The info you'll give me is very important(my teacher didn't upload any info during quarantine thus we have to learn on our own). Yes I've checked google. These questions are different and couldn't find answers. 1. Calculate total sales Info we have: Account receivable, cash sales , collection from account receivable, collection of interest and rent Is account receivable included in collection from account receivable? How can we calculate total sales with these informations. 2. Calculate total purchases Info we have: Payment to account receivable, cash purchase, account payable, payment for insurance, rent and interest Same questions 3 calculate salary expense Payment for salaries-a Salaries payable-b Is it a-b or a+b 4. Calculate insurance expense Payment for salaries-a Salaries payable-b Is it a+b or a-b Thanks in advance for help also please try to use simple English if possible.

    submitted by /u/Lieptr
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    How much notice should I give?

    Posted: 01 Jun 2020 11:48 AM PDT

    On mobile so please excuse the formatting! The current large firm I work for is experiencing some Covid-19 difficulties and making changes such as furloughs, possible salary reductions and freezing the bonus/compensation awards. Since they did that I decided to go look around and find a new job. I found a new job with better perks and a hella raise but I will not start until mid-September.

    One of the clients I work on (Audit Senior) has a busy season August-October, so I know I need to give my firm a heads ups and not just drop 2 weeks in that so that I don't burn any bridges.

    How much time do you all think I should give them? I also would really hate to be unemployed for over a month. I was thinking mid July so that they would have a month to reschedule and hopefully not be too upset with me leaving. Has anyone experienced anything similar??

    submitted by /u/hn_cpa_8
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    Is CPA in Canada a good career choice?

    Posted: 01 Jun 2020 10:01 PM PDT

    Hey, I live in canada and this fall I'm gonna be going starting my Undergrad at University of Manitoba.

    My future goal is to become a CPA. I am starting to get really confused, because most of my friends are going into some sort of engineering.

    Please let me know your thoughts.

    I hope I was clear on what I'm trying to ask.

    submitted by /u/Someone123454
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    Anyone here drives a Tesla?

    Posted: 01 Jun 2020 09:44 PM PDT

    I really want to get the model 3 but I'm pretty sure audit staff at a big4 with $50k a year isn't gonna cut it. How much salary were you getting before getting yours Tesla?

    submitted by /u/bullmarket6969
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    [B4] Any tips on how to get on other teams?

    Posted: 01 Jun 2020 09:41 PM PDT

    I'll keep it short and say the team that I'm on 10-11 months of the year is incredibly toxic. A lot of yelling, 60+ hour workweeks outside of busy season, incredibly unrealistic deadlines, etc.

    I don't hate PA, I just cant do this team any longer. The other teams and projects I've been on have been great, but generally they aren't long-term engagements. I really want to get on another team instead of just leaving the firm.

    The only downside is my vertical is entirely on my main client. So I feel I cant talk to them since they are my Managers on the team I dont like. Feel I cant voice any desire to them about wanting to try another team since they feel I'm a good enough worker and want me to stay on the team.

    Anybody who can offer any advice? I want to try switching teams before I just say fuck it and find a new job.

    Thanks!

    submitted by /u/sdpthrowaway3
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    CPA Core 2 exam at the end of June 2020

    Posted: 01 Jun 2020 09:28 PM PDT

    Hi,

    The CPA Core 2 exam will take 2.5hrs with 2 cases and no MCQs. Should I still review the MCQs for each chapter or just skip them? Any advice?

    Thanks in advance.

    submitted by /u/andrea8605
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    What have your employers said about timelines for physically returning to work?

    Posted: 01 Jun 2020 05:41 PM PDT

    Industry here, not much guidance other than "we are not rushing it".

    submitted by /u/MAIRJ23
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    "ISO" cities great for new accountants, that isnt in Texas or SoCal

    Posted: 01 Jun 2020 09:25 PM PDT

    My Basis:

    -Expected 3.3 GPA BA graduate, however with a few W's -Will have 150 credits by December

    Constraints:

    -GF going to Nursing field, so has to have big medical presences -Also needs to be a place where there's no snow, and humid for her skin

    Q1 My GF's skin needs a place that's humid and we both like the warm, maybe a little snow. Does anyone have any pointers in Metros with booming Accounting firms? Possibly any place where the big 10 are planning to expand or develop?

    Q2 Looking for all Q1 is asking for but with a better Cash Flow accounting for Living expenses? I'd rather find a state that housing or mortgage prices that make sense with income.

    Conclusion

    I cant thank all of you enough for even taking the time in helping me or even giving back some constructive criticism.

    submitted by /u/officejack
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    Are their any entry level accounting related fields i can get with these skills?

    Posted: 01 Jun 2020 09:19 PM PDT

    Hi guys

    So i need a job this summer and want something that isnt just a dead end cashier or restaurant worker as i have taken topical classes related to finance. I also want to practice and apply these skills so that i can have work experience.

    Now about me im a College student with these set of skills

    1. Financial accounting A
    2. Managerial accounting A
    3. Macroeconomics B+
    4. Microeconomics A
    5. Statistics (B)
    6. Intro to bussiness (A)
    7. Both highest level college level english classes (A) (good for Bussiness communication)
    8. High profficieny with Microsoft word, powerpoint, and some EXCEL
    9. Very high profficieny in intermediate algebra ( i tutored before) (currently studying precalc)

    Now i know that these skills arent the level of a CPA but i do think that these set me apart from any other entry level applicant. Could i get any entry level office job or some sort of accounting or finance assitant for a furniture store? Local bussiness? ECT? What job titles do i look for? What scams to be aware of? I see alot of pyramid scams trying to bait in entry level college students so i need your help. Thankyou

    submitted by /u/SimpleRow1
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    Best way to get an entry level Accounting full time job without an Accounting internship?

    Posted: 01 Jun 2020 05:27 PM PDT

    Hello,

    I'm a recent graduate from a state school with a double major in Accounting & Management Information Systems. I have a 3.9 GPA. I was supposed to have an Accounting internship this summer but those plans fell through because of COVID-19. I would like to get into a large or mid size accounting firm in the North Jersey/New York area. I've only held a previous internship before doing SAP related quality assurance type work, but I would like to work in Accounting. Any recommendations on how I can break through into the accounting world without going for internships?

    submitted by /u/onlyarkasha
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