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    Home Unlabelled Accounting Pack it up, boys. They've figured it out.

    Accounting Pack it up, boys. They've figured it out.

    August 24, 2020

    Accounting Pack it up, boys. They've figured it out.

    Pack it up, boys. They've figured it out.

    Posted: 24 Aug 2020 05:21 PM PDT

    Will the pain ever end?

    Posted: 24 Aug 2020 06:41 AM PDT

    I figured this one would hit home on this subreddit

    Posted: 24 Aug 2020 01:51 PM PDT

    It’s over. I’m done. I passed BEC and am finally a CPA.

    Posted: 24 Aug 2020 08:08 AM PDT

    Feels good man.

    submitted by /u/jkeezay
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    Seems appropriate here

    Posted: 24 Aug 2020 02:41 PM PDT

    I bet you can think one specific person that would get you BINGO

    Posted: 24 Aug 2020 09:33 PM PDT

    Starting my masters program and had this board laying around. Everyone knows accountants aren’t funny...help me fill in the blanks/change what I have

    Posted: 24 Aug 2020 10:17 AM PDT

    Love Island USA: Meet Season 2 Islander Connor Trott - Auditor in Public Accounting

    Posted: 24 Aug 2020 06:10 PM PDT

    Good morning

    Posted: 24 Aug 2020 07:57 AM PDT

    How do you actually tell accounting firms apart?

    Posted: 24 Aug 2020 06:38 PM PDT

    Seriously, I see a few that point out specializations in governmental and non-profit accounting, but apart from that they all look the bloody same. The websites look the same. The words of assurance to make people want to use the firm all look the same. The partners/principals all look the same. How do you meaningfully differentiate between them?

    Sincerely, a stressed out college student who needs to rank potential employers

    submitted by /u/iateapietod
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    PSA: Please use headphones on zoom/conference calls, the echo is ridiculously annoying and nearly debilitating to the one speaking.

    Posted: 24 Aug 2020 09:43 AM PDT

    If I wanted to hear my voice back one second later, I'd plug in a loop/delay pedal or take the call in a large cave. It also makes it really difficult to speak hearing yourself back with delay; there are even apps that do this to show how hard it can be to speak like that. Please, at the very least, mute yourself. That's all I have to say about that.

    submitted by /u/Maybe_a_CPA
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    Is this as accurate as all the other posts about taxes on Reddit?

    Posted: 24 Aug 2020 05:43 PM PDT

    Talk me off the edge of leaving public

    Posted: 24 Aug 2020 05:24 PM PDT

    5.5 years in (tax) @ midsize.

    This was a busy year (though it's no 80-500 hrs per week that big 4 deals with).

    The more I look upward the more I feel like I'm not sure if I can do it.

    I didn't get promoted to manager this year. I need to contribute to the firm more and be more outgoing. But we all WFH so it's hard to show "out going-ness" right now. And I didn't volunteer a recent opportunity to help promote the firm. I feel like I gave a lot of effort this year (one of the top in charge hours), but since that wasn't enough, the level at which I'd need to contribute and detail to put into tax returns seems almost like too much. Like id need to devote all my free time to double checking returns and such.

    Even though I hit my hours goal, I still feel constantly stressed by hours.

    Anyone ever feel this way?

    submitted by /u/Accuntant-69
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    Anyone ever "double log" your time?

    Posted: 24 Aug 2020 09:01 PM PDT

    Obviously not allowed. But I mean like if you're doing some required stupid web training for 2 hrs but you basically ignore and work through those hrs and log both?

    submitted by /u/fkwu777
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    Big 4 TAS/Deals clarification

    Posted: 24 Aug 2020 05:53 PM PDT

    Been scouring the internet for 2 hours, keep getting more confused about what TAS actually is.

    If someone can break it down that would be great !

    Current understanding is, TAS is the main category under it are:

    1. Financial Due diligence
    2. Valuations
    3. Restructuring

    There's also CF and M&A, which are separate ?

    Is all of this accurate or do have I misunderstood something ?

    submitted by /u/AM-BuySideAnalyst
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    ��

    Posted: 24 Aug 2020 12:25 PM PDT

    Career in ruins because no big 4 experience?

    Posted: 24 Aug 2020 03:05 PM PDT

    Currently a staff accountant in industry with all exams passed. I was looking to transition into Public accounting via small/mid firms and then pivot into big 4 as experienced hire but this covid situation messed up everything. I don't even know what to do. I feel stuck and depressed. Man, I was so immature in not trying my best to secure an offer with big 4 back when I had a chance in college. Wish I can go back and attend EVERY networking events. CPA License + industry experience is not even worth that much IMO. You really need public experience (especially big 4) to get like 50% call back for good jobs that actually pay well. Has anyone ever successfully transition into big 4 after college during this covid crisis? It seems like a crapshoop at this point as economy will likely be shot for minimum 1 year.

    submitted by /u/ryan95227
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    Where did y’all first work at? How much did y’all start at?

    Posted: 24 Aug 2020 09:15 PM PDT

    Should I enter the field if I don't intend to sit for CPA?

    Posted: 24 Aug 2020 06:59 PM PDT

    Hello,

    I have been getting mixed opinions on whether I should enter the field if I don't intent to sit for the CPA. I have a bachelors in an unrelated field so I plan to get my masters in accounting. I don't feel like the CPA is something I can tackle. Is the profession worth going into if I don't sit for the CPA? Will I be hassled about getting a CPA if I don't try to attempt getting it?

    ​

    Thank you

    submitted by /u/dlevin89
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    I desperately need career advice please

    Posted: 24 Aug 2020 08:34 PM PDT

    Hello everyone!

    First and foremost this is a throwaway, yay!

    Second, I am a 23 yr old who has had her first big girl job as a staff accountant for trust funds for a year now, and I'm not entirely happy where I'm at but have no idea how to get where I want to be.

    Long story short, I was terrible in college, so I scraped by with a 2.6 GPA. (I know, just roast me for it right now I guess.) So as you can imagine I struggled to get a job post-graduation. God bless my roommate for speaking to the CFO and he's fantastic for taking me in, but they take full advantage of me.

    About my current job: I'm salary at $32k and a standard 42.5 hr work week, but I commute 122 miles a day, $70 a week on gas and tolls with no additional compensation. I work more hours than my accounting counterparts, as in I'll do the unpaid overtime if I have to. (par the course for entry-level I know, but I'm still bitter) I'm one of three accountants in the office with an accounting degree. I have one of the highest breadths of work, I do a lot more than just accounting. (Again par the course of a small company, but at least pay me!) I've proven myself as competent to the company and I constantly hear about how nice it is that I'm around and that I've been a great help.

    However, with all that being said I only have one year of work experience under my belt and a terrible cringeworthy GPA. I'd love to get into government, and I'm currently studying for the CMA. I have a good grasp of accounting, and I know I'll most likely pass my CMA with all the effort I've been putting in. I'm just concerned it's useless. However, I have no idea what else to do. I could stay at this job and hope that experience washes away my past sins but I don't make enough to afford rent on my own. If anyone has any suggestions on how to move forward I'd appreciate it.

    submitted by /u/HowDoICareer300
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    Keeping external auditors happy with virtual inventory counts during covid

    Posted: 24 Aug 2020 08:21 PM PDT

    I work for a company with several oil and gas bases that have inventory. We count the inventory once a year with at least one accountant physically on site. Because of covid we are doing virtual counts. The base conducts the count but no accountant to verify count. We typically ask for pictures for a small sample for assurance. We are discussing possibly having a video stream of the entire count but still not sure if possible because internet connection is sometimes an issue. The external auditors still seem uncomfortable with our virtual count process but I refuse to make any of my employees travel to the bases which are mostly in high covid case areas. Has anyone come across a similar issue and how did you address?

    submitted by /u/monikers85
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    CPA exam score release 8/25/20

    Posted: 24 Aug 2020 10:10 AM PDT

    Just wanted to start a post in case anyone else wants to join in on the pain and suffering with me. Waiting for REG score.

    Edit: 86 on REG one more to go!!!!

    submitted by /u/shannymcshanface
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    Red Flag(s) - Advice Needed

    Posted: 24 Aug 2020 06:02 PM PDT

    I work for 2 people, part time, who own a few start ups, all S Corporations.

    Umbrella Corp, Corp (1 - 4)

    I'm trying to organize finances in qbo for them. I'm no accountant, cpa, etc. Never had classes but I'm good with my money (I understand this does not make me qualified).

    Whole story -

    Owner 1 had a personal credit card, began using it for business, still owe 30k to it. They never STOPPED using it for personal expenses such as food etc until they began concentrating on paying it off.

    They came into around 260k to fund these businesses and it all blurs from there...

    They one account with all businesses and personal account (that they share) separate, as different checking accounts.

    They routinely use all checking accounts in the following ways.

    1. Pay for fuel, fast food, restaurants, etc.
    2. Pay for apple expenses like apps.
    3. Pay for business for Corp 1 out of Corp 2 checking account, be it an account transfer, check, or card.
    4. Withdraw money via ATM for who knows what.
    5. Transfer money from Corp (insert number here) to personal account.
    6. Pay owner 2's new truck payment, that was bought for company use (not in corporations name).
    7. Owner 2 goes on 2k spending sprees using umbrella Corp card or personal.
    8. I mean one Corp has 32k in personal expenses such as: salon, nails, food, massage, you name it.

    I mean the list goes on and I don't know where to start. I feel like I can get it all sorted given enough time and research (categorization in qbo and accounting research).

    My advice to them in our upcoming meeting: A. SEPARATE accounts per business B. NO personal expenses on company card C. They need to take a salary D. Entertain very strongly, the idea of hiring a CORPORATE cpa E. Quit spending so much Fing money when you don't know how you'll make payroll next week...

    There's the whole story in a nutshell. There's a lot of webs to untangle and I'm not sure where to start. They don't have money for a CPA, and if they hire one it won't be cheap after they start digging in...

    Where do I start in getting the P&Ls in shape so we can "see where we really are Advice on the credit card? Advice on the accounts? Any advice at all? Am I liable for anything since I'm helping them?

    Thank you for your time.

    submitted by /u/ch4llenged
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    Quitting Due To Mental Health

    Posted: 24 Aug 2020 09:14 AM PDT

    I have been working at a B4 firm for almost a year. It's been about 55+ hours every week since starting (minus maybe 4 weeks due to holidays/vacation). I understand this is the norm for PA, but I can't handle it anymore. I have become severely depressed, which has caused relationship issues, family issues, etc. I can't study for the CPA exams while working cause of other things in my life (do not want to disclose these details as it's a very specific situation that would my coworkers know and would therefore know this is me). I am "mentally not strong" enough to push through longer. I am also pigeon-holed into a very very specific tax area that very few, if any jobs, care about, which has led my 100+ applications to only a few interviews. I guess my question is when does someone draw the line for just straight-up leaving PA for mental health?

    submitted by /u/DadAccountant
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