| FIFO vs LIFO Posted: 29 Nov 2020 05:31 PM PST |
| Joel Osteen apparently had an internship at Arthur Anderson Posted: 29 Nov 2020 04:03 PM PST |
| My new chair is only comfy for 8 hours. Can anyone recommend a chair that will last 10-12 public accounting hours a day? Posted: 29 Nov 2020 07:54 AM PST |
| Fresh graduates be like Posted: 29 Nov 2020 10:25 AM PST |
| Workplace from your nightmares (PWC) Posted: 29 Nov 2020 02:34 PM PST |
| Resigning during busy season Posted: 29 Nov 2020 12:33 PM PST I plan on giving my two weeks' notice tomorrow. Curious if anyone here has advice on dealing with the blowback I will likely receive or if anyone has resigned during busy season. Background and details below. I'm a Big 4 Senior 3 working in Indirect Tax. December through mid-February is our team's busy season. Our team consists of the partner, senior manager, myself, a senior 2, a US staff, 5 offshore staff, plus a few other employees we bring in on a rotation during busy season. I'm the primary client contact for and review the filings of the majority of our clients (~60-70%), but I've taken this past year to document in detail all processes (reviewing procedures, client data requests, billing/invoicing tasks, etc.) in the event I leave or transfer. I say this to acknowledge my level of responsibility on the team and the potential damage it could cause the team, but that I have also taken reasonable steps to help the transition process if and when it occurs. Up to about a month ago, I felt that I had a good working relationship with the senior manager and partner. However, after the firm canceled raises and bonuses, moved to an unlimited flexible PTO policy, and some other firm policy changes, I've been testing the market with interviews since the early summer (a couple final round interviews, but no offers until now - more on that later). About a month ago, the senior manager had a family emergency and dumped her work on the other senior and myself, leaving us to balance our own work plus hers. One of those tasks was a project proposal. I worked until around 10pm Friday night and sent the draft for partner review. On Saturday morning, I went on a walk with my family, only to come home and find that the partner had been blowing my phone up with questions. I called her back to let her know I was on a walk with my family and that I would log on as soon as reasonably possible once my wife and I get our children down for a nap. After that, I spent the rest of the morning and afternoon fielding her calls and texts and generally trying to catch up on my work plus the senior manager's. Later that day after signing off to have dinner with my family, the partner inadvertently texted our group chat (the partner, senior manager, and myself regarding the project proposal) with a message that was obviously intended for the senior manager. She was complaining about the time I spent with my daughters that morning, the delay in my response time, how it showed a lack of initiative, and how I am not ready for manager promotion in May 2021 because of this. She quickly apologized once she realized her mistake, but my relationship with both the partner and senior manager has been strained since. After that weekend, I started seriously looking at job opportunities. I received a written offer the day before Thanksgiving. I also have the results of another final round of interviews coming tomorrow as well. So, with potentially two offers to get out of Big 4 and one in the bag, I'm giving my two weeks' notice tomorrow. Any advice on dealing with the harsh response I will likely receive from the partner and senior manager? Apologies for the wall of text, and thanks in advance for your thoughts. submitted by /u/BurnerCPA11292020 [link] [comments] |
| I’m socially awkward, but I like to laugh. Enjoy Posted: 29 Nov 2020 09:00 PM PST |
| Which one of you losers tweeted this? Posted: 29 Nov 2020 09:40 AM PST |
| Public Accounting Stress Posted: 29 Nov 2020 08:48 PM PST I just started working in public in September and it's honestly not what I expected. I worked hard in my undergrad, made connections and was very happy I landed a job especially during times like this. Now I'm thinking maybe this is not I want to be doing my entire life, staring at excel sheets and computers all day. I'm just not sure that if I drop accounting, what else am I going to do? Also, I wanted to ask you guys, is it normal that I constantly feel stressed out and contemplating quitting my job? I feel as though my mental health is going downhill. Is this feeling temporary? submitted by /u/tkoneup [link] [comments] |
| [CAN] Vancouver Salaries Posted: 29 Nov 2020 05:57 PM PST I am trying to get feelers of what the salary is like for first year senior (3 busy seasons) in this market and what's the salary you obtained post leaving B4. I may want to move to Vancouver to do another year of public or hop to industry. I just want to build realistic expectations but low key aiming for $70-80k but not sure if that's possible. submitted by /u/No_BS_CPA [link] [comments] |
| Accounting delays... Posted: 29 Nov 2020 03:15 PM PST Hello,
I have a small business. I pay an accountant monthly to do my bookkeeping and then in April to do my personal and business taxes. I'm trying to figure out if I need to just find a new accountant or if what's happening is normal. My Quickbooks is always several months behind. I currently have 185 expenses and income transactions that need to be logged. The last time everything was updated was in August when I called to ask when I would get everything updated because at that point, nothing had been updated since April, and I needed financial statements updated for my bank. Is it common for the books to get so far behind? I've called several times over the past two years about getting everything caught up and she always claims she was about to do it but I'm skeptical. Thank you! submitted by /u/thisismyusername51 [link] [comments] |
| Should I take a Udemy course on quickbooks? Posted: 29 Nov 2020 09:02 PM PST I'll get straight to it, trying to get a entry level job in this field while still in school. It's been tough. I have about 1.5 years of school left but I wanna get my foot in the door already. Internship season is over, missed out it. Oh well. My question is should I take a quickbooks Udemy course to be able to land an entry level job? Most entry level jobs ask for some experience with quickbooks. Schools coming to an end so I would put all my focus on that. Or in general what can I do to find that entry level job. submitted by /u/NoobNoob__ [link] [comments] |
| Texas Wall Certificate Size? Posted: 29 Nov 2020 08:48 PM PST Hi! I am looking to make a frame for my boyfriend's (forthcoming) Texas CPA wall certificate. Does anyone know what size they actually are? I have scoured the internet to no avail. Judging from candid pictures people have taken they seem like they may be 11" x 14". submitted by /u/KISSmyARSenal12 [link] [comments] |
| Accounting career in IT Posted: 29 Nov 2020 03:42 PM PST Hi everybody, Looking to get some input on what kind of careers are available for CPAs in IT. Looking to understand what kind of options are available for starting CPAs in IT. Ideally, anything related to IT cost management, analytical type of jobs, or anything cloud related. Thank you! submitted by /u/PlusMinute [link] [comments] |
| POST CFE2020 - Planning for May 2021 CFE (10 Steps). Posted: 29 Nov 2020 07:01 AM PST I want to discuss my recommended next steps for those who are planning to write in May 2021, (day 1 and/or 2/3). Feel free to add more or just provide your overall thoughts. Most of this is personal opinion, and I am no expert myself, but I want to at least try and help others who are in a difficult place right now. This is long, sorry about that. 1. Use the money you are thinking of spending on a PAR/Appeal on a coaching program. - I get the appeal of requesting a PAR or appeal, but its ridiculously expensive for what you get. For PAR, its $1,100 for all 3 days, and for $400 more you can get the full Densmore package prep. For Appeals, the rate for successful candidates is very low.
- I would only consider an appeal if you didn't pass level 1, but passed the rest, and you have a very strong feeling that you did not score many NCs and NAs.
- I would only request a PAR, if you don't have any clue where you went wrong, if you have some ideas (time management, missed AOs, AOs you know for sure you didn't get RCs, or if you spent too long on FR on day 2/not enough on your role - leading to missed AOs etc.) then I wouldn't request a PAR, because you at least have something to build on from going forward. I hate that CPA releases the board report in May 2021, because by then people will be writing the next CFE, typical CPA lol. It's also just too expensive for me, especially for what you get.
- The prep you will go through with a coaching program, will uncover your weaknesses anyways and make them stronger.
2. Which coaching program to choose? Densmore or a cheaper alternative - GevorgCPA - Densmore is terrific, I used it and I can vouch for it. If you can't afford the program (around $1,500) I would try and snag the scenario flowchart book that they provide with the course (Kijiji). That books was clutch for me, it provides key technical tid-bits for all of the common topics in FR/MA/Audit/Tax/F/S&G. And its not overwhelming in the slightest like their massive competency manual.
- Densmore's program is very good, because they have good videos like their tax technical recap refresher, how to debrief successfully, how to tackle your specific role on the day 2. Their case walkthroughs are also very good. These were among my most useful videos. But the most useful for me, were their skill drills on MA and Finance topics. These were short 20-25 minute drills on Break-even, Costing, Cash flows etc. Great review for technical, and complimented the scenario flowchart book immensely.
- GevorgCPA - fairly new program, he is a great instructor and his program is 1/3 the price of Densmore. Check him out first on his YouTube channel, and see if you like him. I did get this program as well. Its basically Densmore lite for me. He provides great video walkthroughs, historical data, honor roll interviews (unique - I liked this). Techniques for how to actually write for each day on the CFE. He provided some great templates (Special report templates for assurance, Audit procedures template). He has some very useful memory aides. He also includes a 1 on 1 coaching session in the package, which was neat.
- If anyone wants to know more about Densmore or Gevorg, feel free to PM me, I'll be happy to answer any questions on these programs. I liked both, and both had their strengths and weaknesses.
- There are also more coaching programs out there, so definitely research as well.
3. Find someone competent (with experience) to mark your cases (pay them if required). - This is such an underrated and unused tactic by many people. I did my masters just before I wrote the CFE, and many students in my batch formed groups and switched cases and marked each others. While this seems smart, I personally don't recommend it, because friends never make good markers lol. No matter how much they will deny, there will always be bias, not to mention, they don't have enough experience!
- I had Densmore mark some cases, as well as Gevorg. I also had my mock CFE exam marked from my masters program. So in total I had six day 3 cases, and three day 2 cases marked. Try to budget some cost into this when you are planning your expenses. For ex. budget out $200-$300 for marking costs and add this to your coaching program total. Of course, research and find out if there are cheaper options for marking. But remember, try and at-least have experienced markers mark your exam, someone who will provide good feedback.
- This is such a game-changing tactic. Debriefing by yourself using marking guides is very helpful, don't get me wrong, but if you sprinkle in cases where you have an unbias 3rd party mark your responses and give you good feedback, it will make you a better writer overall.
4. Learn technical early! Start as soon as possible! But keep it to 2-4 hours PER WEEK - I have presented some costly steps but now its time for a cheap/free one! And this is the most important.
- I wish I understood the importance of this before I started my masters, but if I could do it again, I would purchase Densmore when my masters started, and would start going through their skill drills and scenario flowchart technical blurbs right then!
- Even if you don't get Densmore, try and snag a scenario flowchart book, or just review technical from any free resource (best one IMO - is CPA's technical manual on Knotia - use their summary notes), but the point is, start this NOW.
- People say that you shouldn't start reviewing for the CFE until 6-8 weeks before, this is completely true. But if you are truly weak in technical, especially tax, I personally think you should review base technical information soon, because when you are 6-8 weeks out, you should be good enough that you can write 'something' for each of the major topics tested on the CFE for each competency, for ex:
- Tax - know benefits (standby charge/operating benefit formula), how to set up basic personal taxes payable, or corp taxes payable and the common deductions
- Audit - know common WIR (ex. IT related - secure password, backup procedures), common OFSR
- MA - NPV, break-even, in-outsourcing
- Finance - cash flows, valuation
- S&G - governance (good traits of boards - independence), common SWOT
- The point is, start this now, BUT do it at a slow pace, 2-4 hours PER WEEK - NOT PER DAY! This should be plenty.
- The best thing to do is make a list of all the common testable topics that come up frequently for each competency, and start with that, go through each briefly, then work your way onto other topics, for ex. for FR, start with rev rec (cause it was tested on every CFE until 2020 lol), then impairment, then PP&E etc. then move onto lessor topics like grants. I would also study the IFRS and ASPE together, like to rev rec for ASPE then IFRS. I would also know the main areas of NPO, for that rare occurrence that CPA ask that (which is unlikely, but could be on a day 3).
- DO NOT wait until 6-8 weeks out to study technical if that is your weak area. 6-8 weeks is where you should be case writing and start transforming your NC/RCs into Cs, and solidifying your base technical knowledge into strong technical knowledge. Yes this will likely over-prepare you in technical, but that is not a bad thing, especially for a 2 hours per week time commitment. And feel free to take longer, but do not spend a lot of time now, that is the key, you are merely warming your brain right now for the marathon up ahead.
- Take some well deserved time off right now, don't feel the need to start this asap, take a few months off, enjoy Christmas/new years, and start sometime in January/Feb/March depending on how weak you are in technical, remember (cannot stress this enough) this is just a 2-4 hour time commitment PER WEEK.
5. If you at any time get flustered/overwhelmed - take a break, relax, recover and regroup - While this is not a specific step, I wanted to leave this in here because I also think this tactic is underused, and I'll illustrate this with a story:
- So, because I didn't study technical in advance, I kind of had to cram a lot of technical I was weak in (especially FR/tax) in the 6-8 weeks building up to the CFE, because of this I became too tired (especially after a rigorous 8 month masters course), I actually took a full week off, which was 4 weeks out from the CFE.
- This helped me a lot, I felt refreshed in re-charged and ready to get back to studying. I cannot stress how crucial it is to be healthy and in a right frame of mind when studying. If at any point you feel stressed or overwhelmed, take a day or two or three off. Recharge and recover. Densmore stressed this a lot, and it honestly helps guys.
- You want to peak at the CFE, you do not want to be burned out before. Studying for 1 hour focused is better then 4 hours unfocused.
6. Plan out time allocation and stick to them, especially for Day 2 - Planning out time allocations is huge, and it is the best thing to help prevent spending too much time on FR/MA on day 2. And this is what most struggled with on this CFE.
- Going into Day 2, I had mapped out my time allocations, I was going to read the case from 11am to 12, do FR/MA from 12-2pm then my role AOs (assurance) from 2-4pm. Spending on average 15-20 minutes per AO. Having this mindset, is what will prevent you from going over in common AOs and leaving sufficient time for your role AOs.
- Start getting in the habit of mapping out time allocations. For ex, in your outline, actually put down a time schedule for each AO (for ex. for this past CFE, this was my allocation:
- Read - 11-12
- Outline/Planning AOs 12-12:15
- AO 1 MA - 12:15-12:35
- AO 2-5 FR 12:35-2:05 (impairment, investment, leases, convertible debt - in that order) + AO6 Audit procedures (If you don't already, always do audit procedures with FR)
- AO 7 APM 2:05-2:40 - OFSR, Materiality, Approach, left time for Materiality because you have to re-calculate it, since what they used was negative
- AO8 8-11 the WIR, external auditor, special report, A/R and PPE procedures 2:40-3:45 - struggled for time here for sure
- AO12 the stock compensation 3:45-3:55 - LOL, this was a trainwreck, I left this for last cause I had no idea what to do here, and I wanted to at least to the others so I have the best chance of depth in level 3.
- So even if you have no idea on an AO, you should never give up, leave it at the end of that type of competency and move on, kill the ones you know! I knew for Assurance that I would be safe because of the other AOs, and I started with Impairment first in FR because I knew that the best. I also tried my best to stick to my time allocations, but I did go over by a minute or two when doing FR, but I moved on, I actually left the convertible debt on probably an NC answer, but moved onto my role AOs, because I saw I was going over my allocations.
- Point is, get into the habit of this strategizing, this will provide another safety net for you, I allocated 15 minutes for this (12-12:15), its huge. Try and reduce your reading time. Maybe spend less time on reading appendixes and save that for when you are doing the AO that uses that appendix.
7. Day 3 specific - write and debrief 1 case at a time, do not write 3 in a row! - This is controversial, because masters taught me to always do 3 in a row to simulate CFE day 3. Densmore told me to do 1 at a time, since there is no need to do 3 in a row, this also helps for debriefing if you do it 1 at a time. If you do all 3, and start debriefing, you will likely not remember your 1st case as well.
- I did both, and found writing 1 case at a time and debriefing it to be the best tactic. Simply because the debrief is so much better.
- I don't think it makes a lick of difference if you do 1 case, as long as you stay true to the time restriction for that case. Try it out, if you don't do this.
8. Day 1 - Just watch these two videos. Follow this to a T. https://www.youtube.com/watch?v=TaNUzIwRrRM&ab_channel=GevorgCPA https://www.youtube.com/watch?v=efcLkHX3t1E&ab_channel=GevorgCPA 9. Make sure to watch out for any Competency Map updates, as there was talk of possibly including Data Analytics and GST/HST in the next offering of the CFE (not confirmed) https://www.cpacanada.ca/en/become-a-cpa/pathways-to-becoming-a-cpa/national-education-resources/the-cpa-competency-map 10. You got this. - I don't really want to go through the spiel of 'this isn't the end of the world' or 'you should be proud of of even getting this far'. I won't do that, cause yes it's disappoint to not pass, I would be annoyed. Instead, start using that frustration as motivation on the steps you will take to prevent this from happening again. Tell your boss/friends that even though I didn't pass, I will do this and this and retake the exam in May and get it right this time. It is not big deal IMO. I feel people make it out to be a big deal. This is not an easy exam, the cumulative pass rate may be 75-76% but that is inflated because of a high pass rate on day 1. Day 2/3 pass rate is far lower. The way this exam is marked is not the best IMO. One can easily slip up.
- Keep your chin up, if you want to reach out to me personally, feel free to PM, and remember, after you let your emotions out (which you should, it's ok to feel gutted), don't keep thinking about it, pick yourself up, dust it off, and plan out what you intend to do to rectify it on the next exam date.
submitted by /u/Weird-Split-7907 [link] [comments] |
| When you tell people you're an Accountant, what do they say? Posted: 29 Nov 2020 10:45 PM PST |
| Cost of revenue versus operating expense- whats the difference here? Posted: 29 Nov 2020 10:42 PM PST This question is related to a bunch of meme stocks that ipo with no profit...or even free cash flow. Are these companies accounting in a way that shows losses to avoid taxes or are they actual real losses? For the example Planatir Cost of revenue is around 600bln. Selling and admin costs of 1.2bln. Puts them at a loss. a lot of companies are like this. However, many people suggest theyre reinvesting the profitz back into the business...my question is how and where is there evidence of this in the financial statements? why isnt operating cost factored into cost of revenue? submitted by /u/badtradesguy [link] [comments] |
| 2nd attempt failed; thinking to give up Posted: 29 Nov 2020 10:00 PM PST I did feel that I had a good attempt this time. I did all AOs, so I thought I passed at least day 2 and 3. When i saw the result, I couldn't believe my eyes...... I failed all all days. For day 2 and 3, I failed the level 3. I remembered I knew all the questions and the only mistakes I made was the internal audit part, I treated it as the external but still I thought they should not hold me back to fail. I am extremely disappointed. I can't stand for another attempt. Maybe I should change my career. I am really thinking it seriously now. Maybe accounting is not for me. submitted by /u/heroyeah2008 [link] [comments] |
| CFE 2020 4th Attempt Pass Posted: 29 Nov 2020 02:58 AM PST Yes I wrote the CFE four times and I passed on my 4th attempt. Some people are slow to catch on and I guess I am one of them. I got my lucky 4th chance because the 2019 didn't count. CFE is not an easy exam. I am writing this post for all the unsuccessful writers. I know you feel bad and disapointed. Seeing your co workers and friends celebrate their success while you deal with your fail is hard. I know I have been there three times. I was extremely upset after my first fail, cried after my second and wanted to give up on life after the third. I was never the naturally smart kid in school. I always had to work harder than everyone else to get good grades. I always worked really hard and got where I needed to be. I had a good GPA in university and always passed everything on the first attempt. The CFE is different. You can study all the technical all you want but if you can't write a case than you won't pass. I knew that but never changed anything in my first three attempts. Some years I got close to passing and others I totally bombed. I stuck around and kept going back to the same CFE prep company (I won't name) that advertised a high pass rate for three years. Basically I want you'll to know that you got to the CFE because you worked hard and know that their is nothing that can stop you from getting accross that line. You need to believe that you can! My tips for success in the next offering:: - Relax for now
- Honestly debrief how you performed. Did you struggle with the technical or just run out of time or didn't see the overall picture of the case...Is technical your issue or case writing or both?
- Think of how you studied. Did you submit all the practise Capstone cases, did extra practise, debriefed your response, kept track of your performance?
- Take time off for the CFE. Studying for the CFE is a full time job....You can't attempt a 5 hours case after work. I took 4 weeks off. I wouldn't say I studied 8 hours a day but I stuck to the study plan.
- Change things up. I chose to prepare through Densmore this time. The other company (I won't name) had outdated cases, used UFE like cases and didn't focus on case writing.
- For financial reporting I studied all the sections. Yes even the FR that showed up this time. Anything is fair game and you better be prepared. Obviously focus on 10-12 that are suppose to regularly show up. Recent trends show that they will add one or two rare FR issues every year. I think next year could be Income tax and Employee benefits. I know this is a lot but I memorized them and hand wrote a few every week. I never liked looking into the handbook during the exam for FR. So I did what worked for me. I purchased FR and MA books from PASS. I found their books better then Densmore's competency map book.
- For Audit I also purchased the PASS binder. Again studied the hell out of it. Its actually really good. Teaches you how to write real procedures that aren't vague.
I am from the industry and was really on my own. I don't know about the firms. I hear they have resources and help. So do what works for you. I'm just telling you what worked on my fourth attempt. If my average ass can get over the line in my 4th attempt then you can do this as well. Just don't give up. Once you get your letters, it won't matter how many attempts it took. submitted by /u/Ok_Walrus4190 [link] [comments] |
| When is it time to move on (industry)? Posted: 29 Nov 2020 01:09 PM PST I've been with the same team for 4 years since graduating and just promoted to assistant manager recently. I feel my learning curve has sloped off significantly and the excitement is waning after I've become burnt out in the past year. I kind of want to move on but not sure if I should hang on tight since I've just broken the first door to management? Think it would be smarter to do a year as Assistant Manager and then move out? submitted by /u/Shfifty_Five_55 [link] [comments] |
| Simpsons SOCI posting Posted: 29 Nov 2020 10:27 AM PST |
| Help! Quitting Three Months into Big4 Audit Posted: 29 Nov 2020 09:33 PM PST I honestly don't know what I was thinking. I'm not even an accountancy grad - I'm a social sciences grad, and I just started working at the Big4 not too long ago. At that point, I was just happy to have a job offer and I figured it would be a good chance to explore a new industry. They gave us non-accountancy graduates a really expensive crash-course in accountancy for two months, then expected us to be able to jump in feet first and work while also studying for exams for the crash-course. I can't take the stress of both studying and working the ridiculously long hours, especially since I barely know what I'm doing half the time and the seniors don't have time to coach me. I have been crying non-stop for the last month or so and I desperately want to quit. I'm tired and sleep-deprived and I feel sick. I thought that I'd be able to stick it out for a year so that I don't have to pay their training fees back, but I seriously can't. If I'm not planning on touching accountancy-related jobs with a ten-foot pole, is it alright for me to quit? I don't have another job lined up yet but I can't bear staying any longer. submitted by /u/aridiculousquestion [link] [comments] |
| I’m taking accounting online and feel like I’m learning nothing so I am scared of pursing a career in it Posted: 29 Nov 2020 08:39 AM PST Hello, I (21F) am currently pursuing a BS in Accounting. I've been online the whole time with the main reason being finances (it's a lot cheaper). I'm currently in my second intermediate accounting class and I'm doing okay. However, I feel like I don't know anything. I use chegg to help me figure out some HW questions on Connect. The only professor contact is by email. I hate school and especially online so it's hard for me to really get into it and study. I'm at least half way through the degree so I feel like it's too late to change it as I don't want to have to add another year to my schooling. I feel like I shouldn't pursue a job in it afterwards as I will look incompetent if they ask questions or when I first start. I've thought about going active AF in finance (they don't have accounting) to try to get experience. I'm not opposed as my bf is active and I'm currently guard. Then again, it could be nothing like accounting. I'm in the middle of moving and I've tried to apply for jobs such as "bookkeeper" or even just personal assistant so I can get into an office. So far, no takers. So basically, I don't hate accounting (although I fear the long hours I've heard about) but I feel like I'm not learning anything. I won't be good or even able to keep up if I got a job. I just don't know what to do. Any advice is appreciated, thanks!
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| What is the best accounting route to take if you really want to be rich in this field? Posted: 29 Nov 2020 08:58 PM PST |
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