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    Accounting It's a love/hate relationship

    December 01, 2020

    Accounting It's a love/hate relationship

    It's a love/hate relationship

    Posted: 30 Nov 2020 09:56 AM PST

    One more month

    Posted: 30 Nov 2020 08:33 PM PST

    The truth behind public accounting and work-life balance

    Posted: 30 Nov 2020 09:05 PM PST

    According to the webinar I had to sit through today, this is what virtual currency owners look like.

    Posted: 30 Nov 2020 06:01 PM PST

    It's the same cycle every year

    Posted: 30 Nov 2020 04:53 PM PST

    I'm 33 years old. I live in New York City, I'm a CPA, I have 7 years of experience, and I cannot find a job for the life of me after getting laid off. Is anyone else finding it difficult?

    Posted: 30 Nov 2020 09:24 AM PST

    I'll lay the facts out and any input is appreciated.

    • I'm from Atlanta, I moved here for my wife 1-2 years ago because she got an offer with a consulting firm in the city for a high salary that we couldn't turn down. I don't have any connections in the area really.

    • I am stable with her support and am insured through her job.

    • Professionally, I am a CPA, I have 7 years of experience now. I did not do Big 4, but I have a BDO firm public experience for 2 busy seasons.

    • It took me a while to land a job in NYC when I got here initially. I got an offer for $92k flat, for a Senior Accounting position. Then covid hit after I was there for a bit over a year, and the company failed as a result of covid, I've been unemployed since August 1st.

    • Yes, I know senior is low title for 7 years of experience, but I was sandbagged while I worked for other corps due to politics and should have gotten out earlier but could not due to parents health issues. Then I couldn't get anything other than senior upon leaving.

    I went public staff 2 years > large healthcare corp 4.5 years as senior > 1 years in NYC at a big retailer company as senior

    • My resume last year got me interviews and eventually a job in 2 months. It's getting hits this year, but like 5% rate, and no interest after an interview.

    • I am Japanese. My name is along the lines of Eiko Nishimura Fukuyo. I have been advised by friends working as recruiters that maybe I should change my first name to Erik or something on the resume to be more friendly because they have noticed people being more picky about asian names due to corona prejudice. I am not willing to do that, because a 2 syllable name isn't that hard to learn. Is this something that is necessary in today's market?

    • It appears that others that have gotten laid off, have gotten jobs, but no one has any real relevant advice other than that they had a friend get them in. I don't have connections in the city and its hard to make them now because of covid. My wifes friends and everything are in completely different fields and their companies are not hiring.

    • I have had the few friends I have refer me for positions I fit the bill for, and I don't even get a call or an interview out of it. I asked them to follow up with the team, and they said they pinged the managers but they aren't getting a response back from them.

    • I'm at wits end and becoming depressed and discouraged, and the longer resume gaps aren't going to help. Things could be worse for me, but that doesn't mean that its not incredibly frustrating. Ive had my resume reviewed by 2 professional reviewers and its just not getting any traction really. They've advised me to reach out and just cold call because they don't know how else to tweak it.

    submitted by /u/LilMouse059
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    lINkEdin cUlTure

    Posted: 30 Nov 2020 09:04 PM PST

    Industry Accounting and Month End

    Posted: 30 Nov 2020 07:43 PM PST

    Is anyone else in industry accounting burnt out from month end? Last month, I woke up on Monday morning and didn't go to sleep until Wednesday night. I legit did not sleep for two nights.

    And then you have every department asking you questions and asking you to move less than $5 from one account to another when you oversee the accounting for 20+ different locations.

    I'm falling behind. I feel like I can't keep up like I used to. I work in a really interesting industry and that's not even keeping me motivated.

    I've been doing the same thing for the past 4 years and luckily they are hiring another accountant so I can move onto more advanced work. But they've said they would hire another accountant before so I'm not too confident this will actually happen.

    This turned into a minor rant. But is there anyone else out there who can relate?

    submitted by /u/TA_tunasandwhich
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    Happy Month End Everyone.

    Posted: 30 Nov 2020 07:52 AM PST

    Anyone else saves twice when working on an important report

    Posted: 30 Nov 2020 12:47 PM PST

    Zoom Meeting from hell

    Posted: 30 Nov 2020 08:13 PM PST

    Hello friends, I could really use some advice about a mortifying incident that happened just today, over a zoom meeting. I am suffering from extreme panic as I type this. You see, I am a new tax associate for a large regional firm. The managing partner of our region likes to have "town halls" where he talks to us all about the state of the economy, industry, firm blah blah. So about 150 people dial in for this zoom meeting and he starts his spiel. I have...a habit that some might find strange but it makes me feel better and more "in control", so to speak. I get naked from the waist down for these meetings. It does the trick because it keeps me cool, since I sweat excessively on account of my social anxiety. I'm sure you can guess what happens next. I must not have paid attention when it asked me if I wanted to display video before the meeting, and I guess I lost track of my video feed over the hundreds of other video feeds of other people. As he's drolling on I get up to grab a cup of coffee and I hear a collective gasp. I begin to sweat as waves of terror wash over me. The adrenaline causes me to pinpoint my video feed among all the others and I see my cockadoodle doo in crisp high def. I am frozen in place for a few seconds as I panic. I then sit down immediately and bury my head in my hands for the rest of the town hall. When I look up for brief moments, I see dozens of eyes dart back from my feed and to the managing partner. They all know. Where do I go from here?

    submitted by /u/ahem17
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    Leaving Big 4 after 1 year of experience and right before busy season

    Posted: 30 Nov 2020 04:42 PM PST

    I just started reaching out to recruiters and browsing LinkedIn for potential jobs. I've gotten to the point where I just can't handle this job any longer. I was also just notified that I would be working on back to back busy seasons and that pushed me over the edge. I'm just not down to throw away my life for crap money and tons of stress. I never really liked audit after my internship, but took the offer because it felt like the best decision I could make at the time. My worry is that leaving after one year isn't enough experience and that leaving right before busy season will burn all the bridges I have built over my year at the firm. I know me leaving will be a total shock and really screw some people over. At the same time I can feel my mental health fading as busy season quickly approaches. Any advice is greatly appreciated!

    submitted by /u/vic8599
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    Does anybody regret working at B4?

    Posted: 30 Nov 2020 09:58 PM PST

    You hear a lot of shit on this sub about the B4 and public accounting; the horror stories include 100 hr work weeks, 6 months+ busy seasons, shitty clients, incredibly toxic environments, mfs yelling and crying and shit, etc...

    Despite all this, I never really hear ppl say "I wish I never did it." Or "it wasn't worth it" or "I could've done the same without it"

    So srsly, do any alumni or any of you that are currently in the B4 regret making the initial decision to join? Thanks in advance.

    submitted by /u/muhammed-jordan
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    Cheated through college

    Posted: 30 Nov 2020 07:56 PM PST

    [SERIOUS] Yea, I'm about to graduate in the spring and will be trying to go to grad school. I have a basic understanding but I'm in the middle of doing hw for my intermediate 3 class and I'm lost. Before you know it i'll be graduating grad school (if i can get into grad school), taking my CPA and be applying for a real job. What can I do to catch up?

    submitted by /u/iamscrewd
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    Book recommendation - Financial Shenanigans by H. Schilit, J. Perler, Y. Engelhart

    Posted: 30 Nov 2020 04:00 PM PST

    I've finished 3/4 of the book and wanted to share some thoughts.

    This is a really good book. It explains how companies use different accounting tricks to embellish its financial statements. There are lot of different examples across a wide variety of industries. It covers a bunch of BS, IS, SOCF, and non-GAAP gimmicks that companies have pulled off in the past. I highly recommend to it budding auditors/accountants and even accounting veterans like me.

    The only negative things I can say are 1) you need to have a decent understanding of accounting and financial statements to really understand the book and 2) the book takes a while to read especially if you sit and think about each of the examples - like I have.

    Lastly, reading, researching, and understanding financial statements is hard work. I salute the folk who work in IB, equity research, PE, and HF.

    Chime in if you have also read this book!

    submitted by /u/rtayflaeyr
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    Starting Big 4 experienced position soon and looking for advice to make the transition easier

    Posted: 30 Nov 2020 02:09 PM PST

    Just a brief background, I am coming in as an experienced associate after about three years at a local firm.

    Despite the obvious cons of working at the Big 4, I am very grateful to be given a chance.

    My only worry is transitioning from a small CPA firm to the B4. For people who had a similar career path, how was your experience making the move? Any advice you can give? How important are the mentor type systems in the B4?

    Thank you in advance!

    submitted by /u/giddy23
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    Personification of the standard deduction increase

    Posted: 30 Nov 2020 04:27 AM PST

    Assesment help!!

    Posted: 30 Nov 2020 11:30 PM PST

    EXERCISE 3–1 Compute the Predetermined Overhead Rate **[LO3–1]**Harris Fabrics computes its predetermined overhead rate annually on the basis of direct labor- hours. At the beginning of the year, it estimated that 20,000 direct labor-hours would be required for the period's estimated level of production. The company also estimated $94,000 of fixed manu- facturing overhead expenses for the coming period and variable manufacturing overhead of $2.00 per direct labor-hour. Harris's actual manufacturing overhead for the year was $123,900 and its actual total direct labor was 21,000 hours.

    Compute the company's predetermined overhead rate for the year.

    My undestanding is that i need to divide the estimated total manufacturing overhead cost/estimated total amount of allocated base.... in which it gives me 4.7 and then converted to percentage , 470%. However I'm not sure if I need to add the $20,000 of the variable manufacturing overhead of $2 per Direct hour to the allocation base which will add up to $40,000. So would it be $94,000/$40,000 = 2.35 x 100 = 235%

    ​

    Sorry if this is a stupid question but I can't seem to find an answer in the book plus the prof is fkn slow to answer...

    submitted by /u/emareddit1996
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    Am I fired?

    Posted: 30 Nov 2020 06:27 PM PST

    For about 2.5 months I have been recording transactions on credit to suppliers as transactions that have been credited by suppliers.

    There is no oversight for me btw.

    Essentially, instead of receiving certain inventory on credit, for 2.5 months the system has been recording inventory being sent back to suppliers for credit.

    The system says we're almost out of certain inventory, but I rang the DC and they said they have heaps of this inventory and the automated purchasing has purchased more of it to make up for the inventory sent back so they're going to start putting this inventory between racks.

    How fired am I.

    submitted by /u/One_Juggernaut_3893
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    MS in accounting or extend undergrad

    Posted: 30 Nov 2020 07:13 PM PST

    I'm an undergrad business/Econ major in Ca, I originally wanted to go into another field of business but because of the job security I'm pivoting into accounting and want to go the cpa route. I need 150semester (225 quarter) units to sit for the cpa exam. I'll be ready to graduate June 2021 with 190 quarter units. I've taken some tax/audit classes already, I don't have any accounting internships although I'm currently applying to some smaller firms. Ultimately my question is; should I finish my undergrad, take an internship, and finish those remaining 45 units in an MS accounting program, or should I just extend my undergrad by a couple of quarters to reach 225 units even though I won't be able to take the full intermediate accounting series?

    submitted by /u/SmartZookeepergame40
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    Tax advisory/consultant career path

    Posted: 30 Nov 2020 08:09 PM PST

    Hi all. I will be graduating from my university in about a year. However, i have been facing some problems with planning my internships or how to enter into the tax workforce. I intend to start at a Big 4 doing tax. But i am more interested in the advisory side of tax rather than the compliance side. How do people enter the advisory side of tax (is it necessary to start with a compliance position first)? THANKS IN ADVANCE

    ​

    P.S. i will be doing an internship on personal tax with one of the big 4 soon

    submitted by /u/StudentStruggling
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    CPA Ontario PERT Reporting

    Posted: 30 Nov 2020 07:28 PM PST

    So I was finally able to pass the CFE this year after 3 tries, but now I'm concerned about PERT reports. I am under the EVR route.

    I submitted one for prior experience and honestly, barely got any level 1s -probably got 1. My prior job didn't have a lot of accounting so I can see why. Honestly, I slacked and didn't do the experience reports because my jobs were never in actual accounting departments.

    I'm in the midst of creating the current catch-up report for my current job which is a lot more robust and it's actually in an accounting department.

    My biggest concern is my program deadline date, which is January 2022. Is there anyone who was in the same boat, really near the program deadline and barely had any PERT reports done?

    submitted by /u/LessIceandSugar
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    Normal Burnout(?) - Working Mom

    Posted: 30 Nov 2020 11:39 AM PST

    I'm coming up on my 10th year in a large local public firm, tax manager. In those 10 years I've gotten married and had 2 kids (now 2 and 4). I have always had extreme flexibility, plenty of vacation, and was able to reduce my busy season hours to 55/ week after I had my second. I cannot say enough great things about the firm and my bosses. It's my dream career balancing hard work, lots of growth and learning, and lots of time with my family.

    I've been WFH since March now, and my husband was unemployed for awhile so he kept the kids while I worked, and that went fine.

    Ultimately, though, what has happened in the last 9 months is, my baby turned into a full-on toddler, my toddler entered full-time public school, and my husband is now working a great job. My entire 'season of life' has changed, and I've gotten so used to popping in and doing 'mom' things during the day to keep the house running. I almost feel like I've half-assed my way through the pandemic (while somehow keeping bosses, staff, and clients happy). I've never wanted to be a stay at home mom, still don't, but I am terrified about basically reintroducing myself back into the real working world.

    Is this normal burnout, pandemic burnout, or just a call for a career change? I still love my job I just don't wanna DO it anymore. And I'm afraid I won't be able to fake it much longer.

    submitted by /u/ScaredBorderCollie
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