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    Accounting It’s that simple

    January 02, 2021

    Accounting It’s that simple

    It’s that simple

    Posted: 02 Jan 2021 02:41 PM PST

    Enough said/

    Posted: 02 Jan 2021 05:42 PM PST

    Excel Pet Peeves from Coworkers

    Posted: 02 Jan 2021 08:35 AM PST

    What are some of your Excel Pet Peeves from your fellow colleagues? Here are mine:

    • Hardcoded Figures - Particularly check figures, and formula inputs that appear elsewhere on the sheet or on other tabs. Don't make me go on a treasure hunt to figure out where the hell you pulled a number from. If it came from the GL/TB, bring in the GL/TB on another tab and directly link.
    • Plugs - Kind of related to above, but are we still plugging numbers in 2021 to tie out and balance??? Come on now, let's do better.
    • Number formatting - Not using accounting or 1,000 separator formats in large numbers. So annoying.
    • Not using the ROUND() function - Most people I've seen use unrounded figures that go past two decimals in spreadsheets, formatting the number to visually show two decimals making it look like the number is rounded when it's not. This causes rounding differences between your spreadsheet and the general ledger over time which can easily be avoided.
    • Juvenile/Error Prone Formulas - Ex: Manually summing invididual cells (= A1 + A2 + A3 + . . . + A31) vs. from cell A32, Shortcut ALT + =, SUM(A1:A31). Like, where they do that at???
    • SALM / SALY Mindset - Mindlessly rolling fwd workbooks period over period w/ no true thought or analysis. Why do you still have tabs of information from several years ago that is no longer relevant to the current period? Delete that ISH!!
    • Sloppiness in General - I get it. Sometimes we get busy and don't have time to put together an imaculately pretty spreadsheet. But can u at least try to make things look halfway decent for those who have to review your workbooks?

    What are ur pet peeves?!

    ​

    PS - I'm late for an appointment, and do NOT have time to proofread this post lol

    submitted by /u/PasivoAmerico
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    Industry folk: Roast your Auditors

    Posted: 02 Jan 2021 01:39 PM PST

    In the spirit of busy season, I would love to hear about all the annoying things your auditors do/have done. Maybe we can learn something that will make this busy season better for both parties. Also, ideally please share things that are actually fixable. Roast away!

    submitted by /u/prettymuch10
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    We summon the spirit of Andrew the tax partner from beyond the screen. Can you see us? Can you hear us? Type 'yes' in Teams if you do.

    Posted: 02 Jan 2021 06:49 PM PST

    A whole new world

    Posted: 02 Jan 2021 08:02 PM PST

    After being a chef for most of my adult life I have got my first office job as a accounts payable clerk at a corporate law firm. I start in a few day's and am starting to feel pretty nervous about what is set to be a big change. Was just wondering if anyone had any advice for me.

    submitted by /u/dancingdavid1991
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    WFH internship busy season?

    Posted: 02 Jan 2021 08:02 PM PST

    Any thoughts on this? I'll be doing an audit internship but it will be wfh. Will this likely not be like a normal busy season since ill be an intern and can't work with others? Or lol expect it to be harder? Will i have more time for myself to study for the CPA?

    submitted by /u/mhsieh234
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    Do accountants have to worry about corporate backstabbing?

    Posted: 02 Jan 2021 10:16 AM PST

    Is that kind of behavior common or rare? What would be an example of it? Do any of you have an anecdotal experience you would like to share?

    submitted by /u/SecretOfficeGoblin
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    Career change-- I decided yesterday.

    Posted: 02 Jan 2021 08:48 PM PST

    I'm a former public school teacher, mid-20's, who, after 2 years of contemplation, finally made the decision to switch to accounting. Always enjoyed the data entry jobs that I've worked, problem solving aspects, analyzing data, and numbers, but I followed the path of education first (years of experience working with kiddos). I will be enrolling in a masters program for accounting (bachelors is in education), and was accepted into a few programs already (one at an excellent top-15 state school that I was earning my M.Ed in before switching programs).

    I say all this to say, where do I start? My classes don't start until February, and I want to learn as much as I should before starting the masters program. Having come from a total education and retail background, I pretty much have no experience in this industry. What I've done/am doing:

    --Completed the Quickbooks Proadvisor Certification

    --I'm taking Sophia.org courses just to grasp the basics (Financial Accounting and Principles of Finance)

    --Applying to part-time jobs online (most seem to be tax-related, which is fine)

    --Studying Excel to increase my knowledge

    ​

    Anything else I should be doing? My priority is to work while I'm in school, in a field related to accounting. I'm looking for at least a PT position, remote or in-person, or an internship. TIA!

    submitted by /u/yunachee
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    People who’ve left public accounting, advice please!

    Posted: 02 Jan 2021 07:38 PM PST

    Hi guys!

    I come from a science background and straight out of uni, accepted a position in Tax for one of the big 4. As our work is retrospective, I don't really have super late nights. I do obvs have to put in extra hours some days but not the crazy amounts I see on this stuff.

    While I love the team, and meeting with and collaborating with clients, I miss the technical aspects of science.

    I ended up getting a job offer from an industry in science. They pay is only a couple dollars lower than what I'm getting paid now, but I figure the longer I'm a consultant the less I'm a "scientist" so if I decide to get into it, I should be doing it earlier rather than later.

    Anyway, I would really love some advice on if this is a jump I should make given that I would be leaving an awesome team and would lose that client relationship (I will be interacting with clients in the new role to some extent, but not to the variety as in public accounting). Those who have left public accounting, do you regret it?

    submitted by /u/Nav2711
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    Adding Review Notes to my Work Papers like:

    Posted: 02 Jan 2021 06:41 PM PST

    Looking for some advice

    Posted: 02 Jan 2021 08:48 PM PST

    Hi everyone. Wishing you all a very happy new year. I begin working at a big 4 firm soon and am excited and nervous, a bundle of emotions really. I am not an accounting major, nor do I want to be an accountant, but nevertheless feel extremely grateful for this job as my first coming out of college.

    How was your experience starting out at a big 4? How long should I stay at the firm if I don't want to stay in accounting? Those that worked in accounting but ultimately knew they didn't want to stay within the industry, how was that for you and where did you end up going?

    Im curious of others who were in/are in my position. My mind is kind of all over the place thinking about my career, any advice or thoughts would be greatly appreciated.

    submitted by /u/skienho
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    Healthcare/Hospital Accountant

    Posted: 02 Jan 2021 06:19 PM PST

    Hey everyone! I have recently accepted a job offer as a staff accountant at a hospital. I wanted to go industry and not public accounting.

    Really wanting to get some feedback here as I'm fresh to the accounting job market (graduate in May).

    Is anyone on this sub in (or had been) an accountant for a hospital or healthcare facility? If so, how did you like your job? What was the best/worst parts? And if you also did PA, what were the benefits of each, and which do you prefer?

    Any conversation is appreciated, and happy New Years everyone!

    submitted by /u/kentuckycpa
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    Stuck in financial reporting role, would like career advice

    Posted: 02 Jan 2021 09:42 AM PST

    I've been in my current role for a couple years now, previously was a staff accountant for a few years as well. I am not sure where to go from here. I have applied for both accounting and FP&A roles, but have not really received a lot of feedback (was hoping to break 6 figures with my next position, currently just under). I was hoping for some advice, thanks in advance.

    Additionally, I have my CPA and an MBA from a decent state school.

    submitted by /u/CPA23
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    What type of accounting jobs can you get with a advance diploma? (In canada)

    Posted: 02 Jan 2021 05:54 PM PST

    Graduating with a master degree in accounting this year. Need help with what to do next ��

    Posted: 02 Jan 2021 09:53 PM PST

    I did my BA. in international relation and worked in the field of higher education for the past few years. Decided to switch to a more practical degree MSA and will be graduating later this year. I am 29 and never worked or had an internship in the field of accounting. I am afraid I will not find a job due to lack of experience and companies unwillingness to train. What can I do now to boost my chances of getting a job in ACC after graduation? I work full time and go to school full time . Just don't have time to do internships or volunteering. I guess I am just looking for a reassurance that I can get a job without actual experience.

    submitted by /u/terryterry1991
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    Looking for career advice/feeling defeated

    Posted: 02 Jan 2021 09:25 PM PST

    Hi all! This might be a ramble, I don't really know where to start but I am feeling like I am hitting a wall in my career and don't really know where to go/what to do. Looking for any advice/insight/personal journey stories. For context, I live in Alberta (Canada).

    I am 30 years old. I graduated university 2013, finished my CPA in 2016 and have worked in the Insurance industry (private company) for the last 3 years as a Financial Analyst, overall working as an accountant for 7 years. However, as we all know the title 'Financial Analyst' is broad and can mean many different things. My main job tasks include reconciliations, income statement/variance analysis, creating financial statements, and other ad-hoc duties.

    Problem is, I am starting to feel extremely bored in my role three years later. My company is small, there isn't much opportunity to grow (basically non-existent), and doing almost the exact same thing every day is starting to really eat at me. I have a very outgoing and friendly personality, I really enjoy working with people and feeling challenged/excited and I do not feel that in this role at all anymore. I have been looking at other jobs/applying around, but I worry I have extremely pigeonholed myself into this financial analyst role and I just don't see myself getting more experience or being able to grow. I find myself underqualified for every job except the ones entirely related to what I am currently doing, so then I think, why leave a company where I am comfortable, to go somewhere else and do the exact same thing? I have tried to apply to jobs with slightly different duties to get different experiences, or a different industry, but the job openings are few and far in between and I haven't gotten calls back. I also am concerned about my salary, and I don't want to have to go back to school and take a pay cut (unless I REALLY need to but I deeply prefer not to).

    So in summary, my issues are:

    • I am feeling bored/not challenged/going through the motions at my current position. I am unmotivated which makes it very hard to do the job and do it well.
    • I would love to explore other, possibly more exciting, realms of accounting that more so fits my outgoing personality, but do not know where to start.
    • Salary is important to me - I just got a bump up to $82K, and although I am grateful for this increase especially given the nature of COVID, I worry that if I stay where I am, I will never progress from this. I live in an expensive city so being in the $100K+ salary range is important to me so I can fulfill my dreams of purchasing a home. I feel at 7 years into my career I should be there (but maybe I am just being entitled - I am not sure).
    • I fear I have pigeon-holed myself. Being 30, never worked in public practice, and only having very limited/not at all broad experience, I worry I will deeply struggle to pivot or make any lateral movements.
    • I often consider a complete career change out of accounting, but then quickly shut that down as I don't want to be 30 years old and broke, living at home because I have to go back to school for years. I just want to move forward with my life.

    I am sorry for the long post and the ramble! I am frustrated and feeling stuck and hopeless for a couple years now and really don't know what to do. Has anyone else experienced this feeling? What did you do? do you have any general advice? Any conversation would be extremely helpful. Thank you in advance!

    Edit: Sorry this is my throwaway account, I can't remember my password for my real account (I rarely use reddit!)

    submitted by /u/helpneedadvicepls
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    Question about gambling earnings

    Posted: 02 Jan 2021 05:17 PM PST

    Future accountant here, and I'm struggling to find the answer to this online. Let's say a non professional poker player wins 20k in a tournament and has 3k in losses and travel expenses combined in the same year. If they are trying to deduct those losses, is that applied to what they won or what they owe for the 20k win?

    Sorry if I'm not asking the question correctly. Basically I'm wondering if that person owes 5k in taxes for the win, does he only owe 2k because of the 3k in losses or does he owe taxes based on the 17k profit for the year?

    submitted by /u/jaewizz
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    Accounting career?

    Posted: 02 Jan 2021 05:16 PM PST

    Hey everyone I was wondering if a career in accounting would be too hard for me to go for or if I should try it out? My math skills are very basic as in high school they tossed me into "workplace math" which is basically dummy math and as a kid I didn't want to argue with staff to get me into a harder math class (haha), so that bit me in the behind.

    So I really wanted to be a tradesman and finding an apprenticeship for anything was next to impossible, also the college courses I didn't have the required math credit (grade 11 applied), but I could get into a trade certificate program without it but it held no real value as I asked various businesses since if I was signed on I'd be going to trades school anyways.

    Then I found a business accounting 2 year course, and a business administration accounting 3 year course at the college near me, that only needed the grade 12 English credit which I have.

    Here's where I'm confused, why do I need more math for a trades job than accounting if it's literally working with numbers? Am I missing something?

    Thanks for helping me out guys, also just a note I'm not super dumb at math (still not great), I actually taught myself how to code abit in Java not enough to be impressive but enough to know that I have the ability to learn and maybe I'm not as dumb as my teachers led me to believe haha

    submitted by /u/Epicmerkerz
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    For those that do Cyber Security consulting, how is it?

    Posted: 02 Jan 2021 01:22 PM PST

    What would a typical week/month look like for you, what do you do, and how much traveling is involved?

    Note: I'm talking strictly for cyber security and not risk advisory, thanks!

    submitted by /u/ricestocks
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    Obtain my 150 credits and recently applief for eligibility. Work part time while studying for the CPA?

    Posted: 02 Jan 2021 08:43 AM PST

    Hello,

    So want to keep this short. I've decided to work a part time job(unrelated to accounting) while studying for my CPA exams. I'm giving myself 2-3 weeks max to study and pass each section as want to get the exams off my shoulder as soon as possible. Meanwhile, I want to connect with recruiters at the big 4 and other big public accounting firms with the hopes of landing an entry level position.

    I have tax experience, I have done two tax internships at small local firms, however, I do not want to do tax what so ever. I'm interested in audit and maybe advisory in the long run.

    My question, is this doable? Or is this all a pipe dream?

    BTW I've decided to stop applying to random positions because I've only received interviews out of state and I do not want to move out of state for an entry level position.

    submitted by /u/Novicept2
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    Is this job legit?

    Posted: 02 Jan 2021 07:38 PM PST

    Hey guys. First off wanted to say I am recent graduate with BS in Accounting. I am working two part time jobs - 1)retail and 2)office admistration/billing for a small company. Getting paid $16/hr from both. Applying to jobs everyday and still nothing. Obviously I am looking for a position in accounting, however, I am open to various finance jobs.

    Received a call from a recruiter today who wanted to schedule me for an interview on Monday. She said they are hiring recent graduates. Job starts 1/11, remote, company provides laptop, contract for 6-12 months, pay $20/hr, M-F 9-5, company will train, everything would be done on laptop-no calling. This would be a temporary position, hopefully can land a job in accounting in a few months.

    I am unsure whether or not this is some type of scam. I googled the company and can't find much information. They are based in Chicago.

    Does this seem fishy? Should I even consider it? Will this in any way help me with my future career in accounting/finance? This isn't debt collecting right?

    This is what she emailed me

    ACAP https://acapgp.com/about/ ACAP was created exclusively to service PPP loans. We are an SBA-approved non-bank servicing partner providing complete PPP loan servicing solutions. The Loan Source originates SBA and PPP loans. Our team is committed to helping banks reduce future risks and accelerate loan income.

    Details: Verification Team - ACAP is looking for sharp, eager-to-learn individuals with Finance & Accounting backgrounds to help them through a growth period by reviewing the processes for loan applications. They will be giving you step-by-step instructions to set you up for success as you continue through your assignment.

    Not only does this organization have a fast-paced entrepreneurial environment, you would be directly impacting hundreds of businesses & organizations, effectively allowing thousands of employees to get back to, or continue their current jobs.

    Duration – 6 months minimum Start Date – 1/11/2021 Compensation: $20/hr Three must have Accounting, Finance, Economics etc. Degree Attention to detail Willing to ask questions/take initiative

    submitted by /u/nadiers
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    Guillermo Pallomari, the Chilean who was the accountant for the Cali Cartel. He is currently under the Witness Protection Program.

    Posted: 02 Jan 2021 07:26 PM PST
    Read more
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