• Breaking News

    Tuesday, January 26, 2021

    Home Unlabelled Accounting So very true

    Accounting So very true

    January 26, 2021

    Accounting So very true

    So very true

    Posted: 26 Jan 2021 10:38 AM PST

    I said “Income Sheet” in an interview today...

    Posted: 26 Jan 2021 12:55 PM PST

    That is all, please kill me on your way out.

    submitted by /u/Mr_McShane
    [link] [comments]

    It be like that sometimes

    Posted: 26 Jan 2021 02:25 PM PST

    Nothing like starting work before the sun comes up and finishing hours after it sets

    Posted: 26 Jan 2021 03:29 PM PST

    If the audit profession were truly independent, there'd be much more adverse/qualified/disclaimers of opinion. Change my mind.

    Posted: 26 Jan 2021 08:31 PM PST

    Feeling extra salty in the second week of busy season as I'm still logged in at 11:30PM explaining to the client why a 400 page depreciation PDF (versus excel) isn't auditable.

    I've never seen an adverse opinion personally. I've seen a couple qualified/disclaimers, but those were for reasons so unavoidable even the biggest client fee couldn't cover it up.

    Conclusion: it's impossible to be paid to produce an independent opinion of something. No, a quality control review or management taking responsibility for the financials is not a sAfEguArD.

    Change my mind? Hard to feel like caring anymore...

    submitted by /u/pm_me_gaap
    [link] [comments]

    Me in my room during a virtual conference call that doesn’t require my input.

    Posted: 26 Jan 2021 10:58 AM PST

    It’s starting to sicken me.

    Posted: 26 Jan 2021 06:14 AM PST

    The willingness of staff and managers at my firm to let people abuse them.

    I'm burning out quick. I was on the phone with a senior this morning who proudly said she was thinking about a tax return we were working on before she fell asleep last night. It's just taxes. The engagement we were talking about put a manager in the hospital with chest pains after the 1/15 deadline. We are taking over his work now. I don't understand how people can be so happy with nothing else in their lives. This senior is not the exception. I seem to be. I want to work out and have friends.

    I am in tax. I need to leave. I am working with a recruiter. I don't even care if I get let go, I'll tell future employees it was because of COVID, or I'll tell them the truth, which is that I don't want to look up in 20 years, realize I did a lot of tax returns, but I forgot to live my life.

    submitted by /u/TaxingLifestyle
    [link] [comments]

    Budgets/billable time

    Posted: 26 Jan 2021 05:43 PM PST

    Since busy season is approaching, I want to know what you all focus on in regards to budgets and billing.

    • Do you try to stay under budget on projects, or not even pay attention to it?

    • How do you stay mindful of the budget, if you're given one? Timers? Spreadsheets?

    • Do you bill for everything, even miscellaneous tasks? E.g. emails, phone calls, memos, etc.

    I'm curious as to what has worked for you, and what hasn't. What you wish had been told to you when you first started. All that good stuff.

    submitted by /u/treese25
    [link] [comments]

    Me explaining hedge accounting to the intern

    Posted: 26 Jan 2021 07:14 AM PST

    Requesting W9s and have a furious billion dollar investment CEO calling me in the morning. Help please.

    Posted: 26 Jan 2021 02:21 PM PST

    Really sorry for the wall of text, I appreciate any input from whoever is in a position to offer advice. I've been working as a moron nobody industry accountant for small companies for the last 10 years. I've never run into a problem I couldn't solve with some time searching online until now.

    ​

    I work for a set of doctor's offices who perform all their surgeries and whatnot, they have a significant amount of debt so I am currently issuing 1099-INTs for all the interest paid over 2020. There's one investor though, who absolutely REFUSES to provide a W-9. Their stance is that they are not paid interest, they are receiving a RETURN OF CAPITAL which is not 1099 income. I am absolutely not an expert in tax or contracts so they're probably right but I don't want to just take their word. I've spoken with their managers and I'm admittedly extremely stubborn and keep threatening to submit a 1099 to the IRS with "REFUSES TO PROVIDE" in the TID field. I've eventually been elevated to the CEO of the company will be calling me in the morning to set me straight. I'm a little concerned.

    Here're the details of the contract:

    ​

    Surgeries are performed and the accounts are turned over to a billing company. While the billing company attempts to collect, the investors will provide funding to float the practice until the collections come in. The contract states that a specific amount of FUTURE RECEIVABLES are purchased and there is a set amount that needs to be returned to the investor on a set date, and the amount actually collected has zero bearing on what is returned to the investor.

    They say, I'll give you $100K, is 6 months you give me $150K regardless of what you collect. This $150K will be paid back in bi-weekly installments that we can bump up or down based on if you guys are not collecting anything and need more time or if you're collecting a ton and can pay early. The $150K amount though is set in stone. I believe the initial investment amount is based on the surgeries performed so they do use an estimated future collections minus a discount as what they'll loan.

    ​

    Based on this, do you think the $50K returned over the initial purchase is interest income? Is it, I don't know a capital gain? Do I issue a 1099? If it's a capital gain, how does the doctor's office record the purchase of the future receivables? Cash of 100, a discount of 50, and a liability of 150?

    ​

    Thanks for your time

    submitted by /u/ALeatherGlove
    [link] [comments]

    How have your first years been doing compared to prior years?

    Posted: 26 Jan 2021 09:37 PM PST

    Just curious how the newbies on your teams are doing this year's remote environment. I'm a second-year in B4 audit by the way, and we get one first-year on our team each year. This year, we have obviously been completely remote, and the first-years started about a month and a half later than usual this year.

    My seniors have communicated to me that our first-year seems to be having trouble with basic things such as creating leadsheets, performing easy tie-outs using the PY example, project admin stuff, etc. I was definitely clueless at first last year, but was usually able to figure these things out with a little help and got the hang of it decently quickly. One of the seniors from another team said that her first-year is struggling a bit in the same way. I wanted to see if anyone else has noticed differences in their newbies compared to prior years, since this might just be because of the remote environment. It's hard to gauge where I would have been at at this point if this had been me last year.

    submitted by /u/prettymuch10
    [link] [comments]

    Time Entry

    Posted: 26 Jan 2021 08:59 AM PST

    Who else hates that we have to enter our time for every single minute you're at work??? I'll be glad to be done with doing this once I leave public accounting

    submitted by /u/teagan2109
    [link] [comments]

    Anyone getting buzzed during busy season??

    Posted: 26 Jan 2021 01:44 PM PST

    Anyone here get a buzz going during the evening hours? I am thinking about having a glass of red wine tonight but I'm unsure of how it'll affect work performance lmao

    submitted by /u/F_Dingo
    [link] [comments]

    Any creative people become accountants? How is it going?

    Posted: 26 Jan 2021 12:07 PM PST

    I am a creative person that is going to school currently for accounting and I hope to one day get my CPA license. I have this worry in the back of my mind that I have sold out my dreams in exchange for financial stability. I do enjoy accounting and learning about it is keeping me happy currently but as someone who thrives being creative and exploratory in my brain I can't help but worry I won't last long in the corporate accounting world. Anyone with experience in this area? How are you doin now as a creative person in an accounting field?

    submitted by /u/irisedaily2323
    [link] [comments]

    What looks good on a resume for a Big 4 internship

    Posted: 26 Jan 2021 04:06 PM PST

    I'm a sophomore student at a large state school, double majoring in accounting and finance. I have a good GPA (3.7) but that's about all I have going for me. I don't have any experience, any extracurriculars (I'm in the Accounting Club but they haven't had events all year because of COVID), and the only job I've had was working at a restaurant for 3 years. Can I do anything to make myself look more appealing or am I just fucked.

    submitted by /u/zdrmju321
    [link] [comments]

    Noooooooooo, I can't get away from it!!!

    Posted: 26 Jan 2021 11:29 AM PST

    People who left public accounting Tax, where did you end up?

    Posted: 26 Jan 2021 05:36 AM PST

    Hi all, I'm just starting my career in public accounting this year at a Top 10 firm (Not Big 4). I choose tax over audit because I didn't want to travel a ton and the audit work (from what I saw at least) made me want to off myself. I found tax to be much more bearable and even interesting at time. However, I'm pretty sure I don't want to work in public accounting forever and am unsure what tax people go onto after their time in public. If anyone that made this switch could you give your experience? Please include how many years in public and what your % increase in salary was when you left. Thanks!

    submitted by /u/Tannxrr97
    [link] [comments]

    I don’t drink, will I look bad for not going to happy hours?

    Posted: 26 Jan 2021 09:35 PM PST

    Don't drink for religious and personal reasons. Will anybody care? Will it make me look bad? Will I be disconnected from teams? Thanks.

    submitted by /u/muhammed-jordan
    [link] [comments]

    Trouble adjusting to work, not sure if I am doing enough. Need advice.

    Posted: 26 Jan 2021 05:30 PM PST

    I havent had a great go at my career since graduating college a few years ago. My first job I had months of down time, my first team quit within a few months so I didnt really have a mentor or a real schedule like most people on my team. I was let go last year and was told it was due to performance yet all my reviews were at least meeting expectations. I spent months applying to jobs and I was upfront about being let go due to performance. I really wanted another chance and to hopefully get proper training since my first job felt like I didnt do or learn much.

    I finally got a job offer after a few months and since I was on unemployment I had to take it even though there were multiple red flags. My lack of knowledge and experience kept being mentioned, even still does to this day. It felt like they were judging me so harshly and wanted me to know I didnt know much but not in a supportive way. Basically they were looking down on me as if my career was already doomed.

    I have been trying to improve, learn from my mistakes when I get feedback, look up information, ask questions, but even though I make mistakes Im always called out in front of everyone about it by my superior. If I take too long because Im trying to avoid mistakes or look uo information on things I dont know, I get rushed and almost yelled at for it. If I try to be quick and efficient I am told why didnt I take my time. If I dont ask questions and try to figure it out on my own its why arent I asking questions. If I ask questions they get annoyed.

    If I dont explain or say something the right way they get annoyed so even if I have no idea what Im doing Ill be yelled at for not explaining exactly what I need help with or to work on it and then turn it in. And if I turn it in and its wrong, I get yelled at for not asking questions. Im literally walking on egg shells. I get it, I need to avoid mistakes, learn from feedback, look up information, ask questions, and improve. But it feels like even when Im doing my best to improve one small mistake makes them think I dont care about the job due to how they talk to me or that Im just stupid.

    Not to mention when my superiors forget something its perfectly fine, when I make a mistake its like I am not good enough to be an Accountant. I literally have no confidence when going to work or talking to my superiors. My career has just gone so horribly and I just dont know what to even do from here. Any advice?

    submitted by /u/throwawayshoes2
    [link] [comments]

    Switching from Accounting to Corporate Finance

    Posted: 26 Jan 2021 04:01 PM PST

    Here's the dilemma -

    I've been in corporate accounting for 3.5 years (almost the entirety of my career) while only doing an FP&A role for 6 months as part of a leadership/accounting/finance rotational program.

    I'm currently a Senior Accountant but have no desire to continue down the route of accounting, and am more interested in budget, forecast, and financial reporting, planning, and analysis.

    My current company pays 100% for MBA, which I'd very much like to do if I am in fact going the finance route. However, doing an MBA on the company dime will require me to sit in accounting for atleast 3 more years.

    Any advice on this situation? Anyone been in a similar situation, balancing the goal of getting into corporate finance from accounting, while also trying to do an MBA? My ultimate goal is to end up in FP&A, but am having a hard time pivoting from accounting.

    Edit - in my current role, I do forecast and budget, but not as my core responsibilities. I also have intermediate excel/modeling skills.

    submitted by /u/sdfsdaaasw
    [link] [comments]

    Average starting salary in government accounting?

    Posted: 26 Jan 2021 08:55 PM PST

    Hey r/accounting! I'm planning on pursuing an accounting BA, and I heard government accounting has great work-life balance and benefits. But I've also heard the pay's not that good. Is this true? What's the average starting salary, and what's the pay increase per year?

    submitted by /u/fitness_enthusiast1
    [link] [comments]

    TIL that their is an IRS Whistleblower program

    Posted: 26 Jan 2021 08:40 AM PST

    It's called a form 211 and my textbook told me that the IRS can Pay the whistleblower up to 30% of the tax penalty that the violaters owe to the IRS. Now I'm not saying I'm a snitch, but 30%...........

    submitted by /u/itsajokeyall
    [link] [comments]

    Building 1099s

    Posted: 26 Jan 2021 04:32 PM PST

    I am building 2 1099s for independent contractors - the company that we work with pays 2-3 weeks behind.

    From this, there were payments for work done in 2020, that did not pay out until 2021.

    On their 1099s, am I showing money EARNED for 2020, or actual money paid out to them in 2020?

    TIA

    submitted by /u/throwawaayyyaccount
    [link] [comments]

    [CAN] Big 4 to Industry

    Posted: 26 Jan 2021 10:56 AM PST

    Hey,

    How is everyone doing?

    Anyone in Toronto looking to leave after busy season? How's the job hunt going? Is 80k a good pay for SFA in industry? I heard 85k is standard or is that on the high end?

    Any insights would be great!

    submitted by /u/IMeganNicole
    [link] [comments]
    Read more
    at

    No comments:

    Post a Comment