• Breaking News

    Friday, February 26, 2021

    Home Unlabelled Accounting I feel left out

    Accounting I feel left out

    February 26, 2021

    Accounting I feel left out

    I feel left out

    Posted: 26 Feb 2021 07:34 PM PST

    Being back in the office fucking blows

    Posted: 26 Feb 2021 05:00 AM PST

    Edit: I'd just like to add for all of you who think I hate my job and that I'm an ungrateful millennial, the former is not true. It's an awesome job with fantastic visibility and I'm very thankful. It's exactly the move I wanted to make, I'm just missing home. Ultimately, I really think a hybrid model makes the most sense, especially for accountants.

    I got a new position and all things considered it's solid so far. The issue is that the CEO is a boomer who thinks that being in the office equates to work getting done. Truly an outdated outlook.

    I'm tired from waking up 2 hours earlier, I feel exhausted after sitting under those terrible fluorescent lights all day, wearing these stupid fucking business clothes that are required for some dumb fucking reason, and I've lost 2+ hours of my day between commute, waking up, etc.

    Meanwhile I could absolutely do my job effectively from home.

    All of you who want to go back to the office are wild. Shit is wack.

    Rant over.

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

    Reminder taxes due April 15th

    Posted: 26 Feb 2021 08:03 PM PST

    Canadian IRS is shaking rn

    Posted: 26 Feb 2021 11:11 AM PST

    *Inhales Deeply* Ok I Hope This Works

    Posted: 26 Feb 2021 02:25 PM PST

    Public Accounting Business Model

    Posted: 26 Feb 2021 11:52 AM PST

    Every day we see posts in this sub about how toxic and awful the firms people work for are. Comments like "It's like they want us to quit!" are everywhere.

    This post is my attempt to help people understand the business model they chose to participate in.

    People need to educate themselves about the business dynamics of the industry they are entering. Public accounting is, by nature, a churn and burn business. The way these firms make money is by charging an average "rate per hour" (even if a client is a fixed fee, the per hour rate is used to come up with that fee) higher than the actual utilized cost per hour of their employees.

    Let's say you are a manager (the last real stop on the chargeable hours game before you are expected to be winning new business) and you make $135k a year. After taxes/benefits, you cost ~$162k to the firm. For easy math, assume they set a baseline of 2,500 "available" working hours in the year (hours they expect you to be online in a year). This is a cost of $65/hr. If you are 50% chargeable across the year then your cost per chargeable hour (aka utilized cost) is $130.

    Now for a new staff: $60k salary, ~$72k cost to firm after taxes/benefits. If we assume they expect 80% utilization, your cost per chargeable hour is $36.

    What does this tell you? The firm literally makes 3x+ margin on the chargeable hours of a new staff vs a manager. When people are upset about missing out on promotion or there being too few seniors/managers and too many staff, this is the equation driving the entire business model.

    The firm literally cannot make enough to pay the partners their expected take if they don't constantly maintain a workforce mix that keeps their weighted average utilized cost per hour low. This is why they have all the power.

    They can "motivate" you in any way they want because they DO NOT WANT EVERYONE TO STAY. They need turnover to sustain the model. If you ever look at a firm's communication or decision and wonder "why would they do this? It is just driving me and people like me away" you are right! They have predetermined a "healthy" % of staff that they WANT to burn out.

    If you don't think that as a new/experienced staff or senior that the only thing the firm cares about is how much you contribute to keeping utilized cost per hour low, you are kidding yourself. It isn't something to be angry about or rebel against, it is literally the foundation of the public accounting industry and what you signed up for, knowingly or not.

    This is not a doom and gloom post - just the business reality. Take this knowledge and use it. Use it to know what you are getting into and frame your mindset accordingly. Use it to realize that if your dream is to make partner, you are not fighting a war of merit, but a war of attrition. If you can stay sane through the burnout and are halfway able to sell new PA work/network then you are in good shape to go the distance. 99.9% of new staff reading this will not make partner (again, BY DESIGN) and that is OK.

    Soapbox moment: This subreddit would be better served discussing the implications of this business model and how they affect the practices of public accounting as a "protector of financial markets." Whenever you see stories about B4 getting hit with regulatory fines due to bad audit work, sure as shit was there a meeting where some poor manager/senior manager was being hammered about their average utilized cost on a job. They decided to staff up and put way too risky of work onto unqualified staff to try and hit a KPI for the partners.

    Should this change? If we wanted it to, how would this come about? These are far more interesting topics to discuss instead of lamenting how the PA business model continues to operate as designed.

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

    When the intern isn't an intern anymore.

    Posted: 26 Feb 2021 06:25 AM PST

    Who doesn’t love scouring their email for bank statements at 3am?

    Posted: 26 Feb 2021 04:41 PM PST

    Do you guys ever wish you could just Ctrl+z back to your first year of college?

    Posted: 26 Feb 2021 04:25 PM PST

    90 day YE reporting requirements.

    Posted: 26 Feb 2021 11:48 AM PST

    Trying to find my motivation to work like

    Posted: 26 Feb 2021 07:50 AM PST

    During performance review

    Posted: 26 Feb 2021 09:40 AM PST

    I’m ducked

    Posted: 26 Feb 2021 09:55 AM PST

    I got assigned some "tougher" sections cause I did well on my other engagement 🤡 , and now I can't complete any wps and everything is piling up and I have a million review comments 📝 and everyone is annoyed 😒 that my work isn't completed ❌ and all I want to do is sleep 😴

    Ughhhhh I'm trash 🗑

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

    I am offered a financial controller position.

    Posted: 26 Feb 2021 07:03 PM PST

    Currently I am a senior accountant and I am familiar with most responsibilities listed in the offer. What are tips and toolkits you can share that would help to start such a challenge?

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

    My boss is lying about CPA (kinda)

    Posted: 26 Feb 2021 08:53 AM PST

    So my boss says she's a CPA its on her email, it's what she tells the auditors, everyone else on the office thinks shes a CPA and she's the only one we have. She let her license laspe years ago. I asked her if she has to put active or inactive on things and thats when she came clean.

    She told me that she took the exam and passed it, but never kept up with it. So she thinks she earned the title and will continue to use it. She took the exman 12+ years ago.

    This doesn't sit right with me, my CFO knows and won't do anything about it. Does anyone have any advice, should I just let it drop?

    Thanks!

    (Sorry about formatting or spelling, I'm on mobile.)

    submitted by /u/ThrowAway787653214
    [link] [comments]

    I was able to leverage my degree to find a new job quickly after being laid off!

    Posted: 26 Feb 2021 05:21 PM PST

    Anecdote: I was let go of my previous AP position feb 1st and received an offer letter for a staff accountant position today, less than 4 weeks! It felt so great to have that stress fall off my shoulders.

    My professor's words of, "Accounting is highly marketable", wasn't bullshit.

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

    When your boss doesn’t know how to hide gridlines and decides white to highlight the entire workbook

    Posted: 26 Feb 2021 03:38 AM PST

    LESS THAN AN HOUR UNTIL MARGARITA TIME PEOPLE!

    Posted: 26 Feb 2021 12:39 PM PST

    IDC I'm logging off at 4:30.

    submitted by /u/KJK998
    [link] [comments]

    I Hate My Job and It Has Only Been 5 Months

    Posted: 26 Feb 2021 01:39 PM PST

    I followed the plan by the book, graduated with 150, passed my CPA exams, and now I wake up everyday hating myself and this job. I dread getting on cold calls with my Senior, who's been having me do one off tasks without explanation and support, and lack total guidance. We're supposed to be filing this week, and I'm working on Review Notes for things I dont understand cus I just rolled onto this client like 3 weeks ago cus they needed the help. It takes an hour to even get a response on questions which are usually, "idk look at PY." It's all fucking different. I hop on at 8 am and can barely even eat lunches and dinners cus I feel like I need to be online at all times, and the expectations are unclear. I dont workout anymore and even if I'm offline I keep expecting a ping to come in my with my next task thats gonna be an hour of me just freaking out thinking i should know how to do it.

    I dont know any of my coworkers and barely speak to people all day. Havent talked to my mentor about it yet, because its busy season and feel like id just be bothering him. Have a severe case of imposter syndrome and just hope it will get better next week or something idek.

    I feel like im just gonna get slammed by a performance review or something and honestly, id kinda welcome it cus it means I could leave. I feel perpetually under a microscope and that if I cant get something that i'm useless. My parents (who I live with rn) say just to give it time, and that its cus its remote, or the client i'm on or something, but I dont know if I believe that.

    submitted by /u/dfire32
    [link] [comments]

    Kinda scared and worried?

    Posted: 26 Feb 2021 06:13 PM PST

    I've been at a regional firm for 1 month as a new staff and I haven't been working 60-80 hrs a week like rest of y'll. I read accounting reddit for 5 years and basically was prepping myself to endure hell for 3-4 years and here I am and I'm only working 45-50 hsr/week and so far it has been very chill to the point that I feel the firm might lay me off because we're possibly over staffed? Like I finish my sections fast and ask for work. I send out email to the entire department that I'm available. I mean the firm is known for having good hours but 45-50? I'm not too sure about that. I feel like I ain't learning too much as well. Only did cash/ar/ap/prepaids for one rather complex client so far. That's about it.. Just waiting for reviews so I can see what I did wrong. Aside from that, experience has been scarily smooth.. Am I overreacting?

    submitted by /u/ryan95227
    [link] [comments]

    Pivot from Senior Accountant role, where to go next? Thinking of something in Tech for work life balance.

    Posted: 26 Feb 2021 06:16 PM PST

    Hi all,

    I am a senior accountant in a financial reporting role in Philly coming from three years of audit experience from Big 4 in NYC. I moved to Philly with my wife who is a senior fund accountant, since the mindset was due to the cheaper housing we would be able to buy a house in a cool area instead of renting for a very long time in NYC to then only probably afford a small condo or coop at best. We also were working insanely stupid hours in NYC because what we saw in the accounting world there was the many hours you worked was a badge of honor. We noticed that the pace of life might be slower in Philly as well as the COL and we moved. Things did work out and I got a pretty decent high 80K figure job as here as did my wife and we bought a house in a cool area. However, lately we are both feeling really burnt out and downright jealous of our tech friends out in the west coast who work a fraction of the time we do and make double. All while not working technical jobs in those firms.

    From what I understand in SF the badge of honor is flipped the other way compared to NYC, where it seems its a competition who can work the least hours yet get paid the most, while in NYC was working like sweatshop labor for shit pay.

    It has been a tough pill to swallow since we both are looking for a change, but we have no idea what kind of roles we would search for. Philly does not have a tech presence compared to NYC or SF, so I think we could swing a NYC role that has a couple days in the office etc. Our friends work for a FAANG in SF and get to talk about gender pronouns during their meetings and bring home double the salaries we do and honestly we would like to have a life like that too.

    We are at a cross roads cause should we try to pivot in our careers to something in tech that would pay more and offer a better work life balance? Do we stay in accounting or try to take courses doing something else like learning how to code or (if something can offer some suggestions) more conducive to what tech companies would hire? We feel like we can learn anything, but we just never really knew about these other career paths besides your typical doctor,lawyer etc. Do we rent our house out and move to SF to land one of these tech jobs or can we find remote ones?

    Just trying to get a feel here and opinions as to how you would possibly make this change. I have interviews for accounting manager roles, but I don't want to move to another firm and have to work so many more hours and still not see the light of day of what these tech workers make.

    The main issue bothering me is that in the accounting field it seems you gotta put in decades at the job to just barely hit that 130-150K mark that a project manager at google or apple makes out of college like our friends did.

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

    Audit Travel

    Posted: 26 Feb 2021 09:49 PM PST

    Are the hotels when you travel in audit actually grand. Just curious.

    submitted by /u/ehuan123
    [link] [comments]
    Read more
    at

    No comments:

    Post a Comment