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    Home Unlabelled Accounting Me, the senior and the manager on the cannabis client after ‘testing inventory for impairment’

    Accounting Me, the senior and the manager on the cannabis client after ‘testing inventory for impairment’

    June 28, 2021

    Accounting Me, the senior and the manager on the cannabis client after ‘testing inventory for impairment’

    Me, the senior and the manager on the cannabis client after ‘testing inventory for impairment’

    Posted: 28 Jun 2021 08:25 AM PDT

    I JUST GOT A HUGE RAISE!!!!!

    Posted: 28 Jun 2021 11:25 AM PDT

    Im interning at a small CPA firm this summer, and I just got a massive raise. I was getting paid $10 an hour, and now I'm making $11.50!!! LETS FUCKING GO IM STILL SUPER BORED AND POOR!!!!

    submitted by /u/jdm271
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    The CPA journey is definitely an emotional one…

    Posted: 28 Jun 2021 04:25 PM PDT

    HR catching me rounding up 55 minutes of work to 60 minutes

    Posted: 28 Jun 2021 07:00 PM PDT

    Friday was my last day.

    Posted: 28 Jun 2021 06:26 PM PDT

    Friday was my last day in public. No particular plans for employment but fuck that noise.

    submitted by /u/Notice_Natural
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    Is it in bad taste to seek a new position that is 100% WFH?

    Posted: 28 Jun 2021 05:53 PM PDT

    I found out recently that I will be returning back to the office soon, and I must admit that I am dreading it. This last year and a half or so has really opened my eyes and made me realize how stress free your job should actually be. Working from home has almost eliminated all of my neuroses and has made me so much happier with my job and so much more relaxed.

    When I found out I was returning my heart and stomach immediately sank and I almost instantly started feeling anxious again.

    I have been at my current firm for less than a year and they have been really cool with me and my superiors are easy going and I get along with them well, however I want to stay WFH. I don't have any say in this matter and, essentially, it is what it is.

    Would it be in bad taste to start looking for another firm that has 100% remote work even though I haven't been at my firm for very long?

    And if interviewers were to ask me why I wanted to leave my current position after such a short time, would saying that I prefer to work from home be a legitimate answer?

    The pandemic really put into perspective how introverted I am, and I feel I can be just as productive if not more and exponentially happier working from home. It isn't like I hate people, but I just prefer to be on my own and work alone and interact with people on my own terms instead of being forced into small talk and awkward interactions every day.

    I really like my firm, so I think I will try speaking with my manager before I pull the trigger to see if there is any wiggle room. I think that would be a good first step, but I would just like to know if anyone is in the same boat as me.

    submitted by /u/forensic_tortoise
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    All about Transaction Advisory - Financial Due Diligence (info, tips, misconceptions)

    Posted: 28 Jun 2021 11:32 AM PDT

    Hey all, I've noticed a lot of posts asking about transaction advisory (FDD), in no small part due to the hiring spree for these positions from a booming M&A market. I wanted to drop in a few info pointers that might be relevant, clear up some misconceptions, and etc for you aspiring FDD peoples.

    For the more high level general stuff like "what do they do", please google or search - this is more for specific details

    • Tip: main deliverables

      • Quality of Earnings
        • When a company wants to buy another company, they want to make sure that the company isn't doing some accounting trickery to inflate their profitability metrics (typically EBITDA), that's where FDD comes in. The buyer (buy-side) will have an FDD team and the seller (sell-side) may have retained an FDD team that continuously works on a report to identify adjustments and help a buyer get comfortable with a deal. QoE is very income statement focused
      • Net working capital analysis
        • ...However, the IS doesn't exist in a vacuum. In order to sustain a certain level of EBITDA, there has to be a level of working capital such as AR, inventory, etc. As such, the bankers will typically set a working capital peg that says that those assets/liabilities must stay within a certain range and anything over/under will affect the purchase price
        • FDD team will perform an analysis on the seasonality and may propose definitional adjustments to net working capital, which may or may not affect where that lands in relation to the working capital peg
        • Other considerations: you may see things like net debt analysis, debt-like items, etc. These are mostly for identifying potential debt-like liabilities that aren't definied as such in the sales and purchase agreement. Again, going back to the principle of "identifying red flags"

    • Misconception: FDD values financial certifications like the CFA more than the CPA

      • No - FDD is very accounting heavy. A ton of stuff you see in FAR will rear its head in FDD. Things like bad debt expense, bonus normalization, accruals for PTO, inventory turnover, allowance for doubtful accounts etc, will rear its ugly head in a lot of adjustments. A strong understanding of these is way more practically useful than the more finance-level things from the CFA
      • That being said, CFA is very prestigious and you'll earn brownie points for it, but time-for-time the CPA gives the most bang for your buck (or study time, so to speak)

    • Misconception: Transaction advisory is sorta like IB-lite

      • Not really. Unless you're in the actual corporate finance/IB divisions of the B4 (which by the way, are separate entities with licensed FINRA professionals due to regulations), you are in an advisory position. You don't facilitate the deal, you are there to advise on specific accounting/finance topics. FDD only works with the client within a set due diligence period in the deal cycle, which doesn't cover the entire deal

    • Misconception: Transaction advisory is sorta like audit on steroids

      • Somewhat, but not really. While validation plays a part of our role, it only does so in the sense that we want our analysis to be based off factual information. As such we will often reconcile to an audit first or (if unaudited Target), do a cash proof. This is probably like only 10% of the project. The main goal is to gain insight into a company's accounting and drill down further in areas that may affect the initial perception of the company's actual profitability. In this sense, it is similar to what you might do in audit but the amount of detail and areas you focus on are much different
      • Example: in audit, you may do a YoY analysis for analytical procedures, with a very high level explanation for fluctuations. In FDD, we do a monthly analysis and drill down into specifically what is driving those numbers, which can get very granular (product level inventory data, headcount data, employee salary numbers, etc)

    • Misconception: FDD involves financial modeling

      • This is one that I see a lot. Although we exist in the same ecosystem as valuation advisory, FDD does NOT include financial modeling in the sense that we do not build or come up with methodologies to value a business. We don't look at potential synergies or forecast future performance as part of a valuation - typically the bankers will do this (or a 3rd party will present a fairness opinion). That being said, our validation of the trial balance data, identification of trends, and adjustments will affect the model since that affects the input data and potentially how the bankers want to model the valuation. We may also diligence the inputs and methodologies of the other side's valuation model if that is the basis of the purchase price, but we will not come up with our own

    • Misconception: Okay, then FDD involves forecasting/projections, right?

      • Ehhh, yes, but not really for the reasons you might think (like valuations). I mentioned that we don't evaluate some of the more nebulous concepts like synergies but we do come up with forecasts based off things like historical net working capital or using certain run-rates to see the impact of an adjustment, but they are all based on HISTORICAL info. FDD is still accounting, and as such we mostly focus on the past. However the deal teams want to use the historical numbers we give them to forecast is up to the finance banker guys, we just give them a historical picture that they can more accurately use to forecast the future

    Just a few things off the top of my head for now, may add more later. Feel free to jump in to ask questions or any other FDD people to chime in, hope this helps

    submitted by /u/EBITDAwful
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    I can’t get away

    Posted: 28 Jun 2021 07:18 AM PDT

    When your team books you for 60 hours of work and you have two days PTO scheduled

    Posted: 28 Jun 2021 12:42 PM PDT

    I got a job at a prison in their accounting department. Im 40 hrs/wk but have about 5 hrs of work per week. The best part is, I can't bring my phone into the prison...

    Posted: 28 Jun 2021 07:11 PM PDT

    What the fuck do I do all day? I played 'try to stop the stopwatch on the computer at XX.00' for about 30 minutes. Checked the weather app. Got bored of solitaire. Im going to go fucking insane.

    (I handle all the payroll, inmate banking, AR/AP, and help with month end closing.)

    submitted by /u/SlenderGordun
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    Tax accountants when the summer hit

    Posted: 28 Jun 2021 09:37 AM PDT

    Big4 partners are just like everyone else. Don’t put them on a pedestal.

    Posted: 28 Jun 2021 06:36 AM PDT

    When I was a senior in college, I matched with an alum on a dating app and instantly liked him. That rarely happened for me and even though I felt uneasy by the age difference (he was 12 years older) and felt that he was extremely attractive while I was average (he seemed to have a type based on the women he followed on IG and I didn't fit that), he was friendly over text.

    Our conversations lasted a few months and then fizzled out after he realized that I was never going to move in with him after I graduated. He'd bought a condo and said he was lonely and wanted me to move in. He said he wanted to meet and take me shopping. He'd send me photos everyday of him traveling for work as if he wanted validation. I'd never met him in real life (only chatted with him over the phone) because he lived a few hours away at the time. I remember him because he did send me explicit photos one night, and after I told him off, he apologized and then Venmo'd me.

    Anyway, I googled him the other day and learned that he'd just made partner. I'm sure he's very happy but I've come to realize that partners are just like everyone else. They have their insecurities and aren't worth putting on a pedestal.

    Also, I ended up joining that very Big 4 firm as a senior 2 years after I graduated from college. I left after a year. It was an overall negative experience for me compared to the job I had before and I'm glad I didn't meet the guy for an actual date. He was probably doing the same thing to a bunch of other women.

    submitted by /u/lav3947301
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    The endless despair of making the wrong choice

    Posted: 28 Jun 2021 08:54 PM PDT

    A while back, I quit my job working in finance (I'm a CPA) at a toxic hell of a workplace. Luckily, I found myself with multiple offers to choose from. I was so careful in making my choice.. Consulted multiple people, and spent many hours researching, pondering, and comparing. I ended up taking the job that I felt would be the best fit. It didn't pay as much as my other options, but I felt like it would be the best for career growth and advancement.

    As you can probably guess, it didn't work out. I left after just under 1.5 months. They hid the high turnover and poor team morale from me during the interviewing period. It wasn't until I was actually working there that I realized this job was not what I had expected. I couldn't make it work despite doing everything I could to manage the poor communication/crazy expectations, and god knows I tried my very best to stay.

    I've been actively applying to jobs for the past few weeks and things have been incredibly slow.. I feel completely broken. I'll have a several month gap in my resume and feel crappy about needing to explain it someday. I felt good about feeling like I was in demand. Not anymore. I feel like I failed myself even though I made the best choice based on what I knew at the time. It really sucks because I might not be sitting here today writing this crappy post if I had chosen one of the better-paying options. Maybe I'd still have a job. Summer hiring is slower than I had expected. Who knows how long it'll be until I get another offer.

    I question my ability to get through this. Financially, I will be okay for a while. But in all other aspects, not so much.

    I know of no other CPAs in this type of a rut. I feel so bad about everything. Bad enough to make this lame post on Reddit 🥴

    submitted by /u/CFEsadness
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    PTO BABY

    Posted: 28 Jun 2021 09:30 AM PDT

    Don't get me wrong, I absolutely hate the Big 4 and Audit. But I have the next three weeks off. I feel like there's not a lot of places you can do that so early in your career? I'm literally on summer vacation rn.

    I'm leaving this audit shit soon to join you industry kids!!

    submitted by /u/SquanchinHere
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    Day 11 of my internship and I’m already feeling deafeated

    Posted: 28 Jun 2021 03:40 PM PDT

    Today was my first day of actual work at a B4 tax internship. I've never been more stressed out in my life. I got placed on 4 projects and had to turn someone down as well who wanted to give me work. I thought it was going to be very laid-back, menial work, but they're full on engagement projects except for one of them. I literally don't know how to do anything. I know everyone is going to tell me to ask questions, but I don't even know what to ask questions about. I did over an hour of research which only yielded 8 bullet points. I feel extremely in over my head. I don't know how I'm going to make it to the end of the day tomorrow, let alone the end of this internship. I told my one supervisor that I was a little stressed because of how much that was on my plate and he just told me "it's good that you're busy." I worked ~10 hours straight with my only break being a 15 minute lunch. I only put in 8 hours because I don't want anyone to question me. I'm honestly questioning if I even want to become a CPA at this point.

    submitted by /u/IslandMidnight
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    I Make Less than Ice Cream scoopers

    Posted: 28 Jun 2021 01:26 PM PDT

    Hi, I'm working a tax/payroll position at a small firm. I did the payroll for one of our clients, a fancy ice cream shop.

    After tips most of their staff make more hourly than I do. (And many of them work full hours)

    Rethinking my life decisions.

    submitted by /u/arguinginelvish
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    Public Accounting Work Dynamics

    Posted: 28 Jun 2021 09:07 AM PDT

    New in accounting jobs

    Posted: 28 Jun 2021 04:57 PM PDT

    Im in my senior year of my bachelor and Im already looking for internships. So far Ive landed two internships: The first one at a Cpa firm who specialized in taxation. I was there for barely two months. Even though I loved the job, the experience with the cpa, the owner, was horrendous. He was super rude and mistreated us all. I had to learn everything on my own because he always asked the tasks and said: figure it out. I had no issued with this because I really liked the job. He always wanted us to do something all the time and if we didnt have anything to do, he asked us to clean the office (it reminded me when I used to work at mcdonalds). He never taught me nothing about taxes or nothing related to accounting, but he asked me to stay next to him while he was in phone calls and reunions with clients, or when he was talking to other accountants about accounting matters stating that I would learn by that. I barely understood their conversations, only when they dropped some words I have heard before in classes but didnt get the context.

    My second internship was at an audit company. Here They expect me to figure things out by myself. They give me two or three details and thats it. Im scared of asking questions. I feel like a fish out of the water. Ive been thinking on quitting. Plus the office mood is nice but I dont feel like is my place.

    Are all accounting jobs this way? Is this how is supposed to be?

    submitted by /u/rolo9193
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    Would you hire me knowing this information?

    Posted: 28 Jun 2021 05:25 AM PDT

    My background:

    I graduated from a California State University in accountancy during the winter of 2019 and interned at a Big4 right after. Covid-19 hit and none of us were hired, so I went to Germany to study for a master's degree in finance and international business.

    I realized once I got here that the university I'm attending is not AACSB accredited, unlike universities back home. But, this school is similar to attending a California state university. It's a valuable degree here in Europe and most alumni here can land jobs at a Big 4, Allianz, Amazon, etc. but I'm now worried that if I were to try and go back home, I'd have trouble finding a job due to this "no-name" university.

    As a recruiter or someone with knowledge on this topic, what are your thoughts on hiring someone with this background?

    Fwiw: I was born and raised in the US.

    submitted by /u/nf0422
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    First day of busy season ---> day before the deadline

    Posted: 28 Jun 2021 09:48 PM PDT

    [CAN] Core 1 exam

    Posted: 28 Jun 2021 09:04 PM PDT

    General morale after Core 1 exam today?

    Finished both cases. Feel good about the first and kind of shitty about the second.

    submitted by /u/nerdy_ravenclaw
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    What is the retention rate for Moss Adams interns from an internship to full time position?

    Posted: 28 Jun 2021 08:54 PM PDT
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