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    Accounting Since when has KPMG cared?

    August 14, 2021

    Accounting Since when has KPMG cared?

    Since when has KPMG cared?

    Posted: 14 Aug 2021 03:18 PM PDT

    In fairness, it's nobody's fault that I chose this career

    Posted: 14 Aug 2021 05:46 AM PDT

    I'm not going to work harder so you can feel better about yourself and your life choices /rant

    Posted: 14 Aug 2021 10:18 AM PDT

    What is it about this profession that encourages this balls-to-the-wall culture and makes people treat it like a religion when it's so obviously detrimental? There is nothing honorable about working 50-60 hours a week with financials. FFS, we're going through a pandemic where healthcare professionals are taking their lives because the world is coming down around them and you still have John Smith and Karen Johnson acting like millennial/Gen Z accountants who want to enjoy life and pursue other interests are lazy and entitled. I hate it. I hate talking to prospective employers and now former bosses who act like I should be grateful to be treating accruals like a triple bypass surgery.

    And the thing that galls me the most is that they do this and perpetuate this kind of behavior because it makes them feel better about their fake come-up and bootstrap stories. They NEED the validation and are willing to sacrifice other peoples' lives to get it. Give it a rest Sharon. Your family paid for your college and you became a CFO before 30 because of who you know. You work so many hours because you link cells manually and so you don't feel bad about your abilities, everybody else has to stay late, even though they took an Office class back in high school and finished their work 4 hours ago. Sure Don, let's go back to the office because we need those social connections that we miss out on. Love how much we socially connect between the open floorplan and your corner office door.

    Anyways...I am annoyed lol. Finance jobs are some of the most mundane and dull ones around. The Wolf of Wall Street wasn't about a guy emailing PDFs and going to budget meetings.

    submitted by /u/NeverHadASugarDaddy
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    Hi, I'm an accounting failure.

    Posted: 14 Aug 2021 01:46 PM PDT

    Tldr at bottom.

    I graduated in early 2020 with my undergrad. I wanted to be an accountant because I loved (and still love) numbers, analysis, critical thinking, and procedural adherence.

    Up until this point I had only worked in retail, the restaurant industry and logistics (unemployment has been an issue here, even before covid, so accounting specific internships were hard to find because they're like a fight to the death.) I volunteered for a tax accounting firm for 6 weeks before covid hit, but I wasn't trained enough to go remote when they did. I didn't have an interest in tax, I just needed any experience to get my foot in the door.

    A few incredibly stressful months after graduating, intensely job hunting in the barren wasteland of the covid job market and fighting off droves of more experienced, recently laid off accountants, I finally got a job for a US-Canadian crossborder tax accounting firm here in Canada. I felt so relieved and lucky to have gotten this position as I knew many former classmates who were out of work months after this point. Now that I have an income, I should eventually be able to work towards my CPA, right?

    Well, this "job" paid $3 above minimum wage, no benefits. (For reference, Canadian accountants get paid like shit in comparison to US accountants anyways.) Although I eventually got 2 raises that pushed me to $7 above minimum wage.

    My boss, the partner, was disgusting; his office had fast food garbage all over the tables and floors, the cabinets had drawers pulled all the way open so the cabinets were tipping forwards onto the drawers; there was paperwork from years ago strewn about; plastic bottles literally everywhere; and I had to tip toe to get over all the paper and garbage on the floor to get near him. I was just waiting for the day for a mouse to scuttle by.

    I was sort of trained by another staff member who was not a CPA, and who had started about a year prior on how to navigate the tax software, although most of my training came from reading IRS and CRA documents and comparing previous year's work.

    The partner would take on files that he did not know how to do and he would hand them off to me to figure out. I had to prepare returns that nobody at the firm had done before after only having done tax for 5 months, split between learning US and Canadian tax. I constantly felt like I had zero guidance and that we were just fucking our clients over by half-assing our work and not putting it through proper review.

    While I was teaching myself to do foreign estate and gift tax returns I was being pressured by my boss to bill more, which I refused to do on the basis that it is not up to the client to pay for my lack of training.

    My boss would refuse my work on the basis that "he had a feeling it was wrong" but he didn't know exactly why and he wouldn't help me figure it out. There was this one scenario where we were arguing on whether something was considered a foreign estate or domestic estate, meanwhile I had 4 textbooks and 7 case studies to back me up, but he wanting me to keep looking for something incredibly specific and non-existant to back his claim. It was pure exasperation. Even if I happened to find something that refuted my point, was I just supposed to ignore all the credible evidence that was on my side? We never found anything to back his claim, despite the many hours I wasted looking.

    My boss never gave us pay stubs, and ironically, didn't issue us proper tax slips: we had to download them online through the Canada Revenue Agency.

    Because of the way the US and Canadian deadlines lined up, I missed every single holiday except for Christmas. We worked 7 days a week, well into the evenings. All my life came to was sleep, work, cook for the next day, repeat. I didn't realize that "some" overtime meant every waking moment. I had worked two jobs while going to school full time, but that was nothing in comparison. I would have been happier doing overtime if we had been paid overtime. As a waged worker, he paid my standard wage no matter if it was my 1st hour working of the week or 100th. He didn't feel we were owed overtime, despite the overtime exemption only applying to CPAs.

    We constantly had clients angry at us for poor work, and I don't blame them at all. I was probably 100x more frustrated than them, and being yelled at only affirmed how I was feeling and the reason for my frustration. My boss was supposed to review everything but he did an extremely poor job. Every day we were amending or redoing something.

    I walked around with this doomed feeling like everything I submitted would eventually come back and bite me in the ass. I was constantly dealing with distressed clients and it was emotionally exhausting that I didn't have the training or knowledge to make their experience smoother, despite my desire to do so. I became extremely depressed and developed a horrible anxiety problem. Every morning before work I was so anxious that I would throw up and for the first time in my life I was having a lot of suicidal ideation.

    One morning before work I called a suicide hotline saying how I all I had wanted to do that morning was veer into the river on my commute to the office. Another day I checked myself into the hospital with severe anxiety after having more panic attacks than I was able to count. I had to force myself to eat and drink, even if it was on a day I was lucky enough to get off work. I lost weight. I could barely sleep. I didn't have enough time to job hunt. Maybe it would be better after tax season? Nope.

    So, despite my fears of joblessness, I quit; the two other people who had been hired at the same time as me had long quit, but they had more experience than me so they found other accounting jobs soon. Soon after I got an accounting-adjacent job in the revenue department for the logistics company I worked for previously. I make a little more money (not amazing money but I couldn't care less), I'm salaried, I have benefits, my commute is 5 minutes each way, I don't have to deal with the general public, I get paid appropriately for overtime, and there's proper training. I feel like I actually have a future with this company and like I'm not just another cog.

    For a while, I was embarrassed that I wasn't cut out for accounting. Everyone on here posts about how they upgrade to a six figure salary from their shitty job and how they were just able to tough it out. Kudos to all of you by the way, your resilience and stamina is amazing. But the change in my health has been so incredibly worth it. I may have a low salary, but at least I haven't offed myself and I have time to pursue further education. The stigma around quitting without another job nearly killed me. I see so many deeply unhappy people on this sub, and to you I say please take care of yourself. A job, a title, is not always worth sacrificing your health.

    While I still love accounting, it took a lot for me to understand that accounting and the accounting industry are two very different things. A big congratulations to all of you out there who are making it, but best of luck to anyone who is considering transitioning to something else.

    tl;dr per request: Fresh grad got a job at a shitty Canada-US tax firm out of desperation during Covid for $18 an hour, wasn't trained, wasn't paid overtime, lost all free time, developed severe anxiety and suicidal ideation, then eventually quit for non-accounting job that still doesn't pay great but has actually benefits and has done wonders for their health.

    submitted by /u/whyamiheretoday232
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    Future preaching for the Accounting profession

    Posted: 14 Aug 2021 07:18 AM PDT

    An Accounting “Goodwill Hunting Situation”

    Posted: 14 Aug 2021 03:53 PM PDT

    Basically I am interested in discovering untapped accounting potential.

    My idea is basically to put up a difficult accounting question on a chalk board and and wait for someone to solve it.

    Any advice?

    submitted by /u/memeaccountantAMA
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    Wanted to see if being gay is holding me back in life. Turns out it's not. It' me choosing an accounting career lol

    Posted: 14 Aug 2021 05:54 PM PDT

    A special treat for busy season!

    Posted: 14 Aug 2021 11:55 AM PDT

    Leaving during busy season

    Posted: 14 Aug 2021 05:12 AM PDT

    So long story short, I work at a top 20 public accounting firm in I Tax. I basically have not had a break since last December, as I have deadlines outside of normal busy seasons and I still have to bill high numbers during busy season. This July for example, I billed about 180 hours during a "non busy season month".

    I accepted a position in a role outside of tax compliance, but still doing tax consulting at a top 5 firm. They were able to hit all the things I wanted (salary, position, start date). And best of all, no more busy seasons or minimum billables.

    I let some of my team members know that I was interviewing and would be leaving at the end of August. They were sad and said the timing isn't the greatest but we're fully supportive and understanding of my decision. They knew I was unhappy with the firm's direction amongst other things, like our team not hiring enough staff people. Key part, they were very supportive.

    Then, I told the partner about it and gave a two week notice. He completely freaked out and called my ethics and integrity into question. Even kept telling me I was burning a bridge and was guilt tripping me the whole time. Everyone on the team has treated me so well in my time here. This partner and I have had a very good relationship until now. And he told me he'd give me the weekend to think about because I'd be screwing over the team as I work on one of our largest clients. He was a complete jerk.

    I know I shouldn't care about the company and all that, but I can't seem to stop thinking about it and my decision is still final to leave during busy season. My new firm is also giving me time to study for a cpa exam which is huge. I had been interviewing since July and just got an offer today, and wanted to tell the partner ASAP knowing busy season already started.

    I guess I just need help in not feeling guilty.

    submitted by /u/thewkndsport
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    Suddenly auditing cash doesn't seem so unimportant...

    Posted: 14 Aug 2021 06:27 PM PDT

    Accountants who worked in both audit and tax - which is better in terms of career opportunities overseas, job satisfaction, pay, and which practice did u settle in?

    Posted: 14 Aug 2021 07:52 PM PDT

    any advice for an incoming accounting student?

    Posted: 14 Aug 2021 01:32 PM PDT

    Edit: Thank you all for your wonderful advice and jokes! I really appreciate it and will take it into account going forward

    submitted by /u/lesliecmaureen
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    Going back to big 4 FDD from FP&A

    Posted: 14 Aug 2021 02:26 PM PDT

    Long story short I spent 3 years in big 4 audit and 3 years in FDD. Left big 4 as a manager in FDD to work in FP&A for a tech company that's publicly traded. Market cap is only 2-7 billion usd so not huge but we do have international operations. I work in a HCOL city as well. Currently my base is 127k with a 8% target bonus. No stock comp. My hours are OK. No weekends but I do put in about 50 hours a week.

    What I'm not happy with is the slow salary progression. Apparently my company is only going to give us a 1.6% inflationary raise this year and nothing else. That amount is just insulting with how fast inflation is rising. If I went back into FDD I could probably get about 150k as a new hire manager base salary. But my hours would suck again. I could try to find another FP&A job but the average manager salary in my market is about 115k to 135k. And 10% bonus. Pay just isn't that great.

    submitted by /u/FPkissmyAzz
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    Laundering Bank Transfers

    Posted: 14 Aug 2021 09:52 PM PDT

    If i was to launder a certain amount of money under $10000 how would i go about doing so or how would you go about do it

    submitted by /u/johnborryuCIC
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    How do you record stock splits if you keep track of commodities?

    Posted: 14 Aug 2021 09:51 PM PDT

    I am keeping track of currencies and commodities. For example I have an account:

    Assets:Broker
    5000 USD 20 AAPL

    How would you record stock splits since things need to balance to 0?

    submitted by /u/RealSirJoe
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    weird how things work sometimes

    Posted: 14 Aug 2021 10:13 AM PDT

    tldr: worked in a field full of creatives, got tired of it all. went into accounting, surprisingly enjoying it.

    I see and hear a lot of things about accountants wanting to go into more creative fields, which I certainly applaud and encourage all of you to do, but I wanted to share the side of someone who was in a creative field, but wanted to go in the more...administrative route.

    i used to work in the film industry in LA as a freelancer, an assistant cameraman, to be specific. I went to film school for undergrad and came out with thankfully not too much debt - I can go into details if you'd like but freelancing in film is certainly a whole life in itself. I can go on about it forever to be honest - the hours, the physical labor, the broken relationships and divorces, job insecurity, etc. It's good money when you're working but doing so largely destroyed what interest in movies I had. I also grew to despise how easily it seems that people are influenced by media, both popular and social. i saw it as a job rather than a passion, and certainly a job i didn't want to have for long. definitely don't want to live in LA long term either.

    my creative passions are in making music, occasionally writing, playing video games (not creative lol). these are all things i quite frankly never see myself making any money out of, and having been exposed to the music industry via film, don't think I'd quite fit in either. i'm perfectly content pursuing passions purely for hobby.

    i saw the pandemic as a sort of way to jump ship - i started applying to camera rental companies. In terms of rental houses, there are 2 big ones in LA and the larger industry as a whole. I eventually found my way into a shipping & receiving position at this company, and to be honest, while i loved the people in the department, the work was miserable and underpaid. The idea behind this company is that you work your way up from shipping to becoming a "prep tech" (basically helping camera crews prep their gear before a shoot) and then you can get on a show or something (and quit your job).

    i thought fuck that, and got my way into the accounting department - I've always been more fascinated with the money that moves through the film industry. Had an interview with the CFO, we talked about my total lack of accounting experience besides the community college classes I was taking, but he still gave me the job. I'm in the talks with someone from my alma mater about getting a masters in accounting and she's pretty receptive about me joining their program.

    I work in accounts payable now, I got a pay raise, and I surprisingly enjoy the work (i can be extroverted when I need to but i'm generally a huge introvert). It's just nice to know that i don't have to gruel for 12+ hours on a shoot I don't give a damn about, to know that I'll have a consistent paycheck. I'm sure there's a LOT more difficult aspects about it that an amateur like me hasn't any clue about, but I'm excited by the prospects, and I like the idea that I can live anywhere, and even maybe get to work from home.

    submitted by /u/iamthenoncreative
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    My job starts next month and i’m scared as shit

    Posted: 14 Aug 2021 11:26 AM PDT

    I am starting as a first year audit associate at a mid tier firm next month. I am aware that every first year new hire doesn't know anything at all. That being said, I only took one auditing class in my entire life and have no accounting internship experience at all. You don't get fired for learning too slow as a first year... right?

    submitted by /u/accy312help
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    Will I be forced to miss classes during busy season?

    Posted: 14 Aug 2021 09:40 PM PDT

    I was hired as an audit associate and I keep reading about the awful hours during busy season. The first is aware that I am a student and that I am working towards credits to sit for the CPA. All my classes are in the evening after work. I'm afraid that during busy season I will be forced to skip class.

    Has this ever happened to someone? How do you manage school and PA long hours?

    submitted by /u/No-Smell5410
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    Senior accountants: do you like your job?

    Posted: 14 Aug 2021 05:22 PM PDT

    I currently work in advisory and pretty content for the most part. But for down way in the future, I feel like I'd appreciate the more routine work rather than unpredictable work in advisory. So, I'm curious to hear from those who work as senior accountants.

    From what I've noticed, intensity and workload really seems to depend on how smooth the company and the accounting dept is run. I've seen senior accountants doing extremely complex and non-routine tasks regularly, to those who can just close the book step-by-step like a well-oiled machine. Is my understanding somewhat accurate? If so, do you think it's just luck picking the right one or are there signs? If not, how is it really like, at least in your personal experience?

    submitted by /u/hdgsdfgadfgadf
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    What’s the difference between US GAAP and Mark-to-Market (MTM) accounting standards in the valuation of real estate?

    Posted: 14 Aug 2021 03:03 PM PDT

    What I know is that US uses the GAAP accounting standards while the UK uses the MTM accounting standards while valuing their real estates and this causes the Price-to-book ratio of the US real estate (REITs) to have a higher value compared to that in the UK. Since the US-based companies use the US GAAP accounting standards while reporting their financial statement, why was it possible for Enron to adopt the MTM accounting standards then? Is MTM accounting standards a part of the IFRS (which is applied to companies in the rest of the world)?

    submitted by /u/Junhao_00
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    Worth interning senior year even though FT offer accepted?

    Posted: 14 Aug 2021 06:47 PM PDT

    I recently got an intern offer at a boutique M&A firm and the description says: 'to research the investment criteria of firm's PE clients and to conduct acquisition searches.' The pay is $12/hr (ya I know the pay sucks)

    They want us to commit 10 hrs per week. On top of that I have an on-campus job for another 10 hrs. Meaning 20 hrs total/ week of working.

    I am a rising senior with a B4 Deal Advisory FT offer accepted. Call me lazy but 20 hrs a week with school is going to be a grind. I want a chill senior year because the previous years were an absolute grind fest. Plus since I'm a senior already w/ a FT offer, an internship at this point seems redundant.

    What are your guys's thoughts? Do you think this internship at this small boutique would be substantive enough to undergo?

    Tldr; should I intern my senior year despite already having a FT offer locked in? Worth breaking my back for?

    submitted by /u/Droppedudown
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    Accounting classes

    Posted: 14 Aug 2021 01:19 PM PDT

    I'll begin my Fall semester this upcoming Monday and was wondering what everyone's experience with Intermediate Accounting 1 was?

    submitted by /u/Rada___Rada
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    How important are writing skills in accounting?

    Posted: 14 Aug 2021 08:05 PM PDT

    Do most college graduates have the writing skills to succeed in accounting? I was recommend to minor in writing on this sub because apparently, there is more writing in accounting than most graduates realize.

    Not sure how true this is though

    If so would the people over at r/askhistorians excel in accounting?

    submitted by /u/JourneytoZencalm
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    Considering a Career Change - Seeking Advice

    Posted: 14 Aug 2021 07:43 PM PDT

    Reddit's search function is truly something… Anyway, quick backstory: Got my 150 credit hours in undergrad (graduated with 159 hours, 3.75+, all humanities related). First job out of college passed the MLO exam and learned I hated telemarketing. Next job was very simple loss analysis (really just spreadsheet reconciliation) at a larger mortgage servicer, which I left after I finished a full week's worth of work in 3 hours and my boss said they'd never seen someone work that quickly (expectations were CRAZY low). Spent the last few years working at a non-profit doing a job I love, but BARELY pays enough. The extent of my business background is having taken IB Business in HS, but I'd been going through the CFA curriculum while at the mortgage place until I found the non-profit.

    I just don't even know what I'd be getting into and I'm not really sure where to start. I know that I love precise work, I love being left to my work, and I'm confident in my ability to learn. Any help at all would be greatly appreciated.

    submitted by /u/Ozzurip
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    Looking for resume criticism. Any advice would be appreciated!

    Posted: 14 Aug 2021 01:38 PM PDT
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