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    Accounting Behold my shitty attempt at a scary Halloween shirt

    October 31, 2021

    Accounting Behold my shitty attempt at a scary Halloween shirt

    Behold my shitty attempt at a scary Halloween shirt

    Posted: 30 Oct 2021 08:34 AM PDT

    If you hate your job…

    Posted: 30 Oct 2021 04:24 PM PDT

    Just a little thing I think you guys should know:

    Not all accounting jobs are equal.

    I'm in my 4th year post college and am finally enjoying life and don't hate going to work. I am making more money than I ever did and am working less, simply because my current company is organized and has competent management.

    My first job out of college was Staff Accountant for a healthcare management firm and paid $40K. I ended up developing a panic disorder because of how terrible the stress was (60 hrs a week every month as a staff accountant in industry?) and how hopeless I felt asking questions and trying to learn, looking back now my managers just sucked. They also would dump all their work on me and leave early almost every day. I didn't know better because this was my first job.

    I left that job after 2 years for another staff accountant job paying $50K. Same industry healthcare management. This job was just slightly less sucky but now I had a manager that would routinely yell at staff for making mistakes. I started this job right as covid started and had to learn everything at home. The whole company was antiquated with technology (they sent me a massive dell desktop with one monitor in the mail). Of the 8 accounting staff that I started with, there were 2 of us left by the time I finally quit a year later. 2 accountants were doing the work of 8 people for 3 months because they just didn't want to spend the money to bring in new help (or maybe no one wanted to work for them lol who knows). The stress was just not worth it.

    I just started my current job a few months ago. Senior accountant role paying $77K in the real estate industry. I work 35 hours per week most of the time. I am able to close on time every month because ppl actually reply to emails within a day. My manager is actually KIND and makes time for the accountants to answer all our questions no matter how long it takes. I actually have PTO I am encouraged to take. The people I work with are fun and helpful and don't look miserable. I have an annual bonus for the first time. I am actually happy as accountant for the first time.

    So if you hate your job and it is affecting your mental health, just know that there are good jobs out there. Don't be afraid to explore your options. I still can't believe the stuff I used to put up with for LESS money and MORE stress.

    submitted by /u/EmergencyDrawing749
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    Guy is willing to lose CFA to gain brownie points with memestock community

    Posted: 30 Oct 2021 02:34 PM PDT

    Older Student Advice

    Posted: 30 Oct 2021 06:47 PM PDT

    I'm 36 starting the path to get my bachelor's in Accounting after working in retail management for 20 years. I don't have prior college history and I was going to get an AA and just focus on clerk jobs (it's basically the same pay as retail without the... retail part) but my program instructor said she hadn't had anyone do as well as I was in her Accounting class in years and that I needed to seriously consider getting my Bachelor's. I did not choose this initially because a part of me felt it was too late to try to put this much school in if it wouldn't pay off but clearly after research, this is a career that would pay off in the end. So, my question essentially is: is there any advice (career wise, class wise, life wise) for an older student pursuing this path, anything that you would recommend I should avoid or turn in the direction of, (if you have switched careers with success) anything you wish you knew going in?

    ​

    Edit: Just wanted to say thank you to everyone who took the time to comment as I hoped my post wouldn't get totally buried in the Reddit 0 comment pile. Sometimes when you search posts it never feels like someone is in your particular situation so the different types of feedback was really refreshing and great motivation for me. I've already switched my program from the AA to a transfer degree but will be keeping the tips given in mind going forward! thank you guys!

    submitted by /u/Megamuffin585
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    How bad is busy season really? Big 4

    Posted: 30 Oct 2021 04:26 PM PDT

    so I'm a naive first year that just finished my first month in public...pre much 9-5 so far and only did 1 engagement.

    When is busy season usually and how bad does it get? give it to me straight up

    submitted by /u/No-Organization-2385
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    It wasn’t supposed to be like this

    Posted: 30 Oct 2021 02:48 AM PDT

    Did I burn bridges in the way I left?

    Posted: 30 Oct 2021 08:23 PM PDT

    I left big 4 audit after 1.5 years recently for a senior position in advisory. The process for my new job moved super quickly and they pretty much gave me 2 days to accept the offer. I negotiated a start date 3 weeks in the future, though, so I could coordinate transitioning work amongst my team.

    The day after I told my manager, he messaged me and said I had to leave that day, as I'm going to a competitor firm. This caused a massive shuffle to get all my stuff transitioned in like 2 hours.

    I then messaged my SM to say it was nothing against the firm, team, etc - just wanted a better opportunity for myself. I also said I intended to have 3 weeks to transition everything and had no idea this would happen. He pretty much only said he was disappointed in me. My manager didn't even really reply to me after he told me I had to leave.

    I've been feeling super guilty about this, and it's also left a bitter taste... as I'm really not someone that causes headaches. Was always a high performer, offered to take colleagues' work whenever, kept the atmosphere high, etc.

    Did I fuck up anywhere here? I just wanted to hear good luck and all the best, but i couldn't even get that.

    submitted by /u/External_Limit1
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    Is it common to "fluff" your resume skills?

    Posted: 30 Oct 2021 08:13 PM PDT

    I'm not talking about employment or employment dates.

    ​

    Let's say you are applying for a job and one skill is let's say SQL, would you mention on your resume that you are familiar with it knowing, that you can prep enough to teach yourself for the interview and if you get the job?

    submitted by /u/Alternative-Fox6236
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    Is it really hard to get fired from the big4 now?

    Posted: 30 Oct 2021 06:19 PM PDT

    I'm a new audit associate at big 4. I started about 3 months ago. This is busy season and I'm definitely not performing well enough than peers. I know that big 4 is hiring much right now and I was just curious if it is true that it is hard to get fired from the firm at this time?

    submitted by /u/Dealer_Forsaken
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    New partner (how to avoid getting stuck at senior manager)

    Posted: 29 Oct 2021 10:23 PM PDT

    hello everyone. i was recently admitted to the partnership at a large national firm (top ten, but not big four). in my opinion, most people in public accounting who are reasonably smart and reasonably hard-working can progress to senior manager. but i've seen countless good people plateau at this level. i had no desire to be a career senior manager.

    i'll intentionally keep my biographical details vague. i began working at one of the big four in 2006. i progressed to senior, then manager, then senior manager. after two years as a senior manager, i tried to objectively assess my chances of making partner at that firm. i didn't think it was going to happen (at least not within a timeframe i considered acceptable), and i didn't like or trust the leadership. i switched to my current firm five years ago and have been working towards partnership ever since. i work in the audit practice in a large canadian city.

    here are the steps i took to earn the promotion (this advice is probably most useful to manager and senior managers in large and mid-sized firms):

    1. be well-rounded. i'm smart – but others are more intelligent. i work hard – but others put in longer hours. i'm sociable – but others are more naturally outgoing. work hard to improve your weaknesses and strive to be balanced. it's better to be good across the board, rather than having two major strengths and one significant weakness.
    2. working long hours is necessary, but not sufficient. in order to make partner, you'll need to work hard – day after day, week after week, month after month, and year after year. there's no avoiding that reality. but simply working long hours won't get you that promotion.
    3. start on business development early. if you wait until you're a senior manager, it'll be much tougher to put together a business case. relationships with prospects and referral sources (i.e. lawyers, bankers, etc.) can take years to develop. start after a year or two as manager. understand that, especially when you begin, most of these leads will go nowhere. with time and experience, they'll start to materialize. that's one of the greatest feelings in public accounting.
    4. specialization. try to be known for a specific industry, accounting framework, etc. nowadays, at medium and large firms, just being a general audit practitioner (usually) isn't enough.
    5. act like a partner. there are lots of things you can do as a senior manager to start acting like a partner. as mentioned above, get involved in business development. ask the partners if you can attend client meetings, and see if they'll let you run part of those meetings. publish articles that are relevant to your niche. evaluate the wip and prepare billings. join the board of a charity. wear more formal clothes (yes, this is superficial, but it counts). see also the comments below regarding file quality.
    6. not only do you need supporters, they need to have power. the larger the firm, the more significant this point becomes. i had several enthusiastic supporters when i was at the big four firm, but despite them being partners, they weren't among the "in crowd" among the partner group, so they had relatively little sway.
    7. explain things simply. it's easy to get lost in the debits and credits, or in the 14th note on a working paper. in order to work towards partner, you need to be able to summarize complex issues in ways that are easy for people to understand. (one thing that i'll miss, in my new role, is writing memorandums. if you can't articulate an issue in writing, you probably don't fully understand it).
    8. after you've reviewed a file, take ownership of it. yes, the senior may have missed an issue or forgotten to perform a procedure. but, as the manager, after you review the file, it's your responsibility to ensure it's fixed (either by coaching the staff through what to do, or rolling up your sleeves and doing it yourself). to demonstrate you're ready to become partner, after you've reviewed a file (and you or your team have cleared the review comments), it should look like a partner has already reviewed it. if there are any significant errors or issues, don't blame the staff for your inability to identify a deficiency in the file.
    9. treat your teams well. on a single engagement, you can probably get more productivity out of your team by being a tyrant rather than a coach. but it isn't worth it. your reputation will spread and good people will avoid working for you. when i need to push my teams, they'll go the extra mile for me, not because they're afraid of me, but because they know that i have (and will continue to) coach them, support them, reward them, and defend them.
    10. know which admin tasks to avoid. you might not always have a choice, but, to the extent possible, try to pick administrative tasks that are self-contained and run outside of busy season. avoid getting involved in scheduling at all costs. it's a never-ending stream of requests, it will require a lot of time and attention during busy season, and people are rarely thankful. conversely, recruiting is good to get into. it runs outside of busy season, and there's a discrete time commitment (i.e. a recruiting event will last for four hours, rather than being an endless, unpredictable stream of requests).
    11. stay compliant. speaking of administrative tasks, there's no shortage of requirements. timesheets, expense reports, performance reviews, professional development courses, etc. – make sure that you stay on top of these. don't give anybody a reason to criticize you over things that are entirely within your control.
    12. be objective. it can be difficult, but try to assess your situation as objectively as possible. (if you were the managing partner, could you put together a business case for your candidacy)? when i was at the big four firm, around the time i made senior manager, my practice's results came in around 20% behind plan. looking at the slow growth, the lack of upcoming partner retirements, and who was ahead of me in line, i couldn't see a reasonable business case being made, at least not for another 5+ years (and so i knew i needed to leave).
    13. be positive. in the grand scheme of things, if you're a manager or senior manager in public accounting in a developed country in the 21st century, you're incredibly fortunate. by any objective standard, you're wealthier and safer than all but an infinitesimally small percentage of human beings who have ever existed. you're not going to die on a battlefield, or from starvation, or by a jaguar. yes, the hours are long and the work can be mundane. if you need perspective, go visit sub-saharan africa – you'll probably stop complaining about how hard your life is.
    14. speak up. don't assume that your coach knows that you want to make partner. many people are content being senior managers for the rest of their careers. if your coach isn't aware of your intentions, they might read your silence as an expression of disinterest.
    15. stay healthy. maintaining your physical health is crucial. be disciplined about what you eat (don't order a cheeseburger with fries and a coke with your meal allowance every night, just because you can). avoid excessive drinking. no drugs. force yourself to exercise on a regular basis. this will improve all aspects of your life (and, focusing specifically on how this helps you make partner, you'll have more energy, you'll sleep better, and your sense of discipline should translate to your career as well).
    16. have hobbies. make sure you have a few hobbies. at least one of them should be something that can be done year-round, with relatively little notice, and it takes you away from your computer screen. examples can include reading, photography, going to the gym, playing piano, knitting, etc. do this activity whenever you're getting tired or frustrated with work. spending as little as half an hour can help you recharge.
    17. take your vacation time. many people in public accounting seem to take pride in taking as little time off as possible. that tells me they're overrating how important they are to the firm, and underrating their own self-worth. i've taken virtually every vacation day i've been entitled to over the course of my career. (last year was the first time in 15 years i've forfeited more than a day or two of vacation time). maybe i could have made partner a year or two earlier had i not travelled all over the world in my 20's, but i'm not certain that would have been the case, and even if it was, i'm fine with the trade-off.
    18. don't take things too seriously. our work is valuable, but we're not saving lives. usually things aren't as bad as they seem. part of the challenge in making partner is enduring so many years in public accounting. i could have pushed myself even more as a senior or manager, but i would have resigned with that much stress. don't get me wrong, i worked hard and took my job seriously – but don't go overboard. it's better to give a 95% effort for fifteen years, rather than give a 105% effort and burnout as a senior.

    happy to share advice if anyone has questions.

    submitted by /u/2_debits_1_credit
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    Can anyone tell me what’s the going rate for a resource manager and what resource managers have branched into if they left that role?

    Posted: 30 Oct 2021 10:06 PM PDT

    PSA: You Won’t Ever Need These Again. Held JIC Since 2014

    Posted: 30 Oct 2021 12:40 PM PDT

    Using An External Recruiter Tips

    Posted: 30 Oct 2021 03:44 PM PDT

    I have dealt with some shit external accounting recruiters and their antics in my time. Although there are good recruiters out there, they are not as common. I wanted to share some tips so others can avoid these traps / issues. I encourage everyone else to share any tips they have as well.

    If a recruiter is presenting you one job interview at a time and not overlapping them even though they blasted your resume to a couple companies, it's because they don't want you to use offers as leverage. Always tell the recruiter you have other interviews going on regardless. They will tell the client, if they really want you, to give you a better offer off the bat. It will also give you more time to think about job offers because you still have a "couple other interviews to complete".

    Always try to speak with someone from HR. Recruiters are middle men that are trying to get paid. They are supposed to work in everyone's best interest, but they just care about making money. This means they will play both sides when negotiating to try to sway you one way or another. If you have a direct link with HR, you can cut their bad negotiating out.

    Always send thank you emails even if it doesn't work out. I had a recruiter tell me to never send thank you emails if I am using a recruiter. This seemed like terrible advice and I did so anyway after an offer was rescinded during reasonable negotiation. Turns out the recruiter told their client I declined their offer and the recruiter told me that their offer was rescinded. Recruiter did so because they were worried I may decline the company's offer even if I got what I wanted, which wasn't true. With my thank you email I blew up the recruiters lie and they were fired by both me and the client.

    Never trust a recruiter's salary advice. They will always try to make you feel less than you are. This is because they are trying to get you a job ASAP and get commission. Always tell them a salary a little higher than what you want or else they will get you jobs at your salary minimum. Never give salary minimums!

    Never leave anything on the table when given an initial offer. Recruiters can try to scare you and say "they may rescind the offer" or "this is their best and final" on their initial offer. This is bullshit. If you don't have exactly what you want, always respectfully negotiate for what you want. I had a recruiter tell me to never negotiate and always expect a company's first offer their final and best. I fired him immediately.

    Don't let them bully you or try to pressure you into taking a job or making a career move. They make money off of you accepting job offers. At times, they can get pushy with you and try to convince you to take jobs even if you are unsure. DO NOT let them bully or pressure you. They work for you, not the other way around. Always be firm with them and never let them feel they can manipulate you. Also, don't let them try to convince you about a career choice because "they know." They most likely have a job they want you to take and are trying to push you in that direction. If they know more about the accounting field / industry than you, why aren't they working in the accounting field? You know the saying: If you can't do, be a bad recruiter.

    Lastly, recruiters can and do lie. Always take what they say with a grain of salt. They have their own best interest in mind.

    Again, there are good recruiters out there, but shit ones are more common. Use multiple recruiters so you can try to get the best one.

    I felt I had to write this because I have heard far to many stories from new accountants who get mislead or screwed over.

    submitted by /u/A_Cow_Tin
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    According to IFRS, what are you suppose to do with abandoned assets?

    Posted: 30 Oct 2021 11:40 PM PDT

    Doing a case study and I got to account for an event in that case study. Basically an equipment got to be replaced, it is not held for sale since there's no plan to sell the asset yet. The use of the asset is discontinued. I tried searching it up but I got nothing on it, just how to classify held for sale. I'm guessing it would be a discontinued operation at least but don't know what to do with its carrying value and the estimated fair value. All I know so far from abandoned assets are that the depreciation stops at that point, and it written to a recoverable amount (don't know what that means). I need to know what happens to the asset when classified as abandoned, and how it affects the SFP and Income statement.

    submitted by /u/Fr0st1718
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    Does the industry you work in affect your career growth?

    Posted: 30 Oct 2021 12:06 PM PDT

    Obviously if you're working in finance (M&A, IB, CD) I would assume it matters more since there are specific industry ratios/rates/trends which differs greatly from each other but for CPAs working in financial reporting/FP&A/decision support roles does it matter since you're just booking entries adjusting inputs in models unless someone can shed light on a huge difference they have noticed?

    I'm asking as I'll be starting in the real estate industry and wonder if it will impact future career growth such as if I want to work for a company in a completely different industry as I don't know if I want to stay in real estate forever. I was also chatting it up with an old colleague and they told me financial services is probably the better industry as it is more stable, less cyclical, more complex learning opportunities, and better compensation does this also hold true?

    I just can't see how industry matters much for accountants since you're booking financial statements regardless and the learning curve is pretty consistent across industries until maybe you hit CFO where you may need to have more in-depth knowledge of an industry

    submitted by /u/Successful-Yak-2741
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    What task do you expect an accounting graduate be able to do when joining PA straight from uni??

    Posted: 30 Oct 2021 05:24 PM PDT

    What makes a CPA or a CPA job stable?

    Posted: 30 Oct 2021 10:08 PM PDT

    Can anyone tell me what it is about the CPA that makes them secure and stable? A lot of people have said you will have a lot of career stability once you get your CPA, or CPA can work anywhere and will find jobs within 7 days. Or CPAs don't get laid off, CPAs can survive the recession?

    What are the reasons why people say this? What's the reasoning behind it?

    submitted by /u/GrandKnightMaster
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    Big 4 performance review date? US

    Posted: 30 Oct 2021 09:26 PM PDT

    When do we get performance review? Will it be quarterly? Or annually? Depends on firm?

    submitted by /u/Dealer_Forsaken
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    Valuing a convenience store for sale

    Posted: 30 Oct 2021 06:50 AM PDT

    Hi everyone, feel free to delete if not appropriate! But was wondering if someone can give me a steer on behalf of a relative? They have a convenience store based in a small town. It's a decently busy store but with a lot of potential for further growth. They have been thinking about retiring and wanted to understand how they would value their business (the goodwill/non real estate part) for sale? Obviously they'd have to get some kind of professional valuation done somehow but is there any sort rule of thumb here? Eg percentage of annual sales or profit or something like that? They just want to get an idea so they can sort of manage expectations before going through with the formal process/speaking to buyers.

    They set the shop up from scratch from their own empty premises many years ago so don't have experience of buying to lean on.

    Thank you!

    submitted by /u/Brownscotsman
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    I'm totally new in this field so have no idea what I should do before taking the DAP course in UBC in Canada.

    Posted: 31 Oct 2021 01:01 AM PDT

    Hi Guys~

    I don't have any experience in Accounting. So I simply want to understand and learn basic things in accounting through online courses. Some people recommended taking the course of 'principles of accounting' for the beginners but I'm not sure. Which subject would you suggested me to take?

    submitted by /u/ComfortableNo9751
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    For those new B4 FDD hires…

    Posted: 30 Oct 2021 10:55 AM PDT

    Especially those that have transferred from audit*

    (1) What are the first couple of weeks like overall?

    (2) What can we expect work wise / training?

    (3) How is the learning curve initially and how long does it typically take to get up to speed?

    (4) How have the hours been lately?

    (5) Are any of you back in office or traveling?

    Thanks!

    submitted by /u/NYCPA99
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    Super T "Quadrants"

    Posted: 31 Oct 2021 12:00 AM PDT

    Accounting student here, hoping to get some help.

    For an accounting assignment, my teacher wants me to take journal entries and turn them into a "Super T" general ledger page. Accounts are pretty typical (Cash, Supplies, Accounts Payable, Common Shares, etc.), and while I knew to divide them into Assets/Liabilities & Owners' Equity, I have no idea what is meant when my teacher asks us to divide the T accounts into four quadrants. The excel template we are given has two pages, where each page is split about 60/40 between two "quadrant" groups of t accounts. If anybody can help out an aspiring accountant, I'd greatly appreciate it.

    submitted by /u/JasonBoorneeeee
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    Big 4 Internal Referral Gone Bad?

    Posted: 30 Oct 2021 11:31 PM PDT

    So, my friend is a high performing manager at one of the big 4, and I was internally referred for a position.

    A month ago, I submitted my application and resume, and I am hearing nothing, it is all radio silence.

    I thought that I would at least get an interview, I am not sure what is happening... Could you guys share your experience?

    submitted by /u/ThrowAway10-30
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    Books that teach accounting for businesses

    Posted: 30 Oct 2021 12:56 PM PDT

    Hey does anyone recommend any books that can teach accounting in a basic level or on a level which you can manage your own business? Any recommendations would be great!

    submitted by /u/Swag22OA
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    BDO - Tax, OC office

    Posted: 30 Oct 2021 11:18 PM PDT

    How is it in terms of culture/people/comp/hours/promotion/software please?

    submitted by /u/pinksmilee
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