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    Home Unlabelled Accounting Cleaning out my Dad’s house, I hit the jackpot you guys. How much do you think this bad boy is worth?

    Accounting Cleaning out my Dad’s house, I hit the jackpot you guys. How much do you think this bad boy is worth?

    December 19, 2021

    Accounting Cleaning out my Dad’s house, I hit the jackpot you guys. How much do you think this bad boy is worth?

    Cleaning out my Dad’s house, I hit the jackpot you guys. How much do you think this bad boy is worth?

    Posted: 18 Dec 2021 06:14 PM PST

    Haven’t taken a vacation in 2 years despite being unlimited PTO

    Posted: 18 Dec 2021 09:12 AM PST

    Firm has an unlimited PTO policy. I am senior manager (consulting service). Some clients are serviced only by me solely.

    There was basically nobody to serve as a backup if I leave. Also, the firm pays out a bonus based on the number of billable hours. Huge incentive to always work, and sneak billable hours in during PTO. Plus, I want to move on to a higher position.

    Also, my type-A personality doesnt help either.

    I worked 80+ hours during both busy seasons.

    I realized that i haven't taken a vacation in two years and six months, so I just quit. found another job and moved on.

    One of my counselees got a lecture from top management because she wanted to take a vacation and wouldn't possibly meet her billable hours goals for the year.

    Conclusion: Unlimited PTO is a terrible policy especially in client service. I'm definitely not the only one who didn't take vacations either.

    submitted by /u/AgentOk4042
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    What can possibly be this persons issue that they switched abruptly?

    Posted: 18 Dec 2021 08:11 PM PST

    How many of you are seriously planning to go for Partner?

    Posted: 18 Dec 2021 02:24 PM PST

    I assume a majority are probably looking to leave after 2-5 years for a decent industry job, but how many of you are looking to stay in public accounting and reach a Partner role at some point if possible?

    And (just curious, not judging) why? Do you just like audit? Is it the people? Money?

    submitted by /u/99orangeking
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    Re-circulating because I just came across this again and it makes me so happy

    Posted: 18 Dec 2021 07:24 PM PST

    Did anyone else see this CPA prep advert? Feel like she didn’t know her audience

    Posted: 18 Dec 2021 10:26 AM PST

    After 5 years, I am finally done with audit. I've handed in my gun and badge. It's over. We won.

    Posted: 18 Dec 2021 04:37 AM PST

    There's a web comedy series about accountants coming January 13th! It's called 'PBC' and stars Creed and Meredith from The Office, as well as Danny Trejo.

    Posted: 18 Dec 2021 10:29 AM PST

    85% sure I'll make non-equity partner after this tax season...

    Posted: 18 Dec 2021 01:42 PM PST

    ...but not 100% sure I want to be a partner. Which is crazy for me because that's all I've been working towards/wanting since I started in public accounting. I mean this is the time when PA starts to pay off right? Just feeling disenchanted with my firm and the PA lifestyle in general. It just seems like there is so much more drama/politics between partners and they totally lose sight of the day to day concerns of the people who make the firm function. The last 2 or so years I've just been burnt out (I know, unheard of in out profession /s). A couple of my close coworkers who I swore I would be partners with, left this year and it just has me wondering if getting partnership is really what I want?

    If not, I have absolutely no idea what is next in my career and feel super pissed I got used by the system.

    submitted by /u/missstatement
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    Gross vs Net Pay

    Posted: 18 Dec 2021 11:38 AM PST

    Burnt out

    Posted: 18 Dec 2021 04:23 PM PST

    Has anyone here been so burnt out from big 4 audit that it's affecting your personal life and are just so irritable at everything? I am trying to stay until April-ish so I can get some time to figure out where I want to apply so I don't end up hating myself at my new job as well but the thought of quitting right before busy season sounds so tempting.

    submitted by /u/jc062
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    Can you deny a promo if you don’t feel ready for it?

    Posted: 18 Dec 2021 08:32 PM PST

    What salary and hours worked would you guys consider the dream realistic industry job?

    Posted: 18 Dec 2021 11:55 PM PST

    I'm currently at $65,000 working 10-15 hours a week for the first three weeks and 40 hours at month end week.

    What's your ideal salary for hours worked? Friends been telling me I should start finding jobs that pay $80,000-100,000 and work 40-50 hours instead but I feel like I can do more side hustles with current job.

    submitted by /u/bcitman
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    This

    Posted: 19 Dec 2021 01:34 AM PST

    Reading 1 chapter in my intermediate accounting II class is brutal...

    Posted: 18 Dec 2021 03:46 AM PST

    It takes me like 12+ hours just to read one chapter. It takes me like a week to read a chapter (when I read a few hours everyday).

    Is it supposed to be like this??? I feel like the text is dense so I have to pause a lot to think through the concepts and take notes.

    Just feels like it's taking a lot more time than it should. Each chapter is 50+ pages.

    How am I supposed to have time to review and do practice problems and focus on my other classes if I'm mostly just reading the textbook?? We were assignment to read the Wiley textbook...

    submitted by /u/sda896g5h
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    Is my salary good?

    Posted: 18 Dec 2021 08:04 PM PST

    •Base salary: $80-$85K •Bonus: $3K (not guaranteed, based on firm performance) •401K annual profit share: $3K

    Non-monetary benefits: •WFH fulltime no commute (huge plus) •in-house CPE •great coworkers and clients

    Background: •i'm a senior tax associate with 3 years of tax prep experience and a CPA. •located in Seattle which i believe is considered HCOL •small firm (less than 50 people) •current job is my first job in the industry

    Edited: to include additional details

    Thank you!

    submitted by /u/sack-city
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    Senior that missed the recruiting season. What do I do now?

    Posted: 18 Dec 2021 09:32 AM PST

    Graduating in May of next year. Thought that the recruiting season was in the spring. 3.5 gpa. What do I do now? Is it too late for Big 4?

    submitted by /u/needlethreading
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    People who left Big 4 audit early (< 2 years) how has your career progression been?

    Posted: 18 Dec 2021 02:45 PM PST

    This is way to accurate!

    Posted: 17 Dec 2021 07:06 AM PST

    How much cash should the owner take out in dividend?

    Posted: 19 Dec 2021 03:44 AM PST

    Hi folks,

    I realize there's no objective answer to this. I'm curious to hear your wisdom on the topic.

    I'm the 100% owner of a professional services firm. I pay myself a W-2 wage (calculated to maximize my 401(k) contributions) and take the rest of my compensation in dividends based on company performance.

    Over the last two years the business has finally started to achieve escape velocity. However, I don't live an extravagant lifestyle. Sure, as the business has stabilized and grown over the years, I've slowly relaxed and increased my spending habits. But I'm the guy who takes his kids to Disneyland in a 2008 Prius with PB&J sandwiches for lunch.

    What this often means is that I get very generous with my employees. I see cash in the company account, see a healthy bottom line on the P&L, and decide to share the wealth: sometimes in base comp, sometimes in bonuses. Of course, they get used to that and it's hard to reverse course, so I end up digging myself a bit of a hole.

    I wonder if I'm leaving myself behind too much.

    Obviously, the company needs operating reserves and emergency reserves. But at this point, it's safe to say that there's more cash in the bank than the company needs to hold on to.

    How much should I take for myself?

    Thank you for your thoughts.

    submitted by /u/BeNiceToYerMom
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    I can't find any error in my balance sheet but it still stays unbalanced after i check, anyone can help?

    Posted: 19 Dec 2021 03:22 AM PST

    How long should i stay in public accounting before transitioning to private?

    Posted: 18 Dec 2021 07:47 PM PST

    I'm currently a senior at a small CPA firm with 3 years of experience.

    submitted by /u/sack-city
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    What salary should I expect as a senior?

    Posted: 18 Dec 2021 09:19 PM PST

    I'm an audit associate at top 10 PA firm (not big 4) going into my 2nd busy season in DC area, started October 2020.

    My starting salary was $60,000 and raised to $69,000 in July after being labeled high performer. Just got another raise to $74,500 effective Jan 1st (not performance based)

    Ultimately a lot of people have left my office, including on my team and busy season engagements. We had 1 manager and 1 senior leave just within the last month and it looks like there will be an opportunity for me to get promotion if I do well, currently reviewing an entry level's work and acting as senior on a few engagements this busy season.

    I'm interested in what the pay would look like with a promotion to senior from my current salary of almost $75k as associate. Any ideas?

    submitted by /u/Ok-Title-780
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    Employee bonuses that are triggered by profit margin

    Posted: 19 Dec 2021 03:09 AM PST

    Hey folks,

    I own a professional services firm. In my firm's industry, best-in-class companies earn net profit margins of 20% or more. Firms that earn profit margins of this magnitude fetch the highest valuation multiples on sale.

    Thus, my goal is to maintain a net profit margin of 20%+.

    However:

    I'm trying to formalize the calculation of an annual employee bonus plan. One of the plan features is that it contains trigger thresholds based on net profit margin. For example, "If we attain 15%+ profit margins, X% of profits will be added to the bonus pool. If we attain 20%+ profit margins, Y% of profits will be added to the bonus pool."

    Obviously, the 20% profit margin threshold is the one that I want to incentive my team to attain (and thus, Y is greater than X).

    However, the arithmetic means that if we hit 20% profit margin, and that triggers Y% of profits into a bonus pool, then the company's actual profit margin becomes 20% minus (Y% of 20%) -- and suddenly we might not hit 20% profit margin anymore if the bonus payout itself is characterized as an expense!

    Can help me understand how to think about this in a way that meets the two goals of (1) targeting and maintaining 20%+ profit margin and (2) basing bonus triggers off of profit margin.

    For one thing, I'm wondering whether such bonuses might be characterized in the company's books in a way that doesn't affect net profit margin.

    Many thanks for your help!

    submitted by /u/BeNiceToYerMom
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    Auditing shipping invoices?

    Posted: 18 Dec 2021 07:21 PM PST

    How would I go about finding a small business accountant that can audit shipping invoices against a set contract?

    submitted by /u/spvcegypsy
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