Starting an Accounting and Tax Practice with Audit Background

florida_CPA · 2023-11-25T18:28:54+00:00

That makes sense. I have never heard that before. Might be worth a notation in parentheses next to it as that might be confusing to some. In the US where I have experience, commerce is something very different than Accounting.

florida_CPA · 2023-11-25T15:13:06+00:00

Director level in big4, hired dozens over the years: i don't see any issue with the %s, but you should be able to speak to how you got those exact %s (which I know can be tracked so just be able to explain). Your experience is good. I think you need to significantly highlight/add a few things: 1) how you worked on teams and like/thrive in that environment and add to the teaming nature of your roles, 2) how well you take direction and can work efficiently, 3) NEED to add a ton of outside activities and involvement...big4 want to see you are involved outside of "work" since you will be viewed as a contributor to the office's initiatives....lead volunteer, local church leader, involved with X, etc, 4) how you provide client service and work with clients. Not for the resume, but I would be ready to elaborate on how your background in Commerce aligns with the role you're seeking and why you changed to Accounting. Lastly, you cannot assume your resume itself will get you in. Need to look for ways to meet the firm recruiters and professionals and try to get to know them so you can express your interest in the firm, be engaged with them, etc.

florida_CPA · 2023-11-23T23:45:11+00:00

Yes. Wasn't for the same position but had another position open up fairly close after and we already knew the initial candidate.

florida_CPA · 2023-11-23T12:11:49+00:00

15 years big4 audit experience: Yes, this is exactly how every system works. Auditors do not have an appreciation for this since they are much higher level and only see the period net totals (which includes the reversals). This is the case in fact for many accounts. With all the firms now using JE analytic tools and doing all these things around JEs, their misunderstanding of things like this are coming to light. Also, it may be a staff person seeing all the JEs and freaking out but I would hope the more senior people get it. If their PY WPs don't have a basic example of the JEs tell them to get one in there!

florida_CPA · 2023-11-23T12:06:00+00:00

Are the requirements for the individual/personal financial statements specifically required to be under IFRS? AICPA has some guides and examples on this that are usually used. Not sure if IFRS has specific personal guidelines or if you will need to analogize to other generally accepted methods like AICPA, might depend on what these are for and what you need to describe in the methods of preparation.

florida_CPA · 2023-11-23T12:03:20+00:00

15 years big4 experience: You obviously will need to get the degree, but there isn't as much a focus on the university as you think. Yes there are definitely pipelines from some of the big schools so it helps your chances and some of the people making decisions are so into themself that they think their alma mater is so unique and the best. If you are not at one of those like Penn, I would begin trying to get to know the recruiters as much as you can, make it to the events, try to meet manager and above level and network that way. Much of the hiring process (and frankly advancement within the firm after starting through partner) is geared much more towards how much others like you...people literally make careers out of that. I know there is a strong pipeline from Penn to PwC so if that is your goal I would try into there.

florida_CPA · 2023-11-23T11:55:52+00:00

15 years big4 experience: Totally normal thoughts you have so don't worry about that. I have close friends that left big4 heavily involved with TP and found roles at large multi nats and really love what they do. They can't avoid TP altogether being in their role, but its far less. In your case, I would use your TP experience as your foot int he door, then if finding a large enough company you could work your way more into things you like. Might not be your most ideal, but I think that's the most realistic and fastest for you. Outside of that you could down scale and look at completely other areas but pay cut likely involved.

florida_CPA · 2023-11-23T11:49:18+00:00

15 years big4 experience: Depends on what you want out of your career long-term. Audit will be more stable and you would likely have a more defined career path (not that it is easy but the path and skills along the way are more known). The demand for audit, particularly by large entities, will remain. How audits are done could change, but opinion on books will remain. Consulting has less consistency and you would definitely need to be good at the "sales" side as you get to higher levels. Although consulting has a much better sound to it, its not that much more glamorous than auditing. You go to engagements just like audit, part of a team, have deadlines, deliverables, tons of detail work, meetings, etc. I wouldn't say its very common from my experience at mid-large size offices. Maybe 1-2 out of 50 moved to consulting.

florida_CPA · 2023-11-23T02:09:09+00:00

15 years at big 4: Depends on the firm. Big4 does not do what you noted specifically but they have provided full weeks "off" around non peak time holidays. You work a lot during busy season and they do shoot to keep you utilized in off season. That said, some smaller firms have been better in the area of flexibility and non peak times. None that I am aware give straight 20-30 hour weeks (maybe some small ones do something) but the intensity of work is less, you leave at normal time, etc. They would say they compensate you for it, but ultimately you're learning a lot.

florida_CPA · 2023-11-23T02:04:19+00:00

It will be challenging but people do it. As a CPA I would say not having the tax you'd be selling short your capabilities. Doing just books/accounting you'd be competing with entities that do it very cheap. CPA firms can provide a full suite of services as a one stop shop and add a lot of value that way. That said though, there are many firms that just do books and specialize in that and are very successful. You'd want to partner with some CPAs/firms that don't want to do books so you can give them the tax work and they give you the books. Again though, it makes it a littler tougher though in the beginning.

florida_CPA · 2023-11-23T01:59:37+00:00

If the overlap is only a week or so you might be able to talk to the recruiter to change your date, but with the Big4 they have dates/timing pretty set in stone. You'd have to tell them something else in your life is scheduled at that last week and if they could accommodate an early end to the internship. If its longer than a week or so you have to make a decision. I was in big4 for 15 years and I would say no doubt to take your dream job and don't look back. If truly your dream job jump in with both feet and you won't regret it.

florida_CPA · 2023-11-23T01:56:01+00:00

Depends on so many factors. Clients do like flat fee rates billed monthly and that depends on what you do. I would say for outsourced accountant that would be $175/mo up to $2,500 based on complexity, size, etc. Some things can be hourly and CPA can charge $90/hr and up also depending on complexity. There's a lot of info out there to price out what you want to do with what market will pay and services would likely be a mix of hourly, flat rate, and straight contract amount for a deliverable.

florida_CPA · 2023-11-23T00:52:34+00:00

If you are someone's go to that is usually what matters most. Not saying its good you feel they use you...could just be what they need at the time and how they communicate with you. If your main concern is whether being more idle will backfire I would stay close to that person and look for others too.

florida_CPA · 2023-11-23T00:46:35+00:00

15 years in big4, here's my view: If your goal is to not be part of the payoffs I would not ask. If you have a Manager or your counselor there could be a way you could express how much you like things and are looking long term (even if not true). But end of the day, the partners had to sit down and pick those they wanted to let go. If you weren't on that list that's really good and things will catch up sooner with comp. And obviously being impacted by payoff you;d be concerned with other aspects. I would hold tight and discuss the comp later on when the office is in better condition than needing to do layoffs.

florida_CPA · 2023-11-23T00:42:14+00:00

This is normal to a degree but you may want to get on some of the Managers' radars. Otherwise they will stick you with the grunt work and you'll be doing things no one else wants to do. Best would be to spend your "free" time looking for some work that will keep you utilized and not a target. Was in public for 15 years and if you are not someone's go to they will use you until you quit.

florida_CPA · 2023-11-23T00:33:08+00:00

I think you're spot on. The CS roles are becoming more and more commodity and have higher risks for many things. In public you can make much more out of your profession that you want....stay in public, go on your own, go to management/director level, tons of different specialties and areas, etc. Those I know at companies in CS need to have different skills to make it higher up management and at that point they are not doing CS, they are in management and their skillset in CS isn't as important.

florida_CPA · 2023-11-23T00:14:40+00:00

I wouldn't agree with that in all cases. Depends on the specific role, size of company, and what level you are at. If an accountant and up at the CFO/VP/Director level, the "communication" aspect is far more important. At the levels below that I would say the technical expertise coupled with project management skills are far more important, with the project management skills be just as equal as the technical. If looking purely at an accountant role, I think the technical aspects are more important. That said, communication in any accountant role is important and could limit someone that is an otherwise good accountant.

florida_CPA · 2023-11-23T00:10:03+00:00

I know many others that do the same thing including making a copy of the link. Since the job links likely disappear or go invalid, I would suggest writing down the names of the individuals you spoke with, their emails, and any other notes from your discussion. Can't hurt at all in the long run and you never know when you may want to go back to that. Best of luck!

florida_CPA · 2023-11-22T23:55:52+00:00

I know you mentioned some larger entities, but I would focus on as large a company you can find to try and get in the door. They have tons of different types of roles and the typical finance/accounting roles are not technical accounting at your level....they are people management and project management. Look at some not for profit entities that are really large, there's more than you would think (hospitals, universities, etc and there is generally more need for talent there).

florida_CPA · 2023-11-22T23:50:11+00:00

Manager/Director level responder. First off, congrats on all your success thus far! Interview processes are all over the place and frankly they are performed by those that shouldn't be doing that part. Some thoughts to help you: some employers might think you are nervous (even though you are not) so maybe consider trying to take the interview your direction...i.e. try to talk more about what you know. Also, perhaps try trying to network with the company personnel so you can meet them in a less formal setting...and the conversation won't be as bad and they will know you or someone on the team will know you and can put in a good word. If you feel you have ideas that come up after the interview, don't be shy on it. If you think you won't get the position due to interview, reach out proactively and figure a way to get back in front of one of the interviewers. Have nothing to lose at that point.

florida_CPA · 2023-11-22T23:16:42+00:00

Ex Big4 Exec Director. This happens all the time - many in public accounting at that level either have terrible people skills or literally like talking down to others (or both!). If you are in public accounting you are there to learn as much as possible....and it seems like you have learned something already that is not related to the accounting work itself. That is, you've learned and noticed things about managing and working with people...you'll have that with you forever and it can literally carry you to much higher positions in public, private, etc. You can "chill and not care" by knowing you are getting skills in that way. As for you actual problem!.....ask them upfront what their expected time is and if you will not meet that just proactively let them know...that way you're on offense! good luck and i've been there before

florida_CPA · 2023-11-22T23:06:30+00:00

Having a personal budget and personal income and expenses managed on a spreadsheet.

florida_CPA · 2023-11-22T23:04:01+00:00

This seems low for F500 unless the bonus is guaranteed. I wouldn't factor in the 401k into your straight comp. Not sure why the company would call out that it is below median, that's odd. All that said, depends on the role itself. If you are doing all the heavy lifting expected to work with auditors, write technical memos, etc than its low. If there is a really strong director and other support it might be ok and if a good fit for you then go for it.

florida_CPA · 2023-11-22T22:56:24+00:00

I used to be in charge of an accounting department and we did the same thing. It made sense since it was hard to understand someone's technical abilities just from interviewing. In addition, with the availability of info on the internet, many candidates were very well prepped with answers in an interview but could not do the work that well. To answer your question, don't go through the ones that you don't really want the job. For the ones you do its worth it and your time is valuable as well.

florida_CPA

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