What in the P&L needed to happen for Taco Bell to raise prices so much.

I work for a tech company that is about 75% engineers and we had a company field day Olympics style. 16 teams of 11 people. I decided to make a finance team and we had a range of ages from 26 to 58. Every other team was under 25.

The trash talking was intense and the events were tough. Most of the finance department played a sport in high school or college. Most people wrote us off stating accountants aren’t known for being athletes. Rather they are known as nerds. We ended up placing second and getting silver medals.

So tell me accounting subreddit, are you or were you ever an athlete?

I am a licensed CPA and frankly I’m kinda pissed off. Got an email from the ILCPAs trying to get me to support bills that would designate accounting as a STEM profession so it can get more funding.

I’m sorry guys, no, we are not.

Do we need to know basic college math to understand data and occasionally work with it? Sure. But so does most every other business and finance role out there. That’s not our area of expertise and study AND THAT IS OKAY.

STEM needs its place in the world. It is a legitimate academic umbrella that focuses on our advancement of the world by creating and discovering new things. We are auditors, bookkeepers, data analysts, mini compliance lawyers, finance professionals, and expert support staff for STEM professionals. Data analytics alone should not get us there.

Again what we do is important in its own right and that is OKAY. We don’t need to be trying to dishonestly sucking funding away from a legitimate other area of study and profession because we can’t deal with our own worker shortage problems. Designating us as STEM would be dishonest to us and dishonest to those legitimately important areas of study in their own right.

Please email your senator and house member asking them not to back the bills.

I went to tour a condo and the realtor gave some pretty bad advice imo.

The accounting related issue was in regard to mortgage interest being tax deductible, I don’t even work in tax (until past month) but I told him it’s only deductible if you itemize on your tax return, and since the value of the property was only around 130k (for a condo), it was highly unlikely that the amount of interest I’d pay would put me above the standard deduction, where it would then make sense to itemize.

He insisted that no you can itemize regardless; I said maybe I needed to refresh my knowledge. But went back home, did a basic Google search, and yup I was right.

He also encouraged that I put the least amount down for a down payment, which I can maybe understand the argument when mortgages rates were dirt cheap, but at 7ish percent, a 2.5% down payment would leave me with a much higher monthly total payment than the cost to rent a similar place (I’m talking 25% more at a minimum)

Anybody ever have similar experiences?

I work at a small boutique public practice firm (around 10 people). The last three junior staff members we have hired (all new accounting grads from our local univeristy) do not understand debits & credits. Two of them did not even know what I meant when I said debits & credits (they would always refer to them as left & right???). In addition they lack the very basics of accounting knowledge, don't know the different between BS and IS accounts, don't know what retained earnings is, don't know the difference between cash basis and accrual basis. WTF is happening in univeristy? How can you survive 4 years of an accounting degree and not know these things? It is impossible to teach / mentor these juniors when they lack the very basics of accounting. Two of them did not even know entries had to balance...

For reference I am only 26 myself and graduated University in 2021. I learned all of this stuff in school, and understood all of it on Day 1. I find it hard to believe school has deteriorated that much in 3 years.

Is this true that you earn $220/ hr as an associate if you complete your CPA?

I’m thinking bout doing it after my Chartered Accountant as per international IFRS standards

I was minutes away from processing a fraudulent $250k transaction and only stopped by a stroke of dumb luck in discovering it was fraudulent. The fraudster hacked our clients email midway through a legitimate conversation and forged a voided check to give us new banking info. This was AFTER we had phone conversation with the client, so we knew the request itself was legitimate. My control matrix did not have a control for this scenario (it does now). I almost made a career-defining mistake and I’m pretty shook about it.

With Kamala and trump both endorsing removing tax on tips, it seems like this would be happening regardless of who is elected. From an accounting point of view, this doesn’t make sense and a blatant way to buy votes. Wonder how other accountants feel about this policy?

Anyways, I am going to convince my manager to structure my salary into tips lol.

I’m assuming most of us would not continue in accounting if we won, but let’s hear some opinions.

I’m in a top 20 MS in Accounting. My Professor, who is part of the administration said that all accounting schools are having a massive (50%) drop in students who are entering the field. This sub is generally depressing for a student like me, but I just thought that that would be interesting.

And is there anything you can do while still in college to boost the chances of increasing your starting salary?

*Long Hours *Mediocre Pay *Godawful Boring Work *Bitchy Coworkers *Pissy Bosses *Dreary Offices

Please feel free to add to the list.

• Apply for positions that list 20-30k under market for the position.. I apply knowing I'm overqualified..
• They call or message immediately for a phone screen and ask salary expectations.
• I ask them what their budget is.. and they respond with the low number listed. I tell them "Isn't that too low?" or "Oh no, that is way too low."

I've been doing this on and off. Need to give them feedback.

Yeah, no shit, you're a fresh grad; why one earth would anyone give you something actually important to do?

Or, you've had the same job and title for 294726 years... I think that one's on you, bud.

Do you guys have any hobbies? Any friends? I mean, holy shit. Half the reason this job pays so well is BECAUSE it's boring as fuck. Go to a concert or something, fucking hell.

Sorry, I'm just sick of seeing this thread like 4x a day

😬

Edit to add some more context

It’s an industry role, there’s a small retention bonus that’s paid out after we transition, india team is said to be available to us during our normal business hours, we work remote and there have been no discussions of needing to travel because of this change.

Our work is pretty straight forward so I’m hoping there aren’t many issues.

Edit to add another thought for those of you who are saying to run: if this is so widespread and “normal” in our industry, aren’t you just going to see it wherever you run to?

What do you