Any accountants up in here? Would think by nature of our business that we are the more detailed-oriented ones, especially when it comes to a financial/numbers perspective. Just curious to hear more stories from accountants who are on the FIRE path.
Our career path and titles are pretty standardized so I would think the motions are very similar, but any tips/advice along the way would be great to hear about.
For me personally, I've done the Big 4 route as an auditor and am now in industry as an Accounting Manager. I'm making low six-figures. I live in a HCOL area and my savings rate is about 50%. I'm still in my early 30s with about $600K in net worth. Most of my net worth build was attributed to investing in the S&P 500 and appreciation of the home I currently live in. About half of my net worth is in investments, including 401K and Roth IRA. I max out my traditional 401K and Roth IRA annually, and am hoping to FIRE in my early 50s with about $2.5M. I recently started my own bookkeeping practice as a side hustle in hopes to accelerate that even earlier.
My personal advice echoes what this sub says time and time again, which is that the best time to invest was yesterday and the second best time to invest is today. I wish I wasn't feeling so certain a recession was coming in the 2010s and I know I missed quite a rally in my personal investment accounts by having too much money in cash. Nowadays, I have set up automatic investments of $500 every two weeks into my personal investment account (VFIAX fund), and my only regret is I am not putting more than $500 (still got a good chunk in cash as a safety reserve to hopefully buy a bigger home soon).
I am not sure which sub this belongs on, but hopefully the right person sees it. I am looking for advice.
I have owned a profitable small business for the last 8 years with my ex boyfriend. Our relationship right now is complicated but we communicate regularly.
I am the operator and face of the business and have 19% ownership, his role is mostly CFO/bookkeeping, 81% ownership.
He has another fulltime job that pays well and doesn't work within our business.
When we entered into this partnership (2013), we lived together and had plans to marry, but nothing official.
I broke up with him in 2017 and moved out. We kind of got back together after a time, but I never moved back in.
I am now in the process of buying him out. As I was searching through our financials the other night (I only recently got access to our quickbooks acct), I discovered, among other things, that he had our accountant report my 2017 and 2018 wages as a loan to me. About $50,000 total is what it shows. This was never disclosed to me. In 2018 I had asked the accountant why I never got a W2 and he basically refused to talk to me, and after getting the run around from my partner, I gave up because it felt like the least of my problems at the time.
Has this sort of thing happened to anyone else What? What do I do with this? I am so angry and feel so naive for letting this happen. I already hired a business acquisition consultant, but we haven't talked about this yet.
EDIT: Thank you everyone for your responses and advice. It's of tremendous help and I am grateful for this community. I wasn't sure where to turn for some objective feedback. I'll post an update once I get things sorted.
Hi! I am a USA based CPA, Finance manager, spent 2 years as an anti-money laundering auditor, a few years as a Financial statement and internal controls auditor, and a few years as a Business Compliance and Business Governance Manager. I'm also a new screenwriter (I've taken a few screenwriting courses and applied to MFA programs *fingers crossed for me)!
I have noticed that sometime people's scripts do involve finance elements, fraud elements, money laundering elements, but they are written using data you can quickly find on google, but isn't necessarily accurate. So sometimes the situations are pretty unrealistic, or flat out don't make sense. Even produced television and film get a lot wrong. (Don't even get me started! I'm looking at you Ozark!)
I am here to lend a helping hand by reviewing your script and/or scenes that include some of these finance elements that you'd like to ensure are accurate! OR if you are trying to write the scene/come up with the premise and just have some questions or want to bounce ideas off me, I can answer those too.
This post will probably not get any hits, but thought I'd offer anyway! :D
***I do have a fair amount of tax knowledge too, but tax rules change soo much each year, so it's not a specialty of mine. But I can still assist!
Wife and I are going back and forth with having an accountant do our taxes this year. We bought our second property in 2020. My hope is that if we got an accountant he can help us get set up for 2021 to run more like a business and less “mom and pop”. At what point did/will you get one?
I am going to be straight up and let you know I will not be working on them tonight. I did this a year or two ago and got so many requests that I took me like 60 hours to get through them all. I will do them all this week starting tomorrow.
I do not need any personal Information. Please don’t send me any identifiable info.
I just need your income, debt, expenses, and that sort of stuff. If you have 10k in credit card debt I just need the current balance and interest rates. I’ll make a spreadsheet that plans out how to pay off the debt while keeping you going.
The way I got people their spreadsheets last time was by sending people google drive links so I’ll probably do that again.
If you are interested please message me your financial stuff listed above. I’ll message you back when I’ve started on your budget.
Also because of last time I did this, I want to include a disclaimer. I am not going to give you any of my IRS, CPA, or any other professional license numbers. That’s personally identifying to me and as I respect your privacy, I hope you can respect mine. I manage about 200 million dollars in assets personally at my job and I promise you I am qualified to make you a general budget spreadsheet.
Happy holidays to everyone and I hope my budgets will help
Edit: if I don’t respond don’t worry. Like I said I am getting to all these tomorrow because of the number of requests and stuff. I’ll message you when I start your budget and then message when it’s done. Takes about 20 minutes or so each from start to finish
2nd edit: it’s tomorrow now so I’m starting on these. Will take me a few days to get through all of them So be patient and I promise I will get to yours
3rd edit: I am still working through these. Like I said it might be a few days before I get to yours so just keep the requests coming and I’ll get to them
4th edit: to the people who are asking how they can pay me. Don’t. I don’t want want to be paid for this. It’s not about the money. If I needed the money I wouldn’t of posted here. I appreciate the gesture but I want that money to go to your household. Whatever you were planning on paying me, send to your local soup kitchen
5th edit: I’ve gotten through a few of them and sent those out. In total I have about 700 requests so just be patient yours is coming once I get to you. Keep them coming. MY CUT OFF DATE IS TOMORROW 12/31. If I don’t get it by then I won’t be able to get it done. If it is passed that date when you see this just mes... keep reading on reddit ➡
I decided to go into accounting after I made the wrong career decision. Therefore I do not want to make a second mistake in terms of career choice.
I chose accounting only because of decent pay and job stability. But after reading some of the things on here, I’m worried I am making the same mistake.
Can current accountants give me pros and cons of their career and how they came to choose it? How did you know you enjoyed accounting? Please give details. Saying “I took intro to accounting and liked it” won’t do me much. I have already made the mistake of choosing a career based on a few classes I took, only to graduate and get a job in it and discovered how I despised it.
I’ll go first... Have you heard of Sarbanes-Oxley?
I have always done my own taxes using commercial software, but this year I have some new investment tax issues I hadn't dealt with before (on millions of dollars of investment income). After paying for an hour talking to a tax attorney and spending 10 hours reading IRS docs and code, I think I know what to do for my taxes, but I am wondering whether it's worth it to have that done by an accountant just to have them take responsibility and in case it's hard to attach certain documents to TurboTax, and what a reasonable rate is.
So I'm asking FatFIRE folks: do you hire an accountant for personal taxes, how did you decide to use them, and what do you pay?
So far we've gotten 8606 in this month, which will most likely be 9637 after the raid. The average per month in the second half of 2020 was 16.942.
If we want to reach that average it means we'd have to get ~7305 CC in the next and last reset of this month. For the record, this reset we've gotten 2494 CC (this includes the Raid CC, but excludes the PVP top 20k reward because that ends in February. If it were to include top 20k it would be 3494).
So it seems they're tuning down the amount of CC a bit, unless they give out a large amount in the next reset. But keep in mind though, we had 3k more in December as opposed the the few months before it so that could explain why we have a bit less this month. Anyways, I'll post the total at the end of the month and we'll see in the next months if this trend will continue or not.
2020 CC Records:
Hello, I am using a throwaway.
I am an ex-con released in 2018 for car crime. You can read one of the links from my post history if you want more details but the relevant facts are these:
Right before I was arrested in 2015 I bought bitcoins in cash from a BTC ATM machine. I had 20.33 BTC in my possession, they were bought for around £400 each back then. I gave them to my sister to hold onto when my landlord kicked me out of my rental house and I left my personal possessions with her when I went inside. I have proof of receipts for the purchases and I have the gambling transactions from my William Hill online account that show I made purchases from the BTC ATM next door to the bookie each time I had a good day at the bookies and bought one coin.
When I came out of prison, I spoke to an accountant about them. He showed me guidance from HMRC that said that bitcoins were considered gambling and therefore not subject to tax.
I have been selling them for the last few years, in cash and used them to fund my living expenses and equipment for my job (I was living in a probation service approved hostel whilst working as a painter and decorator and would sell them when I was low on work).
I still have just over 16 bitcoins left. However, I went to my accountant just before Christmas and gave him my receipts for my painting and decorating jobs. He said guidance has now changed in 2018 and that the bitcoins would also have to be accounted for also and that they were subject to capital gains tax less my personal allowance. I would also have to redo my tax returns for 2017/2018 and 2018/2019 and 2019/2020 to account for the ones that I sold previously, less my allowance.
My question is, if I redo the tax returns, is there a possibility that my bitcoins could all be confiscated as Proceeds of Crime?
My accountant seemed shocked when I pointed out to him that they had climbed in price and were now standing at £16,000 (he said I'm... keep reading on reddit ➡
Sorry if this is the wrong sub to post in but just looking for some advice. I did my tax return with this accountant, and was supposed to receive a $7000 return. A fair bit of time has passed and I never received my cheque. I’ve tried contacting them but the phone just goes to message bank saying their offices aren’t open at the moment. They won’t reply to emails either.
I was hoping it might be as easy as just getting the cheque reissued and re-sent to me, but I’ve contacted the ATO and they said they’ve already sent it to him so it’s out of their hands now.
Does anyone have any suggestions how I can retrieve my money ?
You're at your firm's happy hour and it's getting late. The partner is settling the tab, and a lot of the managers have already gone home to their families. But for you and your new staff friends, as well as some energetic seniors, the night is just beginning. While discussing which venue to venture to next, someone mentions there's karaoke at a bar nearby. This proves to be a popular idea, and, displaying varying degrees of inebriation, the crew heads for the karaoke place. Nervous, you go along, having never done karaoke. You don't think of yourself as a fantastic singer, and a twinge of apprehension makes it through your cloak of alcohol-fueled confidence. What if everyone else pressures you into singing something? What if you get up there and absolutely suck? You're an accountant, not a pop star. What's going to happen?
Hello denizens of r/Accounting, I am u/BeerSlayer69, and while I have left the arena of public accounting for the greener pastures of industry, I feel compelled to impart some wisdom I have gained on the subject of after-work events karaoke. I have no idea if karaoke is a popular activity for accountants in general, but it was certainly a common occurrence for my firm in the pre-COVID era. The previous paragraph describes many nights I experienced during my Big 4 tenure - for those out of the know, the "Big 4" are a group of professional services firms that hire many people right out of college, and trick them into working insane hours by bribing them with copious amounts of alcohol. As such, the social scene involves many young adults, already with livers of steel developed in college, continuing to drink at an alarming rate. While many people choose not to participate, I can safely say that being known as someone who can party with the best of them helped my career, both interpersonally and professionally. Therefore, I intend this guide to not solely be about being a good singer - rather, it's a guide to help you give your best showing if you end up under the spotlight at karaoke. Additionally, while I am writing this from an accountant's perspective, it can be applied to anyone who finds themselves performing karaoke in front of coworkers. So, without further ado, let's get into it!
There are three main angles you can take when singing karaoke, depending on your vocal talents, personality, and goals for your performance. I will address each in turn, and provide tips for each.
#1 The Good Singing Angle
This is the most straigh... keep reading on reddit ➡
I am a creative person that is going to school currently for accounting and I hope to one day get my CPA license. I have this worry in the back of my mind that I have sold out my dreams in exchange for financial stability. I do enjoy accounting and learning about it is keeping me happy currently but as someone who thrives being creative and exploratory in my brain I can't help but worry I won't last long in the corporate accounting world. Anyone with experience in this area? How are you doin now as a creative person in an accounting field?
What is the average salary of chartered professional accountant in the Greater Toronto area after 7+ years?
From my understanding most, do public accounting (ie Big 4) as fresh grad for a few years, then switch into industry later.
A quick google search reveals, that most CPAs earn 100k+ plus, and some earn even more.
How driven and well-rounded do you have to be to obtain 100k+ salary? Does your salary continue to increase every few years, as you switch companies? Or do you max out at like 120k for most accountants?
I found this subreddit a few months ago and I'm curious - what's your strategy for curating your collection, deciding on your next purchase, choosing between similar options etc.
When I first found this sub, I went a little crazy and definitely bought too many things in very short order. I'm now at a point where I'm looking back and: i. Happy with my collection for day to day purposes, despite a few gaps and items being shipped (please be nice Dave 🤞); ii. Not seeing any obvious duplicates yet; and iii. Cringing a little at the money spent 😬 and committed to more thoughtful spending going forward. I agree with the rule of spending no more than 1 authentic per year!
With that in mind, and while I continue browsing this subreddit...I started off with a simple Google Keep sticky note of my wishlist, then the note expanded to include factory notes for each item, then I started to categorize the wishlist by type of bag, then it got completely out of hand...
I'm an accountant, so obviously my solution was to turn to my trusty excel and make a spreadsheet! 🤓 Note that I work in dark mode, so excuse the funny colours.
Here is my spreadsheet for those who are interested! spreadhseet
So here's my questions to you:
Yes, the first recorded human was not a king, a priest or a sorcerer, but one of us. This is why you always sign your papers. Also, if you make an error in your inventory, people will remember it until the end of human civilization.
From the book "Who ate the first Oyster":
> As an individual, Kushim might have been, somewhat ironically, quite forgettable. He appears to have been so extraordinarily normal he may even have owned the world’s first mass-produced item: a beveled-rim bowl, an item that archaeologists have found everywhere in Uruk and which, when filled with grain, seems to have been the ancient version of a paycheck. At the end of his workweek, Kushim’s employer would fill his bowl with an allotment of grain to compensate him for his service.
> Perhaps as the administrator of a large temple he was well “paid.” On the other hand, he wasn’t a very good accountant. On one of his tablets he erroneously writes “10” instead of “1”—mistakenly ordering ten times the necessary amount of barley. On another, his recipe for beer doesn’t call for enough malt, which is a particularly egregious error since the ratio of barley to malt should have been the very simple 1:1.
> But what he lacked in attention to detail, he made up for with what Nissen writes is “a bureaucrat’s zeal for exaggerated accuracy.” In one instance, Kushim calculated 135,000 barley liters (81 tons) to the nearest five. A “painstaking accuracy that stands in complete contradiction with the numerous mathematical errors,” according to Nissen.
Note: This might not actually have been an error. Maybe he just embezzled some stuff.
My parents run a small bed and breakfast in London and trying (and failing) to claim furlough wages for their staff has uncovered how much of a mess the accountant has put them in.
We have discovered that he has not filed any PAYE returns over the last 5 years meaning there is no record of employees being hired by the business. Therefore, on the advice of said accountant, they put 5 members of staff on and off furlough over the last year. Paying them 80% of their wages out of pocket, but not being able to claim back anything.
On top of this, we discovered that he has not enrolled any staff member into a pension scheme whilst being aware it has been compulsory. He claims he "thought he mentioned it" and because the staff were not asked about the pension we didn't need to pay it.
I am now worried that on top of a large PAYE tax bill, they will be hit with a massive backdated pension bill too. Does anybody have any advice on how best to handle this situation?
Should we have him calculate the outstanding pension bill before we switch to a new accountant or should we just cut the cord now and have a new accountant try help clear the mess he created?
Currently in PA audit but have always been interested in RE. Doesn't matter your role just interested in hearing different career paths/opportunities.
My dad thinks that I shouldn’t be an accountant because it is a boring job where I’ll just be a bookkeeper. It’s so infuriating. Keeps telling me to go to business school so I’ll have a better career.
I didn’t even get a congrats from him for getting a public accounting internship. Yet my brother who works at a big tech gets all the praise in the family.
Hola Nanaimoites! I have purchased an income property in 2020 and am in need of an accountant to help with my taxes this year. I have been doing my own for the last decade but now with the extra income, doing my own taxes seems out of my realm of understanding. Looking for recommendations for personal accountant before the start of tax season. Thanks in advance🤗🤙🏻