Netflix Picks an EY Alum For Its Next Chief Accounting Officer, Replacing the Last Guy Who Dipped After Three Months
I was going to make some kind of Sense8 “canceled before its time” joke about Netflix’s last CAO leaving after just three months alas nothing came to me which is probably for the best because it would have been a stupid joke anyway. Deadline reports that Netflix has found a new CAO, hopefully this one […]
Industry Accounting Salary Outlook for 2023 is Not Horrible
Unless you have the word “chief” in your job title, accounting salaries in industry for 2023 are projected to be higher than in 2022—including 11 roles that are expected to have double-digit increases, according to our analysis of the 2022 and 2023 Accounting & Finance Salary Guides from LHH Recruitment Solutions (formerly Accounting Principals). Of […]
Layoff Watch ’22: Stanley Black & Decker is Giving Out Pink Slips to Finance Pros, But How Many?
A week after news broke about Boeing eliminating 150 accounting and finance positions, the Wall Street Journal published an exclusive on Sept. 30 about another Fortune 500 company cutting even more jobs in its finance department: Stanley Black & Decker Inc. has eliminated a large portion of finance jobs as part of an effort to cut up […]
Boeing Starts Layoffs in Finance and Accounting, Will Outsource the Work to India
Boeing will eliminate about 150 positions in finance and accounting in October as part of an effort to streamline these departments’ operations and will outsource this work to a firm in India. The Seattle Times reports: Boeing told nonunion corporate staff in an all-hands virtual meeting this month that it will begin outsourcing finance and […]
OK Which One of You Has This Yacht?
We know it doesn’t belong to former WeWork CEO Adam Neumann or it would be called “Community Adjusted EBITDA.” No words… pic.twitter.com/cV6kzUCZ6s — The Wet Bandits (@ChaseJones11) August 1, 2021 Happy Monday, everyone. Related article: Let’s All Have a Good Laugh at WeWork’s Stupid ‘Community Adjusted Ebitda’
I Started a New Controller Role During a Global Pandemic and Found Silver Linings
After years at a private equity-backed technology company in Seattle, I had an opportunity to take on a new role as controller at CorneaGen, a mission-driven organization devoted to transforming cornea care and eliminating corneal blindness worldwide by 2040. This role blended two passions: my love of accounting and a childhood love of medicine. The […]
Layoff Watch ’19: Outsourcing Dooms Accountants at UPS In Texas
The Dallas Morning News reported today that UPS is eliminating 64 accounting jobs at its facility in Coppell, TX. The reason? Outsourcing, of course. A UPS spokesperson told the newspaper that the package delivery company is outsourcing transactional finance and accounting work in order to let employees “do more strategic work that can make a greater […]
Layoff Watch ’19: Accountants Said to Be Among Casualties In Ford Bloodbath
There was some big news coming out of Dearborn, MI, yesterday, as Ford Motor Co. said by August it will have given 7,000 white-collar workers pink slips worldwide, a 10% reduction in its global salaried workforce, as part of a restructuring plan to reduce bureaucracy and increase revenue. And accountants are reportedly among those losing […]
Layoff Watch ’19: United Airlines Is Axing 100 Accounting Jobs in Houston
Not-so-good news today from the Associated Press: United Airlines says it will cut about 100 accounting jobs in Houston in July and shift the work to a contractor. The airline reported the layoffs in a letter this week to the Texas Workforce Commission. It did not identify the contractor that will handle accounting of revenue […]
Protip: Don’t Ever Ask an Accountant to Design Your Latest Line of Apparel
Business Insider recently published an article that contains excerpts from “Shoe Dog,” the 2016 memoir of Nike co-founder Phil Knight, who used to be a CPA and worked early in his career at Price Waterhouse and Coopers & Lybrand before selling shoes out of his car at track meets. During Nike’s early days, Knight wrote […]
Tesla’s Chief Accounting Officer Nopes on Up Outta There After Just a Month on the Job
Tesla is having a tough time hanging onto a chief accounting officer, you guys. Dave Morton joined the company in early August after a stint as CFO of Seagate Technology. The day after Morton joined Tesla, CEO Elon Musk tweeted that he was thinking about taking the company private and buying out investors at $420 […]
Exxon Mobil May Have Escaped an SEC Penalty Over Climate-Change Accounting But Not a Class-Action Lawsuit
Earlier this month, we reported that the Securities and Exchange Commission ended its two-year accounting probe into how Exxon Mobil Corp. calculates the value of its assets and whether the oil and gas company failed to alert investors about potential climate-change risks. The SEC decided to take no enforcement action against Exxon Mobil, but investors […]
Get an Accounting Job with Startup Perks–Minus the Startup Risks
Looking for a job in the accounting field where you’ll get to interact with a wide variety of clients, gain a foothold in the ever-expanding tech market, and enjoy the benefits of a startup lifestyle without the fears of working for an unstable company? If that sounds appealing, FloQast may have a position for you. […]
SEC Calls Off the Dogs on Exxon Mobil
Exxon Mobil Corp. is out of the Securities and Exchange Commission’s doghouse for now, as the regulator ended its two-year accounting investigation into how the company calculates the value of its assets, as well as possible oily investor disclosures about climate change. According to a Bloomberg News report, Exxon Mobil received a letter from the […]
New Leases Standard About to Really Blow Up Drug Store Chains’ Balance Sheets
We are T-minus 155 days away from financial executives at U.S. public companies saying a couple of Hail Mary’s, keeping their fingers and toes crossed, and hitting the “go” button on adopting new accounting rules for reporting leases. Accounting Today reported that two popular drug store chains top the list of Fortune 1000 companies with […]
What Is a Homebuilder, and Why Should Accountants Work For One?
I’m interviewing Megan Scheiderich, director of internal audit at PulteGroup. If you didn’t know, PulteGroup is one of the world’s largest and most prestigious homebuilders. So I have to open the interview with THE question. One of those questions you dread asking because the answer is so obvious and self-evident. But you have to ask […]
Earnings Forecasts Look Sunnier When You Put GAAP in the Shade
More and more of the largest companies in the United States are using their favorite nonstandard accounting metrics to forecast earnings, and as long as the Securities and Exchange Commission allows it, they’ll continue to do it. For example, Newell Brands Inc., which makes Sharpie markers and Rubbermaid containers, forecasts that a key measure of […]
Does the Big 4 Value the CMA Certification?
When talking about certifications prized by the Big 4, everyone sounds like a broken record: the CPA, the CPA, the CPA, and just to mix it up, sometimes they mention THE CPA. Is there any other certification that Deloitte, PricewaterhouseCoopers (PwC), Ernst and Young (EY), and KPMG find appealing? What about the CMA, another one […]
Toshiba Seems to Have Escaped SEC Penalty After Accounting Probe Ends
It was reported in March 2016 that the Securities and Exchange Commission and the Justice Department were investigating the “accounting problems” at Toshiba Corp.’s business units in the United States. Well, according to Reuters, the SEC has completed the investigation, and Toshiba is likely breathing a sigh of relief. “We understand that all SEC investigations […]
Financial Restatements On the Decline—Again
There has been a trend in recent years of financial restatements for public companies decreasing, and 2017 was no exception. A new report by Audit Analytics revealed that the total number of restatements fell for the fifth consecutive year—from 873 in 2013 to 553 in 2017, according to Tammy Whitehouse of Compliance Week. She also […]
Accountant Goalie Scott Foster Attends NHL Awards Show, Is Funnier Than Jim Belushi
Golub Capital accountant Scott Foster, who has shunned the public spotlight since he helped lead the Chicago Blackhawks to a 6-2 win against the Winnipeg Jets on March 29 as an emergency backup goalie, came out of hiding last night to present an award during the NHL awards show in Las Vegas. As someone who […]
SEC Chief Accountant Wesley Bricker Had Nice Things to Say About Management Accountants
Not that he would really say anything bad about management accountants since he was at the Institute of Management Accountants’ annual conference, but Securities and Exchange Commission Chief Accountant Wesley Bricker threw some bouquets their way during a speech on June 19. From Accounting Today: “As management accountants, your work is vital to the financial […]
Avalara IPO Has Big First Day of Trading, But Some Analysts Are Skeptical
Avalara’s initial public offering set the New York Stock Exchange ablaze in a sea of orange on June 15, as the Seattle-based sales tax automation company’s shares nearly doubled in their opening day of trading, according to CNBC. But while Avalara’s IPO looks hot, it’s overpriced, some analysts say. Shares of Avalara closed up 87 […]
5 Qualities Audit Committees Want a Corporate Controller to Possess
Open communication, face-to-face exposure, accountability: These are just some of the tenets of an effective relationship between the corporate controller and the audit committee. But after reading a couple of articles on what audit committees want from CFOs, I was curious to find out what audit committees expect from controllers. So, I asked a handful […]
Why Serving the Cannabis Industry Can Be Dope for Accountants
In an interview with Going Concern, DOPE CFO founders Andrew Hunzicker, CPA, and Naomi Granger, CPA, explain what common cannabis accounting mistakes CEOs make and why the industry presents a huge opportunity for accounting professionals.
Accountants: If You Got a Crappy Raise Last Year, Go Land a New Job
Photo: This could be you.
How Controllers Can Build an Effective Relationship with the Audit Committee
Over the past six months on Going Concern, more than two dozen corporate controllers have shared their experiences and provided practical advice to CPAs and other accounting professionals on certain aspects of the controllership, including talent retention, fraud, cybersecurity, leadership, month-end close, continuing education, Sarbanes-Oxley compliance, and initial public offerings. But one part of their […]
Whitepaper: The Definitive Guide to Effective Close Management
Have you ever heard a month-end-close story with a happy ending? Yeah, that’s a negative for us too, or at least it was until we met our friends at FloQast. What was once a source of frustration is now so much easier thanks to their helpful guide on the subject. You must think we’re lying. […]
Wells Fargo Not Sick of Bad Press Yet
Oh, Wells. Buddy. What’s going on? Can’t seem to keep your nose clean. Last week heralded another splashy headline in the WSJ: Wells Fargo Employees Altered Information on Business Customers’ Documents Even we’re getting sick of it! This time, WSJ reported that employees in the wholesale subunit cut corners with data collection — including personal […]
No Matter the Timeline, Controllers and Their Teams Must Be Ready When the IPO Window Opens
Well, looky there, Sarbanes-Oxley requirements. In a perfect world, a private company that is planning to go public would take 12 to 24 months before the initial public offering launch date to make sure all of its i’s are dotted and t’s are crossed. But the world we live in ain’t perfect, and certain factors […]
Flash Drives Are Contraband at IBM Now
In a seemingly unenforceable move, IBM has banned its employees “from using removable memory devices such as USB sticks, SD cards and flash drives.” The company’s global chief information security officer Shamla Naidoo said that “the possible financial and reputational damage from misplaced, lost or misused removable portable storage devices must be minimised.” And sure, okay. […]
Reminder: Take This Survey About the Month-End Close
Are you an accountant? Do you help close the books for your company or someone else’s? Well, then take this survey, by God, and tell us what it’s like in this day and age. Yes, we are making this ask again, but we figured it’d been long enough that you wouldn’t mind. If you’ve taken […]
Supporting the CFO Through the IPO Process Is a Big Task for Controllers
During the interview process for the job of corporate controller at Borderfree Inc., Scott Paterniani, CPA, was told by the company’s CFO, Ed Neumann, that he was focused on operations, scaling the business, and other strategic initiatives, and he needed someone with recent experience with an initial public offering and the Securities and Exchange Commission […]
We’re One Meltdown Away From a Bunch of Crusty Old CPAs Saying ‘I Told Ya So’ About the Cloud
If you don’t spend a lot of time thinking about what a severe outage of Internet-based services might be like, this CFO article cites a report that tried to ballpark it: A cyber incident that takes a top-three cloud-services vendor offline for three to six days would spawn customer financial losses of about $7 billion […]
10 Tips on How Controllers Can Survive Their First IPO
So far, 2018 has been a damn good year for IPOs in the United States. The U.S. IPO market is coming off a first quarter in which 44 companies, including Dropbox, went public, raising about $15.6 billion—the best quarter by proceeds in three years, according to a March analysis by research firm Renaissance Capital. That […]
Let’s All Have a Good Laugh at WeWork’s Stupid ‘Community Adjusted Ebitda’ (UPDATE)
Ed. note: this article was originally published April 26, 2018. We have included a 2019 update at the bottom about WeWork’s disastrous attempt at an IPO and how its broken accounting sent the house of cards tumbling down. First, the original article: WeWork, a commercial landlord pretending to be a tech-lifestyle company, raised over $700 […]
What It Takes for a University Controller to Be Head of the Class
A while back I spoke to several controllers at nonprofit organizations and asked them what tips they would give to an accounting or finance professional considering that role. Among the advice that was shared included “believe in the nonprofit’s mission and objectives” and “you won’t be rich, but the job is rewarding.” It seems that […]
How Two CPAs Ended Up Back in College As University Controllers
Robert Kuehler and Alan West have a few things in common: both are CPAs, both started their careers in public accounting, both have accounting degrees, and both went back to college—not as a student or professor but as a state university controller. As associate vice president/university controller at the University of Colorado, Kuehler oversees a […]
Webinar: 5 Strategies for Streamlining Reconciliations in Excel
Hey there, accounting brethren. If you’ve emerged from your version of busy season unscathed and would like to squeeze in a little personal development, we recommend this free on demand webinar from our friends at FloQast: “5 Strategies for Streamlining Reconciliations in Excel.” It’s amazing how much time is wasted within accounting teams due to […]
Non-CPA Controllers Offer Perspective on Choosing a Certification
Three years ago, Anne Bronchetti, CMA, had an accounting intern from a local university who had never heard of the Certified Management Accountant designation until she told him about it. “He knew he wanted to pursue a career in accounting but wasn’t at all sure what path to follow or where he should focus,” said […]
Levi’s Finds Artificial Accountants, Ripped Denim More Fashionable Than the Real Thing
Levi’s CFO Harmit Singh told The Wall Street Journal that “We are introducing bots where it makes sense,” and “The idea is not to eliminate jobs. We are going to upskill employees and have them spend more time on analysis.” Yes, yes, the humans will do the really valuable stuff which, by the way, does […]
Survey: What Are Your Experiences with the Month-End Close?
Hello, friends and readers of Going Concern. Today marks the official end of the spring tax season, and the unofficial end to busy season, so congratulations to all of you who survived with your sanity, dignity, and ideal body weight intact. Really, high praise if you got two out of three, and respect if you […]
No CPA, No Problem: Why Some Controllers Opted for Other Professional Credentials
Joel Konts was told over and over again during college that if he didn’t sit for the CPA exam and work for a public accounting firm after he graduated, he wouldn’t have the best of luck making a career in accounting. “I also knew that if I didn’t go for my master’s degree right after […]
Suspect Someone of Fraud? Give Them a Promotion
The trick to fraud is maintaining control. If you’re siphoning company funds into a bank account that you own through a dummy vendor, it’s key that you’re the person who approves those transactions and it’s even ideal if you can literally or figuratively cut the check. Yes, those are atrocious internal controls, but as we’ve documented […]
More Than 30 Years After Its Debut, Many Controllers Still Head Over Heels for Excel
When Microsoft Corp. released its spreadsheet program, Excel for Windows (Excel 2.0), in late 1987, Lotus 1-2-3 was all the rage. “Among numbers-crunching accountants, corporate planners and business school students, the program has developed the kind of loyal following usually reserved for Madonna and the Boston Red Sox,” the New York Times wrote on Oct. […]
Leave Scott Foster Alone, He Has Accounting To Do
Scott Foster, the accountant-turned-emergency goalie who blocked seven shots in fourteen minutes for the Blackhawks last Thursday, became an instant Chicago sports legend. But don’t think all this instant fame has gone to his head. In a post-game interview, “[T]omorrow I’m going to wake up, I’m going to button up my shirt, and I’m going […]
Busy Season Triggers Survivor Guilt in CPAs Working in Industry
Busy season. It’s the hardest time of year for me as a CPA. But I don’t work in tax. I don’t work in audit. I don’t even work in public accounting. I work in industry as a controller. Busy season is brutal for because of the lies and deception … because any time I interact […]
Controllers Say AI and Blockchain on the Cusp of Transforming SOX Compliance
When asked whether artificial intelligence and blockchain will play a role in accounting and finance teams’ Sarbanes-Oxley compliance efforts in the near future, Brian Christensen said, without hesitation, “Absolutely.” “The question is, how far down the road is that?” said Christensen, executive vice president of global internal audit and financial advisory at consulting firm Protiviti. […]
Statoil CFO Happy With His Robots; Later, Humans
Last fall, we mentioned Roberta, the newest and most efficient member of Statoil’s treasury department. Today, The Wall Street Journal reports that she’s been joined recently by several new co-workers, including one named Rob, and the Norwegian company’s CFO, Hans Jakob Hegge, seems to be enjoying them on a personal level: “I am not sure […]
Most U.S. Internal Audit Teams Still Crunching Numbers on Cave Walls Compared to Their European, Asian Counterparts
Even this guy is like, “What are you guys doing?” Read anything online and you’re likely to be told some variation of “The rapid pace of technology is disrupting X.” And since those words appear on the internet, adjacent to stock images of word clouds, or an illuminated light bulb, or a smug nerd with […]
Controllers Talk About the Paths They’ve Taken Toward SOX Compliance
As we approach the “sweet sixteen” of the Sarbanes-Oxley Act later this summer, corporate controllers provided some perspective on how SOX compliance efforts have changed with the times and what challenges they continue to face. “I’ve seen quite a few SOX changes through the years and improvements to internal controls since the original COSO framework was […]
Off-Balance Sheet Liabilities: Still Got It!
If you were worried that the heyday of companies using accounting rules to stash gazillions of dollars in debt out of sight was over, you can rest easy, friend. The Wall Street Journal reports on a Moody’s analysis by Trevor Pijper that found that defunct U.K. contractor Carillion used loose rules to keep about half a […]
At PulteGroup, Internal Audit Opens Many Doors
A typical job that an eager-to-leave Big 4 auditor might come across is that of an internal auditor. These jobs are plentiful within public companies large and small, but there tends to be a stigma that internal auditors are merely corporate hall monitors with limited upward mobility. After speaking to Megan Scheiderich, director of internal […]
If You Want to Be a Nonprofit Controller, Be Prepared to Wear Lots of Hats
As controller and corporate compliance officer at the Akron, Ohio-based nonprofit Weaver Industries, Carla McDonald’s responsibilities include: all things financial (accounting, accounts receivable and payable, financial statement preparation, and financial presentations to the board of directors); overseeing a team of two (soon to be three) people; and maintaining regulatory compliance requirements for the organization. But […]
Making an Impact in Their Communities Drove These Accountants to Become Nonprofit Controllers
For Denise Garcia, it was taking a course in nonprofit accounting while a student at the University of Houston. For others, like Raquel Cosio, CPA, who started their careers in public accounting, it was auditing nonprofit clients. It was experiences like these that gave Garcia, Cosio, and other accountants a glimpse into the nonprofit world—a […]
FloQast Founders on Competition, Accountants as Entrepreneurs, and How Teamwork Makes the Dream Work
As a freshman at Syracuse University, Chris Sluty knew his buddy and fellow Syracuse accounting major, Michael Whitmire, would start his own business one day. “I remember telling Mike, ‘Let me know when you start something, and I’ll be there,’” Sluty recalled. And Sluty was right. After they graduated from Syracuse in 2006, Whitmire went […]
Webinar: Selling the ROI of Cloud Accounting Technology
Have you ever made a case to the boss about swapping your current tech out for a cloud-based application? Did you succeed or get a deer-in-headlight stare? If it was the latter, our friends at FloQast are hosting a webinar this coming Tuesday to walk you through how to prepare a formal Business Value Analysis. […]
Controllers Offer Tips on How to Look Before You Leap From Public Accounting to Industry
Last week we published an article on what the transition from public accounting to industry was like for 14 corporate controllers. During my interviews with them, I asked what advice they’d give to a CPA at a public accounting firm who is looking to make the jump to an industry accounting role. And boy did […]
Controllers Talk Switching Gears From Public Accounting to Industry
If it wasn’t for Fred Butterweck, CPA, this article may not have come to be. I was introduced to Butterweck, corporate controller of New York-based Clickspring Design, who worked for six years at PwC, via email as a potential source for the industry articles I’d be writing for Going Concern. During our email conversation, he […]
This Valentine’s Day, Get Something For That Lovable Yet Hopelessly Disorganized Accountant in Your Life
Valentine’s Day is upon us and that means accountants all across this great land are disappointing their beloveds with excuses like, “We have a deadline Thursday,” and “Remember, we both agreed that we wouldn’t buy into these Hallmark holidays,” and “The client needs me to stay late.” So if you’re unable to pull yourself away […]
New Industry, No Problem: How 3 Controllers Transitioned From One Sector to Another
After spending several years as either an assistant corporate controller or corporate controller for three companies within the healthcare sector, Erik Bello, CPA, decided to make a career change. In April of last year, he became corporate controller of UniFirst Corp., a uniform rental service company based in Wilmington, Mass. And even though Bello was […]
Controllers Tight-Lipped About New Corporate Tax Changes
During an article brainstorming call I had with Caleb a couple Fridays ago, we both agreed that it would be interesting to ask corporate controllers and chief accounting officers what they thought of the Tax Cuts and Jobs Act, the sweeping tax legislation that was signed into law in late December. Surely they must have […]
3 Controllers Reveal Tactics, and, Yes, How They Make Time, to Keep Learning
In about four months, the accounting and finance conference circuit will start to heat up, as professionals from companies of all shapes and sizes will descend upon hotels and convention centers in cities across the United States to peruse vendor exhibits, hobnob with their friends and peers at networking events, and attend workshops and seminars. […]
How Accounting Teams Can Avoid the Year-End Audit Scramble
Webster’s defines the word “scramble” as “to move with urgency or panic.” If you want to see a scramble in action, turn on any college football or NFL game and watch the quarterback try to elude several angry 325-pound defensive linemen. While accounting and finance teams don’t have to worry about large, angry auditors chasing […]
6 Controllers Share Their Most Pressing Priorities for 2018
Happy New Year! While 2018 officially began for us accounting scribes once the New Year’s Eve hangover faded away, a majority of accounting and finance departments celebrated the start of the new year several months ago. Many companies’ 2018 fiscal year first quarters began last fall, but the process of planning key accounting and finance […]
Think You Need to Stay in Big 4 Until Manager? Think Again
One of the most common pieces of advice given to young Big 4 professional is to “Stick around until manager.” The thinking goes, you will experience a number different of clients and situations, as well as give you the coveted title that many employers want to see. Firms suggest staying until manager because there’s always […]
How Controllers Can Step Up Their Cybersecurity Game
There’s a good reason why cybersecurity is ranked extremely high on the priority list of Trey White, CPA, and other controllers and chief accounting officers in the healthcare sector. According to a report from the Identity Theft Resource Center and CyberScout, 376 (34.4%) of the 1,093 data breach incidents reported in 2016 occurred in the […]
Controllers Are Leaders Too: Here Are Tips for Being a Better One
When I was in my late 20s, I was thrown into the managing editor’s seat for a group of weekly community newspapers in the Chicago suburbs, after only having four years of experience as a beat reporter. Not only would I oversee six news reporters but also a staff of sports and arts and entertainment […]
Here’s How Thrive Market Woke Up From Its Month-end Close Nightmare
Imagine a month-end close process in which the close checklist, reconciliation schedules, and general ledger are in three different places, making it a nightmare for management to know what’s ready for review, if mistakes had been made, and what deadlines had been missed. Sounds dreadful, doesn’t it? But that scenario used to be a reality […]
Controllers, Don’t Skim On These 6 Tips to Thwart Fraud
It’s not every day that you come across a controller who had worked on the Allen Stanford and Bernie Madoff Ponzi scheme investigations. But Bridget Meacham Kowalski, CPA, CFE, did just that. Now the controller of the Pittsburgh Symphony Orchestra, Kowalski was working as a financial and litigation consultant for FTI Consulting at the time […]
Survey: Tell Us Your Experiences With the Month-End Close
Hey there, denizens of Going Concern. Please, take this survey that’s sponsored by our partner, FloQast. (Read more about our partnership with them here.) They want to learn what your experiences with the month-end close are. The survey is short and harmless, and you’re doing us a solid. The survey appears below or you can […]
The Road From Controller to CFO Is Becoming Less Traveled
When my daughters, ages 10 and 8, are asked what they want to be when they grow up, my oldest says a professional basketball player, and my youngest wants to be a chef. Both good choices. No kid in their right mind would say accountant, journalist, or chief financial officer. As children, Bill Brundage had […]
Here’s the Only Affirmation Accountants Need
This is from a couple weeks back, but it deserves a mention because it will help those of you currently experiencing a crisis of professional identity. It comes from a speech given by Wesley Bricker, the Chief Accountant of the SEC, and it’s just the kind of thing you need to hear when you’ve recently […]
Don’t Let Employee Retention Be a Casualty in the War for Talent
On the battlefield in the war for talent, there’s a mission that may be just as, if not more, critical for accounting and finance executives than recruiting a new crop of professionals: retaining the skilled employees they already have. I know, I know, you’re probably tired of seeing or hearing the term “war for talent.” […]
Announcing Our Partnership with FloQast, the Startup Built by CPAs
Okay, some big news. Going Concern’s been at this for the better part of a decade, and one of our big goals for awhile now has been to produce more content for our readers who leave public accounting for industry. Which, let’s face it, most of you are going to do. You hear about us […]
Simplifying Accounting Standards Still Complicated
Too bad accounting standard simplification doesn’t follow the same rules as Marie Kondo’s The Life-Changing Magic of Tidying Up. Eliminating the available for sale security classification doesn’t exactly spark the joy. Every time the FASB drops a new Accounting Standard Update (ASU), it leaves you feeling weary. Maybe all the U.S. GAAP decluttering and other […]
Exposure Drafts: It’s Not You, It’s the Time Value of Money
Exposure Drafts appears every other Wednesday. Send your accounting cartoon suggestions to [email protected] and follow Greg Kyte on Twitter.
Embracing Remote Accountants Can Benefit Your Business
Remote working is on the rise. In 2016, 22% of American employees did at least some of their work from home. And for those with advanced degrees over the age of 25, the number is even higher—a full 43% reported working remotely at least some of the time. It may feel natural to some accounting […]
The New Revenue Recognition Standard Needs a Sexy Nickname, Okay, Sure
Perhaps I’m reading too much into it, but this guy thinks everyone needs to start freaking out over the new revenue recognition rules: “Revenue recognition feels like a big, big issue,” said Zuora CEO Tien Tzuo, whose company specializes in software for managing subscriptions. “This feels as big or bigger than Y2K or SOX. SOX […]
Accounting for Stuff With Tim Gearty: Allocation and Revenue Recognition
CPA exam scores were released today, so it only seems appropriate that we conclude our four-part series featuring snazzy dresser and GAAP oracle Tim Gearty. If you’ve been holed up in a fallout shelter for the past few weeks, go catch up on Parts I, II, and III. Double-o Gearty wraps things up with allocation […]
Accounting for Stuff With Tim Gearty: The Transaction Price Under the New Revenue Recognition Rules
The third installment of Accounting for Stuff With Tim Gearty is here. For round 3, TG tackles the transaction price within the new revenue recognition rules. You can check out Parts I and II if you’ve been under a rock at the bottom of the ocean. Now, you might think you already know everything there […]
Analyst Rightly Grew Suspicious of Gorgeous Woman Who Laughed at His Accounting Jokes
“And then I said, ‘It’s accrual world!’” Earlier this year, we discussed a tradecrafty story out of The Wall Street Journal of a BDO auditor who “casually wandered around the accounting firm’s New York offices, striking up conversations with colleagues.” Little did anyone know, the auditor recorded those conversations for the Federal Bureau of Investigation […]
Accounting for Stuff With Tim Gearty: Separation of Performance Obligations
Back with round 2 of Tim Gearty’s overview of the new revenue recognition rules. Go catch up on Part I, if you’re late to the party. (But don’t worry, you’re never late to the party.) This time Lord Gearty covers the separation of performance obligations. So pay attention, you’ll learn something. Stay tuned for more on […]
The PCAOB Could Look Very Different, Very Soon
Get a good look, people. Anyone interested in becoming a PCAOB member? It sounds like there’s a bunch of change coming, based on the public statement from new SEC Chairman Jay Clayton: I am very pleased that Chairman [James] Doty has agreed to continue to serve as the Chairman of the PCAOB as we commence […]
Accounting for Stuff With Tim Gearty: The New Revenue Recognition Rules
Lots of accountants are in a mad dash to learn the new revenue recognition rules that go into effect later this year. Going Concern has teamed up with CPA review legend Tim Gearty to present a series of videos to help educate you on the new revenue recognition rules without combing through the FASB website. […]
Egad, Pharma Bro Martin Shkreli Was an Insufferable Client
Everyone who works in public accounting experiences a bad client or two. But then again, there are bad clients, and then there are the Martin Shkrelis of the world. It’s really a disservice to the bad clients out there to lump Martin Shkreli in with them. This CNBC report details the testimony of Corey Massella, […]
The AICPA Is Trying to Innovate You Right Out of a Job
As we are all painfully aware, the accounting industry isn’t exactly known for its groundbreaking commitment to early adoption and innovation. Despite its over 150-year history of being reactive and clinging desperately to the way things have always been, the AICPA announced this week a new initiative that hopes to fund important accounting startups. The […]
Accounting News Roundup: Computation Errors and Grant Thornton’s New Global CEO | 05.16.17
Oops This is from last week but seems worth sharing. Dick’s Sporting Goods announced in a SEC filing that it made a $23 million “computation error” that overstated its “adjusted earnings” and that’s mildly embarrassing: The company discovered it had inadvertently included its asset impairment charges in two places, in effect double-counting the costs, said […]
Accounting News Roundup: Management Accountants and Creative Tax Arguments | 05.08.17
Management accountants I had no idea that International Management Accounting Day was on May 6th. Did the management accountants have to recognize the holiday by going into work? That seems more likely than a management accountant march or a management accountant Derby party. Anyway, if you weren’t aware of the holiday, then I’m sure most […]
The State of Accounting Recruitment and Talent Shortages in 2017
The bloody battle over top accounting talent is nothing new. Firms have been dedicating countless hours in meetings over store-bought crudités on the subject of attracting and retaining top talent for years. But a recent Wall Street Journal article about the difficulty private companies are having filling positions for experienced hires got us wondering: just […]
Exposure Drafts: Some SEC Whistleblowers Do It for Love, Not Money
Exposure Drafts appears every other Wednesday. Send suggestions to [email protected].
Infrastructure-as-a-Service Giants Own the Cloud with Lavish CapEx
Another day — another glitzy article about infrastructure-as-a-service from the Wall Street Journal. You may recall my skepticism about the sustainability of this business model last summer. Still, as 2016 numbers show, the capital expenditures of the top three cloud computing companies show no indication that they’re worried about going all in: Combined, Amazon, Microsoft […]
Exposure Drafts: Keep Your Eye on Section 751 Hot Assets
Exposure Drafts appears every other Wednesday. Send suggestions to [email protected].
The 20% of Americans Who Would Get an ‘IRS’ Tattoo to Never Pay Taxes Are Getting Off Too Easy
Americans hate paying taxes. This is not news. Why they hate paying taxes is a bit of a mystery. I reckon it has something to do with wanting to piss the money away themselves rather than have police or schools or national parks. Anyway, a survey by WalletHub found that some Americans are so intent […]
Accounting News Roundup: Higher Salaries and Client-Mandated Diversity | 04.05.17
Salaries As accountants, you probably think that you’re going to earn more over the course of your career just based on your highly-sought-after skills. And it’s true, your skills allow you to demand more compensation, especially as you gain experience, but interestingly enough, where you work likely makes a big difference too. Here’s a Bloomberg […]
As Far As Horrible Bosses Go, The Ex-Fox News Comptroller Is Up There
Think your boss is awful? Like, god-awful? Whoever you’re thinking about right now for a horrible boss award, Judith Slater, the former comptroller of Fox News probably has them beat. The New York Times reported last week that two African-American employees sued Slater, their white boss, for racially harassing them for years. The lawsuit also […]
Accounting News Roundup: Awful Clients and Lease Accounting Procrastination | 03.29.17
Aren’t you glad there are so many insects for me to eat? Awful clients If you’re still cranking out 1040s, bless your heart. Clients that show up from now until mid-April, will more or less take this form: There are the shoeboxers, who haul in shoeboxes or cartons brimming with every wayward item they received […]
Talent Crisis Survey: Where Have All the Accountants Gone?
We’ve looked everywhere. In a March 6 article in The Wall Street Journal, we learn that there is some kind of accounting shortage, particularly for “companies adjusting to accounting-rule changes in the U.S.” In other words, public companies are struggling to poach or even barely seduce experienced hires from public accounting firms. Per the article: […]
How to Say No in Public Accounting Without Killing Your Career
It’s the thick of busy season, you are swamped, and one of your managers comes by your desk to ask, “Can you pick up this job for me? It should only take 10 hours.” What should you say? You are already stressed out but you want to be seen as a team player and a […]
Accounting News Roundup: Pandering to Millennials and Phony Revenue | 03.10.17
CPA firms are pandering to millennials I look forward to the day when CPA firms are majority-owned and run by millennials so we don’t have to talk about this anymore: As CPA firms across the U.S. relax their dress codes and other policies, managers are recognizing that their Millennial employees expect flexibility and trust in […]