Accounting Advices 

Which Firm Was the Biggest Loser In the Third Auditor Shuffle of 2021?

Are y’all ready for the results of the third auditor round-and-round of 2021? OK. Here we go. It was another big quarter for BF Borgers, which added the most new SEC clients with nine while losing one for a net of eight, according to Audit Analytics’ third quarter audit gains and losses analysis. BF Borgers was also the big winner in Q2, netting nine new audit clients. While total new clients in Q3 was the largest since the start of 2020, there was a drop among the 12 major global…

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Accounting Advices 

Compensation Watch ’21: Grant Thornton Is Dragging Its Feet On Announcing Mid-Year Raises

Last week after we got a tip on mid-year raises being imminent at BDO USA, I wanted to know what—if anything—was going down at Grant Thornton. It seems the Purple Rose of Chicago has been keeping mum about salary adjustments for employees, according to a few GTers who have posted on the usual online chatter sites. You would think the seventh-largest accounting firm in the US, which saw revenue increase by 2.6% in FY 2021, would sock away a little extra money for employee appreciation. But so far radio silence…

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Accounting Advices 

2 Ways You Can Avoid Penalties from the IRS

Don’t run the risk of being punished with harsh penalties from the IRS! Tax Day 2022 returns its original April 15th deadline. While that seems like it’s ages away, it’s a good idea to stay on top of your finances. Falling behind on tax payments (or even worse – outright dodging the taxes you are supposed to pay) can land you in some serious hot water. The Internal Revenue Service frowns on any misconduct of all descriptions. Don’t run the risk of being punished with harsh penalties. They’ll hamstring your…

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Accounting Advices 

Compensation Watch ’21: Is Plante Moran Rolling Out Salary Adjustments For the Masses? (UPDATE)

[Updated with additional comp information at the bottom of article originally posted on Nov. 22.] The answer is YES according to a tip we received last week: A few weeks ago Plante Moran announced to its employees that everyone is getting a January 1 market increase (separate from the normal market and merit increases that come on July 1 following the March 31 performance year). Increases are across the board, everyone at a particular level gets the exact same percentage. Increases are same regardless of office or practice unit. Anecdotally…

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Accounting Advices 

Here’s How You Can Budget Your Small Business!

It’s possible to balance your budget. It’s possible to balance your budget. Although this prospect gets even harder when you run a business, you can do it without fear of breaking the bank. With a solid financial foundation in place, you can ensure that your startup or sole proprietorship survives. Being an entrepreneur is exceedingly difficult, but if you have a head for numbers, it’ll be somehow easier, at least in this respect.  ssemble Your Income Streams  The first thing you’ll want to do is gather all of your revenue…

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Accounting Advices 

How to Spot Accounting Discrepancies

Here are some helpful tips and useful tricks to help you accurately spot any accounting discrepancies — which can lead to lasting mistakes. Unfortunately, accounting errors are all too common. In fact, even the most educated accountant and the most experienced CPA can make minor mistakes. However, these mistakes could be detrimental, which is why you want to avoid making some of the most common accounting errors out there. Understanding the most common accounting errors will equip you with the tools to properly spot those errors effectively and efficiently. The…

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Accounting Advices 

Compensation Watch ’21: Did EY Redeem Itself In the Eyes of Their Employees? (UPDATE)

(Updated post from Aug. 18 with a comparison of average raise percentages per promotion from 2018 and 2016.) 2020 was a pretty ugly year for the Black and Yellow—and especially for EY employees. Let’s recap, shall we? No performance-based bonuses.Raises only to those who received a promotion.Lots and lots of layoffs.Unlimited PTO; no more accrued PTO payouts. And EY’s bad look continued into early 2021, with ultimatums being given to workplace services coordinators and on-site technology support employees, and a lame (and expensive) television ad that aired during the Super…

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Accounting Advices 

Here’s the Truth About What Really Happens at EY’s Neuro-Diverse Center of Excellence From Someone Who Was There

Ed. note: the following is a first-hand account of one person’s experience at the EY Neuro-Diverse Center of Excellence. The author has requested to be anonymous. On Saturday Night Live last March, Elon Musk came out on national TV as having Asperger’s syndrome. For the neurodiverse, this event was momentous not only because Musk hosted the show, but because four months before he’d been crowned the wealthiest man in the world. The message was clear: The neurodiverse can and do achieve greatness. But Musk’s success begs a question for people…

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Accounting Advices 

Compensation Watch ’21: There Are Some Happy Folks At CohnReznick

I was scrolling through Fishbowl yesterday afternoon while I was watching that horrible Bears vs. Ravens game when this post caught my eye: At least those pay bumps are at or above current inflation levels, so that’s a plus. The thread continued … We hadn’t heard from anyone in the rank and file at CohnReznick during compensation talks, but upon further investigation on Fishbowl, these recent salary adjustments are on top of the raises employees were given this summer. Some CohnReznick employees said these new pay increases will put them…

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Accounting Advices 

Number of the Day: 53

The average age of a non-Big 4 public accounting firm partner hasn’t really changed at all in the last three years. In late December 2018, CPA Journal analyzed the results of the 2018 NYSSCPA–Rosenberg Practice Management Survey and mentioned this in regards to partners’ ages: Partners have gotten slightly younger, both in terms of average age and the percentage of partners over 50. Between 2005 and 2015, the number of partners over 50 continued to increase; however, from 2016 on, the average age of equity partners has decreased slightly. In…

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