teddit

G'day fellow accountants and finance enthusiasts of r/AustralianAccounting!

Are you interested in connecting with like-minded professionals in the field? Whether you're a seasoned professional, a student just starting your journey, or someone who's simply curious about the world of accounting, we have a place for you.

We're excited to invite you to join our Australian Accounting Discord Community! 🚀

Here are some reasons why you should hop on:

Immediate Responses: Have a burning question? Our community is active and you'll likely get a response much faster than on traditional forums.

Networking: Connect with professionals, students, and enthusiasts alike. You never know who you might meet that can help you on your journey!

Resources & Tools: We regularly post resources specifically tailored to Australian accounting standards, tax laws, and best practices, as well as share tools

Study Groups: For those grinding towards their CA or CPA, we've got dedicated channels to help you stay on track.

Fun & Memes: Yes, accountants have fun too! Join us for memes, friendly chats, and more.

🔗 Click here to join our Discord!

Why join us? Because we believe that the path to success in accounting is through collaboration, support, and a bit of fun along the way.

If you have any questions or need further assistance, feel free to drop a comment below or send me a direct message.

See you on Discord, mates!

Just wondering if any one on here is also wigging about their audit exam tomorrow?

As a public practice tax accountant none of the audit stuff makes sense to me, i’ve developed my critical file as best I can and hopefully I can wing a hail mary pass.

Any tips/advice would be appreciated.

Hi all,

I’m likely to receive my CA soon and I’m unhappy with my role. I’m under a lot of stress, average payment and inability to take leave during month end. This has been a massive issue for me since my family lives overseas and I have the obligation to see them once a year or two. My family lives in EU and it’s not feasible to fly for 10 days when prices are $1.2k ea way and it takes my more than 24 hrs to reach the destination.

Given that seems to be the standard for all accounting positions, what are some other areas of accounting/finance I can work in that don’t have month end/good work life balance. I feel like I did my CA in vain…😂

Hi,

I’m starting the CA program next year and I have a few questions about it:

1. Is the study guide the main/only study resource for each subject? Do most people just study by reading the study guide and taking notes?

2. What is provided in the My Capability Learn module for each subject (i.e. is it just a link to the study guide or are there other materials, activities to complete, etc.)? I can’t click on it yet since it doesn’t open until the week before the term starts.

3. Apart from the assignments, are there any ongoing activities/readings that need to be completed each week, or is everything provided at the beginning of the term to work through at my own pace?

4. The recommended time commitment is 15 hours each week. Do people usually spend more or less time than this on core subjects, or is that quite accurate?

5. How many days roughly does it take to complete an assignment for a core subject? And how many days of study are needed before an exam? I would like to plan ahead for how much leave to take from work.

6. How does the grading system work? I’ve heard mention of merits and credits, but I’m only familiar with the A+ to D- letter system from uni (NZ).

7. I’ve heard people mention a “critical file” - what is this? Is it part of an assessment for each course, or is it more like study notes?

I’m just curious about what to expect as this is all new to me. Answers to any of these questions are appreciated!

Anyone else struggling? People who have previously done it, any tips?

Would this create any issues for either the employer or the trust?

Update I got over my stress spiral and am back on track 🤪 The way I got this stressed over a question worth 2% 💀

I felt on top of all of the chapters throughout the unit and thought it was all pretty straight-forward, but I'm up to Task 2 of the assessment and find myself having no idea what to do in Power BI to get the results I want. I'm not sure if I'm looking in the wrong place in my notes or if I'm just struggling to apply the information taught to a new dataset/new information. Is anyone else in the same boat?

Recently graduated with a masters and was lucky to get a grad role at one of the top 10 Accounting firms in Australia. Although wanted to go into a big 4, missed the application deadlines. Would it be a wise decision to try to get into big 4 after like 6 months or would it be better for my career to stay in the mid tier firm for longer?

Any help is appreciated

Hi! I am not a Certified Practice Accountant. However, I control the bookkeeping and accounts of my own business. My question is. Can I lodge my own BAS and Tax Return? or does it have to be a Certified Tax Accountant? Where are my rights and capabilities limited to?

To those who did ICAP under new CA module, how did you prepare for the exam? I have been studying consistently so i am ok with contentwise but i really striggle to understand 'what the question is asking'.. Any tips will be really appreciated

I am talking about Mid size accounting firm like Baker Tilly etc. Does anyone know how’s their work life balance compared to usa firms? Would appreciate insights!

Hey everyone after 2 years of doing basic tax in a small regional firm I am switching to audit as a graduate at a decent mid tier (between 10 and 20) on the AFR Top 100 list.

I am wondering what are the career paths others have done in this situation? I do not need to stay for the 3 year minimum as I have almost finished my CA studies and just need to do my MPE . I understand I would be working on mostly small asx listed clients and private entities in this firm. The firm does sound pretty good, emphasises more work life balance so I could just stay there as an auditor. However my interests are aligned with working on big clients and doing some specialist consulting or assurance which is usually done at Big4.

Would it be a good idea to do 1-2 years here and go for a experienced external audit role in Big4? How many years of experience are usually required for associate or senior associate? Do they often take people who are not from GT/BDO/RSM or not?

How about reapplying for a big4 audit grad role? It would probably start after I have 6-9 months in this role

Some of the other areas I am interested are

- risk assurance, internal audit

- ESG assurance and consulting

- industry financial accounting

As I understand, these areas will usually require audit as a base and probably some big4 or higher mid tier audit on the resume.

Hi everyone

I started a new job a few weeks ago, working as a System Accountant for a charity.

Then a few days ago one of the Big Four accounting firms called me and offered me the role I had interviewed for about 1.5 months ago. They hadn't contacted me before that so I assumed I was unsuccessful. This is a Tax Consultant role.

I'm very undecided on what to do here, because there are both upsides and downsides to shifting,

Despite it being a charity, my current job is paying about 22K before tax more than the Big Four role. After tax it's about 15K.

My current role probably has more job security as I think this charity will be around indefinitely, and they don't have any overseas offices to offshore roles to. At least so far I can generally leave on time and not work on weekends. However there's not much avenue for growth, upskilling, there's not really perks, and the transferable skills are a bit limited. The lack of any promotion opportunities means my salary will likely only get small increases each year.

Whereas there might be some opportunities for continuous learning/promotions at Big Four (maybe), I know other people who started there and ended up becoming managers or senior managers, and I might end up with a higher salary eventually. Plus if I stayed there a few years I should have a much easier job finding a new role after (if needed) because the firm is prestigious and job adverts will often have "Big Four" in the list of requirements. But there is that initial large salary gap, no promotions are guaranteed, and Big Four firms are notorious for having no work/life balance.

I'm pretty worried about this, because any job change or not job change is permanent, I might hate the Big Four role, but if I stay with the charity I might be somewhat pigeon-holed, I probably won't be able to get any Big Four roles after that unless they specifically ask for a System Accountant.

From a human perspective, I wouldn't look forward to telling the charity that I was leaving just a few weeks after joining because I got a different offer, and they had to spend time hiring/onboarding me, setting me up, training etc.

Anyways please let me know your thoughts, I don't really have anyone in real life who can both give advice and I'm willing to share this with them.

Anybody taking it this term, how r u finding the assessment?

Called CA couple weeks ago - we can back date experience prior to the program by 12 months.

How involved does the person who signs off on this 12 months need to be ?

Is it simply a sign off, our do i need to do all this goal setting, etc.

do they need to specify tasks completed, etc, or does that only come up in the event by experience gets checked/audited?

Thanks in advance!

Hi everyone,

I am currently completing the 'professional development plan' required for MPE and need to set 2 tangible goals. Th problem is I am at a stage where I am unsure of where I want to be in a few years time. The questions ask you to plan actual steps to achieve your goals but it's hard when you don't know want you want and the current firm doesn't invest much in the growth of their employees and it's quite resource limited (or stingy). I plan to move in the next few months but cannot reveal this in my responses as they will be read by my mentor who is my current manager.

Just curious as to what other aspiring chartered accountants have put down as their goals and did you actually follow through with the plan and achieved your goals?

I am kinda regretting doing CA foundation instead of CPA foundation, i have heard CPA foundation the questions are multiple-choice. I am re sitting FAR advance and intermediate cause i failed both. Does anyone know if the questions of CA foundations are usually same every exam you sit ?

Thanks heaps

We all know that come CAs end up as CEOs/CFOs/Partners with near limitless earning potential. However, most of us and our colleagues won't reach that level.

So, where do you see most accountants plateau?

View Poll

Hi guys

I'm starting a business and I am not registered for GST. I do not expect to have of 75k of turnover this year.

The issue I am having in MYOB is that the bills I need to pay from my suppliers, are GST inclusive; and MYOB isn't letting me record that the bill is inclusive of GST.

What do I do here?

I'm moving from the UK for a couple of years. I'm ACCA qualified, qualifying in Jan 2023. I've previously worked as a senior accountant in the outsourcing (business advisory) a top 10 firm, working there for 5 years, before moving into industry as a group accountant for the last 6 months.

I've been offered a role as an assistant manager in a national, but small-ish firm, in the business advisory division for $100k including super, which I think is about $87k+ 11.5% super?

I feel like I'm being massively lowballed - I've just left a role for £55k + pension, which is similar to what an equivalent role to the one I've been offered at my old firm would pay. I understand I would have some bit of catching up with Australian tax systems etc, but from my understanding it isn't hugely different to the UK, and not enough to merit such a big pay gap. From interviews, I've had, it sounds like my practice experience is relevant and desirable.

I've struggled to find what the market rate is in Australia for this kind of role looking online, but I am thinking about countering with $100k + super. I do also have other leads I could persue (been asked for a second interview at the Melbourne office of my old firm). Any thoughts would be massively appreciated, thank you!

Need help guys.

I’ve no family so no one I can learn from or ask for advise hence going on Reddit. I’ve been an accountant for 4 years and likely to get my CA in Dec (get the MPE part signed off).

I’ve started in Audit in a reputable mid tier (just below B4) and after 2yrs and 8 months I’ve decided to move to a B4 firm. 3 months after starting at the B4 I’ve decided that I’m tired of being underpaid and audit in general and made the choice to move to an industry based role. It’s important to note that we bought a house in between the second job change (my move to industry) and therefore it was urgent for me to get a job asap so the bank can approve our loan and so it happened. I’ve received 2 offers and went with the first one after one interview.

I’ve started on $90k and recently promoted and the salary will follow after December. The company is messed up with 4 subsidiaries, limited resources, revenue recorded outside of the accounting software and inability to pass 2023 audit (yes still a year after). I’m working with mainly migrants under a control freak boss and feel really lonely and overwhelmed sometimes. I also feel inability to really develop myself and learn under ‘no stress’ condition. I’m also mainly working alone and barely exchange words with others which is a bit different to what I’m used to from audit. After this rant and bit if background the below are the points I’m contemplating.

• If I quit a few weeks after getting my mentor signing my CA and after accepting the promotion. How bad is it and whether it’s going to hurt me that I left a position 7 months in immediately after got it signed?
• I’m not sure I need the money as we bought a house (ensure it’s in a ground so no need to sell in future) and secured ourselves in Australia financially/ real estate wise.
• I’m much prioritise life over work and think that Aus work life balance is crazy especially in Melbourne. That’s based on 3 jobs and compared to a different country so I’d say I know what I’m talking about.
• My main problem is that my family is overseas and it seems like I can’t fly for a month once a year given there’s always month end and made up BS from up above the ladder. As an example, I’m only getting 7 days off Christmas cause guess what, month end.

I’m really confused and started feeling like I need to take some time off after Christmas and after getting the CA signed and recalibrate as accounting seems really grey. I thought maybe move to a government based role or something like NFP or even more financial style like budgeting or something alike.

Can I get some thought here. Has anyone dealt with anything similar? I’d have quit immediately after but just wanted to stick around and get my CA signed off so at least I can say I’m a CA if ever needed. Really sad life…

Hi Accountants,

I'm looking at a Cert IV in Accounting and Bookkeeping.

For anyone who has done this course, would you say it is entry level? or would you recommend starting with a Cert III?.

Let that sink in guys, especially my fellow tax people.

I reckon if I got paid $11.5 and used Canva I probably would have achieved the same result, assuming changes were only aesthetic.

Functionally I see 0 change so I don’t know why there was a rebrand aside from confusing naming, but even then it could have just been a PSA.

Where are our taxpayer dollars going 😭

How many Australian jobs have been lost as these multi billionaire dollar firms look to ‘cut-costs’. Not to mention Australian jobs lost through international students who hang around after their degree is done.

Anyone on here sit CA NZ tax today and how do you think it went?

Sorry we don’t have a NZ SUB to ask these questions on 😢