Related Posts
More Posts
Hi I have 1 year experience in SAP Fico in capgemini and have ctc of 4.25 lakhs. I cleared two technical rounda where deep domain related questions were asked and it seems interview went very well and told I be getting Hr call for further process. Fishes please tell me how much hike should I ask from infosys for Associate consultant : SAP Fico position? I was thinking to ask 100 percent hike ie. 8.5 lakhs. I read on glassdoor the avg salary is 8.5 lakhs. Please help me how much hike should i ask Capgemini
Imagine being an auditor lmao
Conversation Starter
Additional Posts in Accounting
Best intern pranks.. go!
Does EY pay for the CFE exam and Review course?
New to Fishbowl?
Download the Fishbowl app to
unlock all discussions on Fishbowl.
unlock all discussions on Fishbowl.
It’s the most valuable skill set to have for a transition to industry because so few people know what they are doing. It is not compliance and should not be treated as such, although most tax professionals don’t understand that and have little appreciation for the subtleties, nuances, and risk-based approach of ASC 740. Get involved on the channel 2 side you’ll run laps around anyone who works on audits and claims to know tax accounting. You’ll also be more valuable than your compliance brethren. You can always amend a tax return. To amend an incorrect tax provision is to restate—a worst-case outcome. You can fix bad tax compliance. You can live with and fix bad tax planning. Bad tax accounting gets people fired.
It’s an estimate but you can get an estimate wrong in a way that materially misstates the financials. Valuation allowance is a common way to do that. Lack of understanding in that area is widespread.
There are 2 main avenues within Tax Accounting. It can look like compliance(Tax Returns preparation/review), or provision (ASC 740). Experience working in Public Accounting can be extremely helpful because you gain a lot of experience in a short timespan by preparing large amounts of tax returns. The work life balance can be rough; however, the longer you stay, the more you get paid with the chance of becoming a Partner. The clients you work on can, the level of staffing in your office, and the management by the partner can make or break your experience. For me it turned into 50hr work weeks, with busy season climbing up to 80 hours per week. After getting promoted to Senior Associate, I had my fair share and came to green pastures in Industry.
In Industry, every company handles things a bit different. Some outsource the compliance to firms. Others have it done in house. But you’re ultimately responsible for ensuring that the return is accurate. But instead of working 100’s of clients, you have 1, your employer. This typically means your busy season is surrounded by ASC 740 provision. So expect every quarter to prepare the provision which can be time intensive, with a quick turnaround. I’ve found this is much better since most work weeks are 40-45 hours; with the occasional 50-55 hours for a week every quarter.