Hello and happy Monday! Anyone have the whole week off? Not us! So here’s some news.
While Saturday’s post didn’t get many on-site comments, a pre-discussion tweet I posted related to the weekend discussion topic blew up on Twitter. You are invited to weigh in on either. Or neither. We’re low pressure over here.
Has anyone successfully negotiated a decent raise by coming to your employer with an offer from another firm and threatening to leave?
— Going Concern (@going_concern) June 28, 2024
Heard a funny story today from a recruiter about that strategy backfiring pretty bad on a candidate. Will share later.
CFO writes about how finance pros are rebranding career expectations and spoke to a real asswipe:
Finance and accounting, as lifelong, fulfilling careers, have a marketing problem. Contrary to what is taught in accounting programs across the country, the final stages of a career in finance and accounting aren’t only a life sentence on a partner track at a public accounting firm. Instead, the options that younger generations crave — entrepreneurship, impactful leadership, social media following and overall success — are all accessible in finance and accounting in a variety of interesting ways.
There are plenty of great potential business ideas that, for a variety of reasons, never come to fruition. However, Jeffrey Klimkowski, CFO and co-founder of DUDE Products, the brand that sells DUDE Wipes, left his high-paying dream job as an investment banker to build a business with his friends. Now as a CFO, he says the decision-making processes he gets to be a part of when it comes to business marketing spend are some of the best parts of his job.
The benevolent overlords of TurboTax and QuickBooks have released an accountant technology survey:
A new Intuit QuickBooks survey shows that while the accounting industry has felt the shockwaves of changing economic conditions, accounting professionals believe that failure to keep pace with technological advancements is the greatest risk to the industry — ahead of higher interest rates, the rising cost of goods, and widespread hiring challenges. These findings and more are highlighted in the 2024 Intuit QuickBooks Accountant Technology Survey, commissioned by Intuit.
The survey of 700 accountants in the US underscores the critical role of technology in meeting growing client expectations, addressing hiring shortages, and improving operational efficiency while maintaining a positive outlook on the industry’s future.
It’s probably going to be an excruciatingly slow week over here so we’ll dive into the survey results later this week.
I went to r/accounting to pull up some of the fire anti-private equity memes I’d seen over the weekend but instead I found these two posts sitting right next to each other in the “Hot” tab.
I actually cannot with our India team..
byu/wordup2u inAccounting
Why the fuck do we offshore shit
byu/One-Professional6229 inAccounting
The second is interesting as OP works in industry.
Why the fuck do we offshore shit
Why the fuck do we offshore shit
I’m working in industry – not even Big 4. My life is misery working with those fucking offshore teams. Every single time when we’re dealing with a local vendor, our managers decide for some goddamn reason, it’s a good idea for the team in India to send invoices or talk directly to them. Why the fuck do they think something like that is a good idea? And then when they fuck up, I catch the heat because I’m the one who’s meant to be babysitting them – never mind this is my first job right out of university and I can’t even take care of my own work. My managers end up having to step in and do shit on my behalf. Fml
Also – their dumbass deadlines for posting journals, the fact their timing is not aligned with ours, the fact they don’t stop and question things or even use critical thinking.
Reminder that in 2011, PwC was offshoring only 1-2% of its audit work with a goal to hit 20% by 2014. My how quickly things change.
WCVB in Boston celebrates Deloitte Impact Day. Nice enthusiasm, guys. You all look utterly thrilled.
The first several seconds are painful.
Business Insider on the AI consulting boom:
It’s possible to pose almost any question to artificial intelligence.
But when it comes to how to use the technology, many companies are directing their inquiries to consulting firms instead.
Doling out advice on AI is making up a growing share of many firms’ work. Some 900 of PwC’s top 1,000 consulting clients are now working with the firm on incorporating AI into their businesses, a spokesperson told Business Insider.
In 2023, McKinsey & Company brought in a record $16 billion in revenue, partly due to the generative AI boom. Almost 40% of the company’s work now relates to AI. And much of that is now moving to GenAI, Ben Ellencweig, a senior partner who leads alliances, acquisitions, and partnerships globally for McKinsey’s AI arm, QuantumBlack, told BI.
Boston Consulting Group, for its part, now generates a fifth of its revenue from AI, and much of that work involves advising clients on GenAI, a spokesperson told BI.
God I really hope this doesn’t end up like blockchain.
This guy from Bristol — a young, gay, an ambitious man (his words) — talks about his path to accounting and what he’d like to see more of when it comes to recruiting the next generation of number-crunchers:
Ben Steele is a certified chartered accountant with 17 years of practice. He specialises in cloud accounting, tech, and app integrations.
As the managing director of Streets Steele accountants, Ben steers the Bristol office and focuses on serving the hospitality industry, particularly food and beverage businesses.
Tell us about one (or more) of the people who inspired you along the way?
The original inspiration for my career came from my parents (I know…cheesy!) My Dad was one of the most ambitious and solid workers I know – creating anything and everything into a business. Despite being someone without an academic background, he knew how to create & grow a business, and connect with people.
My Mum showed me what it was to be fully committed to something, and strive for better, whilst staying loyal and grounded.
Then whilst training, I had a manager called Susan. She taught me what it was to be an Accountant. Her ethics and eye for detail were unwaivable. Not a single penny could be left unreconciled, and this strong approach accounting stuck with me – and I would like to think I pass this on to my team now.
Twenty people made partner at Withum:
“It’s my privilege to introduce Withum’s 2024 New Partner Class, said Pat Walsh, Managing Partner and CEO, in a press release. “We are celebrating these individuals for reaching a career milestone they have worked tirelessly toward. Each person on this list has exhibited a strong entrepreneurial spirit, dedication to their profession, and long-lasting grit that I am sure will propel them and our firm through many years of success. At Withum, our people are our greatest asset, and this new partner class is a testament to that belief. Congratulations to all of our new partners!”
You can see their names and service lines from Withum here.
Financial Times reminds us that today is Janet Truncale’s first day. Let’s wish her a good one.
On the business front, Janet Truncale becomes the new chair and chief executive of EY Global on Monday. She will be replacing Carmine Di Sibio who was the architect of the aborted Project Everest that tried to split the global firm’s accountancy and consulting arms. Another key participant in Project Everest was the head of EY’s UK operations Hywel Ball, who earlier this month announced his plans to step down.
I think that might be it for now. If you see something interesting, please pass it along! Comments, suggestions, complaints, and (my favorite) compliments are always welcome by email or you can text the tipline any time. Have a wonderful week!