There seems to be this small but growing trend of contractors who essentially take over the accounting functions of start-ups
. They handle 2-3 clients a year and essentially do the accounting for them on a part-time basis. It's pretty interesting and is a great business opportunity. What if someone starts up a company w/ a bunch of cpas whose explicit job is to go out and account for companies and deal with auditors for a fee? I'm sure plenty of these firms exist, but I haven't come across some yet. Maybe the non big 4 audit firms experience this a lot more since they have smaller clients. These contractors that I'm dealing with express surprise at times that we're not doing their financials for them, since they've "never" done it at their other companies. Do non big 4 firms actually prepare the financials for these companies? Even post-enron, there are no independence issues? But going back to the business opportunity, this firm can hire accountants with experience dealing w/ or having been auditors, so they're familiar with the process, and can help the audit proceed smoothly.
Just realized that the very payroll/adp reports we all enjoyed looking at in order to see how much our client contacts made, now seem to piss me off. Especially when your main contact, who couldn't tell a debit from a credit, makes significantly more than you, and leaves at 5. It's almost guaranteed to get you in a foul mood and yak with your team about the ridiculous salaries that certain employees get when compared to yours.
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