Skip to main content

chargeable hours

It gets so frustrating in the summers when we do the small clients and everyone's all over you to not exceed their budgets. First off, financials for small private companies rarely ever get issued quickly. They always linger on, and there's always small things we have to do every week. So this takes up some of our time on a weekly basis. What about the research? To get ready for meetings, one would have to do a little research on the various issues they need to talk about. Where can I charge these hours to? We've already set the budget, and I know I'll be above the budgeted hours for the planning meeting, so i'm already over? Sure, I should have realized this while the budget was being set. But trust me, some battles can never be won. And what about client inefficiencies? Yes, we have to charge that to the client, that's what the book says. Not the case in reality. So that makes us struggle to mix and match hours between clients. It makes you wonder how the normal jobs are flexible in that you don't have to worry about every single hour you work.

Comments

Anonymous said…
as a first year... should you be completely honest in logging your hours, or should you mark down the time you think your superiors are expecting?

because if your taking too long, they may seem your inefficient. If your too quick, your not making the company enough money. thoughts on this? thanks
Anonymous said…
Most audit engagement are fixed fee engagements anyway, so you can never go "too" quick and cause them to lose money.

The big issue is that your annual evaluation is largely based on your chargeability (percentage and amount of hours).
Anonymous said…
I hope you're using "you're" instead of "your" in that context when you're communicating to the partner or the client.
notfordisplay said…
Well, as a first year, be honest about logging your hours, and make sure your senior knows if you go significantly over what you're scheduled for. So if you are taking too long, let him/her know it's taking longer than expected. That way everyone knows everything up front and there's no surprises.
Anonymous said…
What are you, the grammar police? Life is too short buddy!

Popular posts from this blog

career progression

"What can you tell me about the different possible tracks a person would take at the Big 4 in regards to tax vs. audit? Is there a difference in career progression among the two specialties? How about career potential? Workload?"

Loaded question. In terms of career potential, they're both pretty potent. Audit leads you to controller/accounting manager/ VP - accounting positions at companies if you choose to quit. Tax can lead to tax manager positions at various companies/firms..to help them minimize taxes and exploit tax loopholes. It's a pretty important position in many companies...I'm not an expert on tax careers though, so you might want to ask somebody in a tax related position.
In terms of career progression, it's the same as audit...start off as a staff associate...move to senior..manager..snr mgr..partner.
In terms of workload, my friends in the tax department seem to work two busy seasons...in the fall and in the spring. So I think they work more than i…

Boomerangs

As a big four employee, lately, I've been hearing a lot about "boomerang" employees. Those who, for some reason or another, decide that leaving work when the sun is still out is not for them and alas, return back to the firm. Yes, the grass is not always greener on the other side, however, is this trending upward or about the same as it always has been? I think, also, that the firms really do a good job in highlighting those that do choose to return to make it appear more common than reality. Can you please speak about how you've seen the trend of "boomerangs" amongst the big 4? 

Good question. A boomerang, as the commenter pointed, is one who quits a big 4 Firm and then decides to return (or boomerang) back to the Firm after getting a taste of work life in the non-public accounting world.
I have seen a few return this past summer, but didn't really notice a trend until you mentioned it. It's definitely been higher than past years, but not enough to s…

auditing vs consulting

I was wondering if you could break down the career opportunities in auditing and consulting (in a big 4). I know that consulting pays more in a big 4 and has more interesting work, but it seems that auditing has extremely good exit opportunities (Financial controller, CFO etc). Any thoughts on which is better in the long run?

Well there's different consulting services offered by public accounting companies - the most popular being IT consulting and risk consulting. There are also other consulting services offered, but these two hire the most. Do they pay more? Yes, but not by much. Not enough for you to say: Shoot, the $$ is a huge reason for me to move over. Is the work more interesting than audit? Yes. You're actually looking over a company's processes and telling them what to do instead of what not to do (audit). Everyone I know who's made the switch likes it waay better than audit.
In the long run though, choosing audit vs consulting really depends on what you want t…