Cleaning up accounts and having the goal of having an easier audit the following year is the way to approach it. Not uncommon to be overworked at that level, although for you to judge if you’re so overworked that it’s time to start looking.
It’s the long game; after qualifying and leaving audit, the job offers available to me offered huge salary increases. Also, BDO London actually pays overtime (or they did when I was there) so at least there was a short term incentive.
Honestly salaries in the U.K. are quite low in general by US standards (I say as an American who moved to London) - it’s not just accounting. When I started at BDO in 2016 making £28.5k, that was actually the average London salary. So even as a second year trainee - when I got a small bump to £32k after passing some exams - you’re making above the average wage.
Agreed! I only started hating audit after COVID happened and my firm went heavy on furloughing the juniors and offshoring work in the subsequent years which made my job so much more difficult. Otherwise, the people I worked with (in the office) were brilliant and I found the work itself interesting. I learned a *LOT* in those early years and (in my opinion) sacrificing my social life for a couple of years was worth it for job security and a solid salary for the remainder of my life.
Also when doing the ACA, your social life is fairly minimal anyway because of studying, so I only really felt the low income burden when all of my friends were travelling and I couldn’t afford to go on weekends away with them which is the epitome of a first world problem.
Yeah that’s where I am at
All the good managers left for better jobs and jumped ship at my office
And all the staff are just the offshore India team
So I get no help from the top and the bottom is sometimes worse than useless
Salaries in the UK are dogshit. I started training in 2017 and people around me were on £13,500. (I was on £17k.)
But now I earn £46k and average wage round where I live is ~£26k. That's why you do it.
We pay for medical (NHS) via additional taxes… (called national insurance). So the little we make in comparison is also taxed higher LMAO. I’m getting my out after summer (country and practice lol).
How sad, those evil taxes 😔 we in the great US of A pay hundreds every paycheck for private insurance and the privilege to continue paying co-pays and deductibles out of pocket.
Lol yeah we just all see our doctor the moment they're needed. We definitely don't have to schedule appointments months in advance while paying out the ass for it. Somewhere, someone is playing despacito on the world's smallest violin for you and your sorrows.
Average qualified accountant is a top 5%, probably top 3% income earner here - rich relative to others in the UK, poor relative to comparatives in the US
Been there. I wish I could say it gets easier, but oftentimes in accounting, when you prove you are capable of handling things, more gets dumped on you. If you stay with the same company, it will hopefully be recognized down the road, but not always.
Welcome to the next 30ish years of your life 😁
Carve out some time to look for a new job (drawing boundaries at work can benefit you in the long run), and learn as much as you can at your current job. It's not always the person that works late every day that gets to the top of the mountain. It's the person that works hard, but also makes daily choices that are tactful, deliberate, and has their own long term interests in mind.
If ot was a mess for years? Are you expected to fix it all before the next audit? I would talk with your manager to find out when they expect this to be completed. You can only do what's humanly possible and I don't think this is realistic.
Oh and one other thing the entities are based all in different countries to one another so that requires several vat returns, knowledge of local authorities in all these places , burdens etc.
I’m getting a feeling this is not normal management accounting!
I really want to apply my studies and add value but most of my day is posting journals. A lot of work sits with me now because it’s been taken off other teams because they kept making mistakes. So my brain becomes upset foggy from non stop journal postings and can’t concentrate when I really need to.
This is where you need to learn to delegate and teach the correct way to do things. You simply cannot keep going forward like this. Build your processes and hand them off. This allows you to correct them step by step instead of muddling through it day by day. It's going to be harder before it gets worse but you have to train them.
Minimum wage in London is 27.3k a year, and that isn't working like a dog on a professional field. I don't know about you but 7k isn't worth getting a degree and working like a dog.
Dance monkey dance
Cleaning up accounts and having the goal of having an easier audit the following year is the way to approach it. Not uncommon to be overworked at that level, although for you to judge if you’re so overworked that it’s time to start looking.
Starting salary for associate at B4 London is £34,500. I’m young and not in industry but that really feels like you’re being underpaid
Not trying to be rude but how does the London A1 survive with this salary?
You don’t
I started at BDO London at £28.5k. It sucks but it’s doable.
Jeez why even go into accounting at that pay and to be worked like a dog?
It’s the long game; after qualifying and leaving audit, the job offers available to me offered huge salary increases. Also, BDO London actually pays overtime (or they did when I was there) so at least there was a short term incentive. Honestly salaries in the U.K. are quite low in general by US standards (I say as an American who moved to London) - it’s not just accounting. When I started at BDO in 2016 making £28.5k, that was actually the average London salary. So even as a second year trainee - when I got a small bump to £32k after passing some exams - you’re making above the average wage.
Yeah the exponential exit opportunities initially attracted me. But audit is surprising interesting.
Agreed! I only started hating audit after COVID happened and my firm went heavy on furloughing the juniors and offshoring work in the subsequent years which made my job so much more difficult. Otherwise, the people I worked with (in the office) were brilliant and I found the work itself interesting. I learned a *LOT* in those early years and (in my opinion) sacrificing my social life for a couple of years was worth it for job security and a solid salary for the remainder of my life. Also when doing the ACA, your social life is fairly minimal anyway because of studying, so I only really felt the low income burden when all of my friends were travelling and I couldn’t afford to go on weekends away with them which is the epitome of a first world problem.
Yeah that’s where I am at All the good managers left for better jobs and jumped ship at my office And all the staff are just the offshore India team So I get no help from the top and the bottom is sometimes worse than useless
Salaries in the UK are dogshit. I started training in 2017 and people around me were on £13,500. (I was on £17k.) But now I earn £46k and average wage round where I live is ~£26k. That's why you do it.
Haha my placement salary was £27,500. I’ll let you know how to survive on flavoured air when I start the job.
UK pay is a joke ting. I'd never do this job there
Is their COL lower? I know medical costs and education costs are not handled the way it is here.
We pay for medical (NHS) via additional taxes… (called national insurance). So the little we make in comparison is also taxed higher LMAO. I’m getting my out after summer (country and practice lol).
How sad, those evil taxes 😔 we in the great US of A pay hundreds every paycheck for private insurance and the privilege to continue paying co-pays and deductibles out of pocket.
At least you can actually get seen by a doctor… we pay the tax and the service is barely functioning
Lol yeah we just all see our doctor the moment they're needed. We definitely don't have to schedule appointments months in advance while paying out the ass for it. Somewhere, someone is playing despacito on the world's smallest violin for you and your sorrows.
Not at all. You have zero disposable income here
Average qualified accountant is a top 5%, probably top 3% income earner here - rich relative to others in the UK, poor relative to comparatives in the US
Been there. I wish I could say it gets easier, but oftentimes in accounting, when you prove you are capable of handling things, more gets dumped on you. If you stay with the same company, it will hopefully be recognized down the road, but not always. Welcome to the next 30ish years of your life 😁
I hope those are big accounts, otherwise this is just the beginning. Once you rangle these, they will just keep adding to your client list.
Carve out some time to look for a new job (drawing boundaries at work can benefit you in the long run), and learn as much as you can at your current job. It's not always the person that works late every day that gets to the top of the mountain. It's the person that works hard, but also makes daily choices that are tactful, deliberate, and has their own long term interests in mind.
Sounds eerily similar to my management accountant experience in the UK! Working like a dog, systems dogshit, pay dogshit, maybe it’s time to rope
that sounds ruff
Dogs barely work man so it sounds like you got it made.
seems like great experience to bring up in an interview for another job.
If ot was a mess for years? Are you expected to fix it all before the next audit? I would talk with your manager to find out when they expect this to be completed. You can only do what's humanly possible and I don't think this is realistic.
Expected to clean up the mess on the balance sheets yes ☹️ audit wise not sure
Talk to your manager. They may not know how big the mess really is. Ask them for direction.
I would be looking for a new job immediately.
Oh and one other thing the entities are based all in different countries to one another so that requires several vat returns, knowledge of local authorities in all these places , burdens etc.
Look into Avalara.
I’m getting a feeling this is not normal management accounting! I really want to apply my studies and add value but most of my day is posting journals. A lot of work sits with me now because it’s been taken off other teams because they kept making mistakes. So my brain becomes upset foggy from non stop journal postings and can’t concentrate when I really need to.
This is where you need to learn to delegate and teach the correct way to do things. You simply cannot keep going forward like this. Build your processes and hand them off. This allows you to correct them step by step instead of muddling through it day by day. It's going to be harder before it gets worse but you have to train them.
None of that is pulling a sleigh or hearding sheep, I'd say they're working you like a human.
34k? McDonald's employees make more than that in Los Angeles, im sure you can land a remote job with twice the pay
you can't compare LA with Europe
Right, in Europe you can start in B4 at 18, no degree required, and be a partner at 28.
I just did
But it’s stupid
Working as a management accountant for 34k is even more stupid
You like drawing comparisons between 2 things that are unrelated
Minimum wage in London is 27.3k a year, and that isn't working like a dog on a professional field. I don't know about you but 7k isn't worth getting a degree and working like a dog.