Accountants: What's the most challenging accounting task you've have to solve?
I've worked in accounting for 3 years, primarily with small businesses. I've recently began interviewing for positions at larger companies and I feel self conscious when answering this question. Most of my isses have been related to errors in technology/systems or processes and not so much complex accounting issues (or at least I didn't think so). Can anyone give insight to how they did/ would answer this question and state your level of experience?
- JohnsonLv 46 months ago
International accounting association.
- shipwreckLv 77 months ago
There was an embezzlement from a company where the bookkeeper scrambled the data to hide it. She also didn't pay payroll taxes or do financial statements. The IRS and other agencies had been calling but she said she would pay them tomorrow and always was the one answering the phone. She got a drug overdose so missed some work and someone else answered the phone. The IRS was ready to shut down the business and giving huge penalties. We had to figure out who owed money and what bills were due, vendors had them on COD. The payroll, ap and ar files were corrupted. We managed to hold off the Fed and state government, reconstruct accounting records and get statements done to get bank loan. Then we got the agencies to waive the penalties. The criminal had her boyfriend, mom and mom's boyfriend she gave them all cash advances and never took them out of paychecks. They were judgement proof since on drugs and broke. The owner wanted her in jail but prosecuting her was expensive. We informed the IRS she had not paid taxes on embezzlement income. The owner saw her coming out of a bar and she was arrested for tax evasion.