LinkedIn

Eager Beaver Learns the Hard Way That LinkedIn Is Not an Appropriate Avenue for Dick Pics

Over the years, we have shared dozens upon dozens of tips for making the most of LinkedIn or, as I like to think of it, Facebook for spammers and soulless corporate drones. Most of us are on it but still don’t quite understand why or what we’re supposed to do with it, aside from its […]

Random, Irrelevant LinkedIn Endorsements Are the Best LinkedIn Endorsements

Sorry if I'm a little late to this, but endorsement bombing on LinkedIn is a thing. That is, those professional accolades that you're always asked to hand out to people? People are endorsing each other ironically for random things that are of no particular relevance to anything: A couple of Rhys Wilson’s customers recently asked […]

LinkedIn Has to Pay for Sending All Those Annoying Emails

LinkedIn's Add Connections service sent a bunch of unwanted emails without people's consent and now they have to pay $13 million to settle a lawsuit. I'm glad someone finally convinced them that "Spam" isn't a valuable endorsement. [Mashable via Gizmodo]

Stop Using These Played Out Words in Your LinkedIn Profile Immediately

Are you passionate? Motivated? Responsible? Well guess what, you're also boring. LinkedIn has released its list of most overused nonsense words and you probably have at least 9 of them on your profile. Please, remove them immediately. Especially if one of them is "creative," since obviously you're anything but if that's the best you can […]

Deloitte So Desperate to Populate Its LinkedIn Group They’ve Resorted to Bribery

I'm not sure why an accounting firm would even care how many members its LinkedIn group has, perhaps it's just another dick measuring contest among the Big 4. I would think they'd be more worried about avoiding lawsuits and staying off the PCAOB's ever-growing shit list but whatever. US National Relations has just pestered alumni […]

LinkedIn Ranks the Best Undergrad Accounting Programs Based on Employability

Another day, another ranking. This time, LinkedIn did the math and figured out which accounting school tops the list in jobs. Makes sense, isn't that why you go to college in the first place? Here's how LinkedIn analyzed the ranking: First, we identified the top companies where Accounting Professionals are choosing to work. Next, we […]

This PwC Job Listing Gives Just a Little Too Much Information

So you're a skilled international tax person looking for a new gig. You come across this job posting on LinkedIn and find it interesting: Are you interested in the opportunity to work for an industry-leading firm that services clients that include the Fortune 500, and will give you the experience and exposure you need to […]

EY Is Not Against Using the Deloitte LinkedIn Group for Recruiting Purposes

It may not be specifically forbidden in the unspoken Big 4 playbook but I believe it is assumed that firms consider other firms' LinkedIn groups off limits when it comes to spamming for candidates. This guy at EY did not get the memo: Now, the video isn't just an informative short film on, say, ethics […]

FLASH: Male Big 4 Chairman Cannot Entirely Relate to the Experience of a Working Pregnant Woman

I couldn’t entirely relate to Valerie Jarrett’s story detailing the discomforts of being nearly nine months pregnant and stuck working at an uncomfortable conference table until 2 a.m. But, like her, I do clearly remember the stress of trying to make it home in time for activities with my children when they were little. Valerie, […]

Recruiters Attempting to Recruit People Who Work at McGladrey to Work at McGladrey

McGladrey doesn't have a very good reputation when it comes to recruiting, mostly because they can be so enthusiastically obnoxious about it. But this latest snafu is so awkward — even for McGladrey — that we wonder if they don't do this stuff on purpose. Guys, you need a new recruiting firm. One that, like, […]

A Creepy Dating App Apparently Cruised LinkedIn to Make You Think Your Colleague Wants You

This is, um, awkward. Even folks who make office romances as regular as 10 minutes in the can after the morning coffee might find this creepy. It's creepy. Kash Hill has the story at Forbes: Last month, many people received an email from a dating app called Sway letting them know that a co-worker had […]

Helicopter Parents are Hitting Alumni Groups on LinkedIn to Find Junior a Job Now

I am so glad my mother and I both sawed off my umbilical cord long before I turned 18 so she never mortified me with this kind of behavior. A tipster sent us this post from an ambitious parent posting in a PwC employees and alumni group: Aren't those groups, I dunno, specifically for current […]

If You’re Engaging in Insider Trading, You Probably Shouldn’t Connect With Your Insider On LinkedIn

Two guys in Australia have been arrested for insider trading, money laundering, corruption and abuse of public office. Australian Federal Police allege the offenses went down between August 2013 and May 2013 to the tune of $7 million AU (about $6.5 million US). How did they get caught? Funny you should ask. An astute foreign […]

You Can Turn LinkedIn Stalking Into a Job, Says Guy

Forgive my skepticism but I don't see the "Who's Viewed Your Profile" feature on LinkedIn as an opportunity to return the stalk, make a new connection and possibly land a new gig. But this guy seems to be convinced that's exactly what you can do: If you look at the right side of your LinkedIn […]

Finally, LinkedIn Gives You the Option to Turn Off Endorsements

We have discussed LinkedIn endorsements previously — I would like to thank everyone who endorsed me for losing the remote, cat wrangling, writing about endorsements, and general mayhem after that post — but at that time, there was nothing to do about them except ignore them and heavily judge the people who use them. Always […]

We Can’t Find a Single Thing to Mock in Mark Weinberger’s LinkedIn Debut

Trust us, we looked. In case you missed it, our CEO & Chairman is now a LinkedIn Influencer. Read his first post here: http://t.co/WdmzLv0TEt via @LinkedInPulse — EY (@EYnews) February 25, 2014 We humbly present the first part of Three Critical Skills Today’s Leaders Need: Which of the following factors can render your business model […]

Scott London’s Updated LinkedIn Profile Is the Greatest Thing Ever

As pointed out by Attestation Update, looks like Scott London is hoping to put all this insider trading drama behind him and start fresh. He brings to the table years of experience and just a few bad choices. If nothing else, you have to give the guy credit for giving exactly zero fucks instead of […]

Are You a Confident Person? Check This List and Find Out

There are two types of confident people: the unassuming, amazing individual who is quietly incredible and the self-absorbed douche who thinks his shit don't stink. Unfortunately, most "confident" people you come across are the latter. According to this post by Hubspot founder Dharmesh Shah, here are just a few qualities of truly confident people (not […]

How to Make Small Talk For Human Beings Who Have Never Communicated With Other Human Beings

I'm posting this only because I know from having spoken to some of you, there are a few among you who need these tips. For everyone else, let's go ahead and mock accordingly. This article appeared on LinkedIn and wants to help you learn how to make small talk if you're really at a loss. […]

The Allscripts Director of Corporate Audit Accused by SEC of Insider Trading Once Worked at Deloitte

Feel free to refer to our earlier post about Steven Dombrowski's trouble with the SEC. So, there wasn't much about our pal Steve in the SEC complaint, but that's what interns are for. I put my kitten to work against Google and she was able to pull up this now-removed LinkedIn profile that tells us […]

You Can Run But You Can’t Hide. Therefore, Sabotage Your Coworkers

Ahh recruiters. Each time I received an email, phone call, voicemail, or LinkedIn message it was a game. Which of their desperate ploys will actually stand out from the rest? Inevitable answer: none. Sometimes it feels like the staffing industry is filled with used car salesman beating down our inboxes. My favorite is when they […]

LinkedIn Endorsements: Value or No Value?

The Cynical Girl asks: What’s the value of a LinkedIn endorsement or recommendation? I won't blockquote half her article here, you can go over and read it if you'd like to (and you should). I will, however, give you a good example of why endorsements are pretty dumb. You see that? Those are, apparently, the […]

Are Booz Consultants Hoping to Get Poached Ahead of the PwC Deal?

Apparently, some folks at Booz are busy little bees on LinkedIn: Booz & Company management consultants have rushed to update their resumes and LinkedIn profiles after a proposed takeover by big four accounting firm PwC was announced last Thursday. It has raised concerns about how much talent and inherent value will evacuate the $80 million domestic […]

The Accountant’s Definitive Guide to LinkedIn

The business savvy social network LinkedIn can actually help you land a better job than the one you call home right now. I’m sure some of you have actually used it to help you find a job, in which case I hope you share your triumphs with the rest of us.

The Accountant’s Definitive Guide to Networking

Happy Friday, GCers. With summer events in full swing and summer interns about to pop up in your office, I thought it’d be a good time to talk about networking. As always, share your war stories and successes in the comments below. If You Are on CampusEfficient networking while you are still in college can […]

Miserable Commuter Is Stuck Between a Recruiter and a Hard Place

It's Monday and I've spent half the day on the phone with a Board of Accountancy robot so you don't get anything creative here today, sorry. Just the usual spiel about blah blah career problems blah blah your sucky life blah blah email us for advice. Hi Adrienne! As a faithful reader of GC, I […]

Recruiting Season: Some Social Media Basics For The New Accountants on the Block

Chances are at some point someone in HR with too much time on their hands is going to Google you. Unless you are a John Smith, it would be wise to be proactive when it comes to your Internet presence, lest your potential new employer dig up your Facebook album called "CANCUN PEED ON MYSELF" […]

LinkedIn Etiquette: Adding Professionals You Meet During the Recruiting Process

This one comes from the mailbag. If you're somewhat new to GC, let me break it down: I can help you with all things social media and the CPA exam. Salary questions and all that crap should go to our general advice mailbox but if you have a question about how not be an ass […]

Your Ernst & Young Entrepreneurs Of The Year Include the Dude From Groupon, Patrick Byrne

We really don’t pay much attention to the E&Y Entrepreneur thingamajigs because, well, it’s boring. Sure, we like entrepreneurs just fine but c’mon. These guys are filthy rich and successful and E&Y gives them trophies? Is this sort of commercial circle jerk really necessary? Regardless of our personal feelings, the awards are a big deal – Jay Leno hosted this year’s event for crissakes – and the Google News feed for E&Y is constantly clogged with stories about people advancing to the next round of voting like some sort of capitalist March Madness.

Anyway, Casa de Turley officially announced this year’s winners over the weekend and Reid Hoffman and Jeff Weiner, founders of Facebook for Suits LinkedIn, are your entrepreneuriest entrepreneurs.


In addition to the dynamic duo there are quite a few guys you’ve never heard of that are doing well for themselves including Roger Linquist and Jose R. Mas. See? Never heard of them, have you?

There are also some winners that you have heard of including Andrew Mason, one of the co-founders of virtual clipfest and increasingly looking insolvent Groupon. As well as Patrick Byrne, the founder of Overstock.com. You know, the guy on the Segway. The guy who Sam Antar can’t help to poke and prod every chance he gets. The guy whose company is being sued by seven California counties thanks to a Walmart sticker. The guy who may have had some weirdo trolling a bunch of bloggers’ Facebook friends. Yes, that Patrick Byrne.

But HEY! not every entrepreneur can be squeaky clean. It’s not like he’s Pete Rose or anything. Unless you count this.

[via E&Y]

Recent Grad Wants To Know Why He Should Care About LinkedIn

Ed. note: If you have a question for our career advice brain trust, ending it with compliments is definitely the way to get it answered quicker and with much less snark than usual. Just a tip.

Hey Adrienne,

I’m a recent college grad, just started at the Big-4, with prior work experience at some other companies, and a few people now have recommended that I start using LinkedIn as a means of keeping in touch with people. So far I’ve just been nodding my head and thinking to myself that I’ll get around to it some day, but in all honestly, I’m really not sure what LinkedIn is or why it matters. It seems like a way of making all my work stuff public for someone to scrutinize before I start on tlly when apply to their company) and I don’t see why that’s the greatest idea ever. I feel like Facebook can lead to some awkward quasi-friendship and feel like LinkedIn is a similar tool. I understand that there is a difference between just networking and asking for “recommendation” on the site, but other than that, I’m pretty much clueless. One other concern is that while it’s not my aim right now, I feel like creating a LinkedIn account is like making a sign saying that I’m ultimately looking to jump ship. Perhaps you or some readers could provide additional insight?

Thanks,

-Prefer to be Anonymous (get it, that’s why I don’t see what’s so great about LinkedIn).

P.S. You don’t have to tell Caleb, but I was talking to some co-workers and we definitely agree that GC is better when you’re in charge, thanks for the great work!

Oh come on, PtbA, you didn’t think I’d broadcast that all over the place? Thanks for the kind words, glad I’m not scaring you kids away this week. Let’s hope Caleb is still obsessively reading the site while sequestered in an unnamed third world country and sees this, even if it only confirms what he already knows.

Anyway, LinkedIn. Let me confess that even though my career specialization is online brand management and social media, even I was a bit sketched out by LinkedIn at the get go. I am a proponent of Internet privacy, at least as far as one is able to keep their details private while also maintaining their online presence. But when I first signed up for LinkedIn years ago, I was mortified by the sheer amount of information they wanted from me. Sure everyone knew where I worked anyway but why was it anyone’s business on LinkedIn?

Let me disclaim this next part by saying I absolutely love my job. If a competing online media outlet tried to poach me tomorrow, I’d kindly tell them to stick it up their www.ass.com. But for you as a public accounting grunt, having a solid presence on LinkedIn will pretty much guarantee that you are out there in front of firms both big and small looking for talent.

Having a fully developed LinkedIn profile does not make you appear ready to jump, it simply means you are in charge of your online identity. You might be happy with your firm now but you never know if that will change, and it can be handy to have connections at other firms just sort of lurking around.

While LinkedIn is a good tool for keeping connected with professionals (especially if you, like me, use Facebook to post pictures of your cats, you drinking or your cats drinking, which can be viewed as unprofessional in many circles), there is nothing that says you absolutely must have a profile. The benefit to having one is that when people Google you (and they will), your LinkedIn profile is one of the first results and you control the information shared. Because LinkedIn does not have the same “wall-to-wall” features as Facebook, it is a slightly more professional way to connect with people who you might not necessarily want to check in with all the time but still want to keep in your social circle should you need them later.

It isn’t that much of a pain to pound out a few paragraphs about your work experience and skills, and is actually a good exercise in professional development. Many of us don’t even realize what it is we do and what we’re good at until we are forced to analyze that, be it for a resume or for a LinkedIn profile. I actually found that part fun when I was putting my profile together but I’m kind of a sick puppy that way.

Since you’re new to this whole public accounting game, you might not realize how important playing the game is to your career, but if you do get that, think of LinkedIn as just another part of that game. Do you have to do it? Absolutely not. Should you? Probably. Can I give you a good reason why? Not really.

Just set aside an hour or so, fill in some of your info and skills and call it a day. Who knows, you might enjoy it.

PwC Is Still Looking For (Other Big 4’s) Talent

We didn’t say poaching. But if we did say poaching, we’d also mention PwC is pretty damn good at it.

A non-PwC but Big 4 tipster shares an unsolicited email received on LinkedIn. Names have been redacted to protect the innocent (and guilty):

Significant Audit Opportunity with PwC in Chicago!
Dear ______,

Hello! I took some time to review your profile and felt that it would be mutually valuable for us to connect. I am a the manager of the talent acquisition team for our Assurance group at PwC, and we are currently experiencing substantial growth in this area across the US. In fact, our Chicago region ranked # 1 out of 6 markets with respect to growth in 2010.

Therefore, I’d appreciate the opportunity to set up some time with you to have a dialogue around industry and marketplace trends and PwC’s current expansion plans.

Even if you are not currently exploring outside opportunities, I would welcome the chance to network with you. Alternatively, if you know of anyone else who is open to considering new ventures, please feel free to pass on my details. With all the changes going on in the industry, especially at PwC, it’s always good to do a little information gathering.

Please feel free to contact me, or _____, Experienced Recruiting Associate – Assurance, at________ or at _______.

I look forward to hearing from you.

Is it just me or is “a little information gathering” a totally creepy proposition? And really?! “Significant” position? That’s the best they could do? I’m sorry but if I were a Big 4 grunt happy with my employer, it would take more than “significant” to get me to double cross them by abandoning them for the enemy.

Of course, this teaches those of you miserable in your current positions that it is important to have an updated LinkedIn presence that will draw in those anxious recruiters in like flies to Caleb’s armpits after a marathon yoga session.

Go get ’em, PwC!

How to Request Recommendations on LinkedIn Without Giving the Impression That You’re Jumping Ship

Ed. note: Got a question for the career advice brain trust? Email us at advice@goingconcern.com.

Good afternoon, GCers. No time for small talk. Let’s get to it.

Hi Caleb,

With regards to LinkedIn, do you have any advice on how to request recommendations from superiors, other coworkers, and clients, without giving the impression to my own superiors that I want out? For some background, I am a Senior 3 in EY’s TAS group and have been here since I graduated college.

I like what I do and I work hard to get the job done right, but the double-edged sword of being a “high performer” is that you are continuously staffed on the complex engagements withhat are constantly go-go-go. Needless to say, my social life has become essentially non-existent during the week. I am not actively looking to move to another company given I am up for promotion to Manager this year, but I am starting to think that it would be beneficial from an upward mobility standpoint to make a move elsewhere, and I think getting recommendations on LinkedIn would be a solid start.

Thank you,
J.

J.

Great question. Now, there is no fool-proof way to prevent against raising suspicions, however, you can ask certain colleagues in such a way that will both minimize suspicions and even gain a bit of their respect.

No one knows how LinkedIn will evolve in the coming years. It quickly went from a “why are you on LinkedIn?” website to the year’s biggest tech IPO (for better or worse, but that’s a different story altogether). There’s no denying that recruiters – both headhunters and in-house specialists – use the website as a search tool, so I can understand your desire to beef up your profile. My suggestion is to have recommendations from a peer, a superior, and depending on the relationship, a client. My suggestions for targeting potential rec’s:

1. Superior – The trick here is to pick a superior that is active on LinkedIn. I bet if you searched LinkedIn for the leaders of your group that you’ve worked with, their profiles will fall into one of two categories: a) active or b) dormant. The dormant LinkedIn profile might not show the recent promotion, give little to no description about their practice line or specialties, and they’ll be lucky to have more than 25 connections. The active user (and the person you want to target for a recommendation) will have a very active profile: details about industry knowledge, present title within the firm, probably 100+ connections, and – if you’re lucky – a few recommendations from peers. This is your target.

How to target? Simple. Be honest and straightforward with them in the sense that you are taking your public image within the firm very seriously. You can also mention that LinkedIn is a professional website and you’re hoping to have your hard work properly recognized amongst profiles online; after all, it is a very competitive market within your practice. You can also offer to leave a respectful recommendation on their profile from the perspective of a direct report.

There are two reasons you want to target an active LinkedIn user. First, they know how to use the site, unlike the partner with seven connections who probably doesn’t remember his/her login password. Also, an active user understands the value in having a complete profile. They will likely respect you for taking your public image (and the image of the firm) seriously.

2. Peer – did you and a coworker spear-head a project, push through challenges, and deliver an exceptional product to your clients? There’s nothing wrong with recommending each other’s work. It will demonstrate that you are a team player and work well with those on your level.

3. Client – if you are close with one of your clients, this is a no brainer. Have him/her slap a few nice words on your profile regarding a project or engagement. This will look great on your profile – to both recruiters and your superiors.

The safe, fall back reasoning for pursuing all of these recommendations is that you are hoping to polish up your profile and public image as it is seen within your firm and by your clients. If a recruiter happens to be impressed, so be it. Added bonus.

Has anyone else reached out to one of the groups above? What are your experiences? Share in the comments.

How Accountants Can Best Utilize LinkedIn

The following post is republished from AccountingWEB, a source of accounting news, information, tips, tools, resources and insight — everything you need to help you prosper and enjoy the accounting profession.

Many people who advocate online networking do so in a generic way that can be a turn-off. They may argue that the same principles apply regardless of our business or professional activities. However it’s long been my experience that accountants are special and need to be addressed differently.

De some other online social media, I actively encourage accountants to register on LinkedIn – even if they intend doing nothing else there. In my view it’s the only online networking site where you can benefit from simply having a decent profile online.


Generally, online networking can only work if you are active and netWORK. This is also true of LinkedIn but, unlike the other sites, it is the only one that people use as a directory to search for someone like you.

This passive approach to LinkedIn may not produce as good results for those who make more active use of its facilities. But for most accountants, it’s better than nothing.

I recently caught up with Mark Perl, one of the UK’s leading LinkedIn advocates and trainers. He also understands accountants and promotes the site as the one place where we should all manage our professional reputations online.

At a bare minimum, Perl thinks all practitioners should complete a LinkedIn profile to help them be found and to optimise their search engine visibility. At its best, the site enables individuals to showcase their specific expertise to attract clients. Perl goes further and claims it is also the most effective business development and client retention resource currently available. Mark Perl and I each have detailed profiles on LinkedIn as do an increasing number of accountants in practice.

Perl comments, “When you know how to use LinkedIn well, you’ll save yourself a ton of time. You’ll walk through open doors instead of making cold calls, you’ll enhance your personal reputation, and the profile of your practice, you’ll access outstanding information and opportunities that you would previously have missed and, ultimately, you’ll increase your revenue.”

I’ve previously identified five ways that accountants can benefit simply from establishing their profile properly on LinkedIn. There are numerous other ways in which you can benefit further if you are proactive on the site. For example, Perl encourages accountants to use their LinkedIn profile and the answers section to set out their specific areas of expertise. He points out that this offers an opportunity to differentiate your firm’s particular values and virtues.

LinkedIn now has over 75 million business people as members and during March this year UK membership rose above 4 million.

For accountants who are keen to grow their practices this is a veritable goldmine of prospects. “The Advanced Search capability within LinkedIn can uncover all the business leads you’ll ever need, within your geographic location, within the specific sectors that are of interest to you, within companies of the size you prefer to approach and with the very name and job title of the decision maker you wish to engage with,” says Mark Perl.

I think he’s also right that LinkedIn is “unsurpassed” for business development. If used properly, it can be far more effective at generating leads than spammy old direct mail/email campaigns and cold-call telesales drives.

Share your thoughts on this topic in the Accounting forum on our sister site, USBusinessForums.

Accounting News Roundup: KPMG’s Hiring Spree in Europe; Herz Gets Nostalgic; Stalemate on Estate Tax Could Benefit States | 10.05.10

KPMG joins Big Four hiring spree [FT]
The FT gives us the scoop on the Radio Station hiring bonanza in Europe (if you’re experienced go here), “KPMG is hiring 8,000 new staff across Europe over the next three years, signalling a recovery in the corporate services industry.

The hiring includes 3,000 staff in Britain, even though the UK government has pledged to cut its consultancy bill amid growing public unease over the billions of pounds spent on professional fees in the past decade.

The recruitment drive will take KPMG’s workforce from 30,0Europe, excluding France and Italy, and from 11,000 to 14,000 in the UK. KPMG also has ambitious hiring plans in France and Italy.

The corporate services industry had been hit by the global downturn, with the Big Four accountancy firms – KPMG, Ernst & Young, PwC and Deloitte – criticised for their role in signing off financial statements stuffed with assets that plummeted in value during the crisis.”

After Eight Years at FASB, Herz Looks Back [CFO]
Q&A with the man himself. Can you guess which accounting pronouncement he’s a big fan of?

Two Accounting Firms To Pay $1.7 Million To Settle CFTC Charges [Dow Jones]
“The charges stemmed from audits of Sentinel that were conducted between 2004 and 2006. The firms, McGladrey & Pullen LLP and Altschuler, Melvoin & Glasser LLP, agreed to pay $400,000 and $800,000, respectively, in restitution to Sentinel’s customers who suffered losses as a result of the Illinois-based futures commission merchant’s bankruptcy.

They were also required to pay civil monetary penalties of $150,000 and $350, 000, respectively, according to an order that was filed Monday. McGladrey & Pullen acquired assets related to Altschuler, Melvoin & Glasser’s audit practice in 2006.”

Ex-SocGen Trader Kerviel Convicted of Trading Fraud [WSJ]
” Paris court sentenced former Société Générale trader Jérôme Kerviel to three years in prison for his role in one of the biggest trading scandals in history, ordering him to repay a whopping €4.9 billion ($6.69 billion) loss suffered by the French bank.”

Investor Feedback Summary May Foretell FASB Retreat [Compliance Week]
“The Financial Accounting Standards Board may be sending up a smoke signal with an unusual missive describing how investors aren’t entirely in love with the board’s proposed new rules on financial instruments.

The board published a nine-page description of its interaction with investors regarding the FASB’s controversial proposal to call for more fair value in accounting for financial instruments. It opens with a reminder that FASB writes accounting rules to assure that financial statements produce information useful to investors, then explains how investors are reacting to the proposal when the board conducts face-to-face meetings with investors.”


State Estate Taxes: Windfall Gold in Expiring Tax Cuts [TaxVox]
States make out pret-tay well if Congress bumbles the estate tax.

U.S. hits AmEx with antitrust suit [WaPo]
“The Justice Department announced Tuesday that it had filed an antitrust suit against American Express for preventing retailers from offering customers discounts for using rival credit cards with lower processing fees.

Federal officials added that they had reached a proposed agreement with Visa and MasterCard over the matter.

The issue of ‘swipe fees’ has long been a thorn in the side of the retailing industry, which complained that it has little power to inform customers of the differences in card costs. In its complaint, the Justice Department estimated that the fees cost merchants $35 billion each year – resulting in higher prices for shoppers.”

LinkedIn and PwC Launch Breakthrough Career Mapping Tool for College Students [PR Newswire]
“LinkedIn, the world’s largest professional network with more than 80 million members globally, today launches Career Explorer in collaboration with PwC US, one of the largest employers of college graduates in the United States. The new LinkedIn Career Explorer tool provides current college students with unique, data-driven insights to help them build their careers.”

A Shift at the Top of Twitter [DealBook]
“Evan Williams, the co-founder and chief executive of Twitter, is stepping down to lead product strategy at the company, Twitter announced on Monday. Dick Costolo, the chief operating officer, will succeed Mr. Williams.”

Accounting News Roundup: BP’s Tax Break Could Bring Congressional Belly Aching; Steinbrenner’s Will Postpones Decision Estate Taxes; KPMG Foundation Awards Minority Scholars | 07.28.10

BP Seeks Tax Cut on Cleanup Costs [WSJ]
“In releasing second-quarter results Tuesday, the London-based oil giant said it was taking a pretax charge of $32 billion to cover damages, business claims an the next several years.

That total will be offset against its U.S. tax bill, resulting in a $10 billion reduction in taxes, the company said. The tax reduction will cut the company’s anticipated net spill-related losses to $22 billion, the company said.

BP paid $10.4 billion in taxes world-wide last year, according to its 2009 annual report.

Tax experts said that BP’s filing reflected standard accounting practices, even if the sums involved were unusually large.”

The Boss’ will power [NYP]
“The Boss’ will stipulates that an undisclosed portion of his estimated $1.1 billion sports, shipping and racehorse-breeding fortune will go into a trust for his widow, Joan, 74.

And it assigns Steinbrenner’s lawyer, Robert Banker, to decide whether that trust pays federal estate tax for this year, or not until after Joan Steinbrenner dies.

Although there currently is no federal estate tax for 2010, that could change if Congress acts to close the loophole and enacts such a tax retroactively, putting Steinbrenner’s estate on the hook for $500 million or more.

But under the law, Banker would have nine months from Steinbrenner’s July 13 death to decide if the estate should pay estimated estate tax for a 2010 filing — or at the rate in effect whenever Joan dies. Banker can take another six months before deciding to make that move permanent.”

LinkedIn Value Tops $2 Billion After Tiger Global Investment [Bloomberg]
“Tiger Global Management LLC, a hedge fund founded by Chase Coleman, paid $20 million for a stake in LinkedIn Corp., valuing the professional-networking website at more than $2 billion, said two people familiar with the matter.

The purchase, at $21.50 a share for about a 1 percent stake, was from existing shareholders and doesn’t represent new investment, said one of the people, who declined to be identified because the sale has not been disclosed. LinkedIn, based in Mountain View, California, is closely held.”


Sexy SAP? Surely not!! [AccMan]
SAP is known for helping HUGE companies manage all of its resources including CRM, accounting, HR, etc. etc. with enterprise solutions. There’s no chance that a huge company like this with a slew of mega corp clients could have something sleek and flexible for your small business, right? Dennis Howlett would beg to differ:

“SAP has a reputation of being big, heavy, slow and expensive. Fine for the Nestlé’s and Colgate-Palmolive’s of this world but hardly a fit for an SME business. That’s simply not true. ByDesign can be used by companies as small as 10 users. 20 users would be nice but 10 is OK. If you’re moving from say Line 50 then implementation and data transfer can be handled for less than £10K. You’re going to do a good amount of work yourself in learning how this thing works but SAP has provided plenty of guided learning material to help.”

Including a video that DH has up over at AccMan today. So simple, the editor of an accounting blog can understand it. No more excuses, people.

KPMG Foundation Awards $470,000 in Scholarships to 47 Minority Accounting Doctoral Scholars [PR Newswire]
“The KPMG Foundation [on Tuesday] announced it has awarded a total of $470,000 in scholarships to 47 minority accounting doctoral students for the 2010–2011 academic year. Of the 47 scholarships, the Foundation named 12 new recipients and renewed 35 existing awards. Each scholarship is valued at $10,000 and renewable annually for up to five years.”

IRS Demands $45 Million From Billionaire McCombs [Forbes]
Clear Channel founder and former Minnesota Vikings owner, “Red” McCombs finds himself in a similar pickle with the IRS as Phil Anschutz.

Exodus Watch: Some Are Concerned About the Direction of KPMG’s Headcount

Granted, this does not take into effect the 23 soon-to-be KPMG Kampers jumping over from Grant Thornton but at least one Klynveldian was concerned enough to send us this:

Our source told us, “Linkedin.com gives these updates to those listed as KPMG employees.” Thinking this over, this may be trailing the movement we’ve seen over the last couple of months (since no one updates their LinkedIn accounts). Or this could just be the latest round of ship jumpers. With comp adjustments coming up relatively soon, you’d think people would sit tight for just a smidge longer to see how things shake out. OR maybe these LinkedIn numbers are just a bunch of malarkey and our source is going ape for no reason. We’re not really at liberty to say.

Discuss the latest bodycount in your office.