The Friday Lowdown ⬇️

HAPPY FRIDAY!!! am I the only one that felt this week was sooo slow?

If you're new around here, every day I share the 4-5 best accounting insights I saw in the past 24 hours.

I scroll. so you don't have to.

💎 WTF of the Day

Macy’s accounting mess update

If you’ve been reading a while, you’ll remember we covered Macy’s big accounting f up Well, we’ve got an update.

Turns out it wasn’t some giant corporate conspiracy, it was one employee. Yep. One person understated delivery expenses back in 2021, then tried to cover it up with fake entries until the hole hit $151M. They didn’t even pocket the cash, just hid the mistake until it blew up.

Macy’s canned them, shares tanked another 10%, and now the company’s slashing profit targets and closing more stores. Investors aren’t thrilled. Neither is their auditor, KPMG, who somehow missed all this while collecting $12.8M in fees.

Source: msn

💎 What’s poppin in accounting

Why niche accountants make bank

Businesses will pay 25% more if you specialize instead of being a generalist. Big clients ($1M+ revenue) are twice as likely to hire niche firms, and once they switch, they rarely leave.

But it’s not a free pass. Clients ditch niche firms for high prices and outdated tech just as fast. For companies spending $10K+ a year, tech is just as important as expertise.

The formula’s simple, pick a lane, stay responsive, keep your tools modern, and clients will happily pay up.

Source: accounting today

 📊 Weekly Trend Chart

America hates anchovies

A new YouGov poll says 56% of Americans can’t stand anchovies. Sardines, sushi, and liver also made the hate list.

The funny part is tinned fish sales are booming right now. People are throwing “tinned fish parties” on TikTok and stocking up because it’s cheap. Economists even call it a recession signal. So yeah, America hates anchovies… but we’re eating more of them anyway.

#😂 

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