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Common Misconceptions about Accounting

  • Posted 16th March 2015

Common Misconceptions about Accounting

Do the misconceptions about accounting keep you from hiring professional accountants? If yes, then it is time you throw those myths out and steer clear about them. Here are some common misconceptions about accounting that you should stop believing in.

Small business doesn’t need an accountant.

No matter the size, every business needs an accountant to handle their finance. So, if you are a small business owner and do not think an accountant is necessary; you need to change your opinion. Not only an accountant helps to keep track of your numbers but also ensures your business never gets penalties. Accountants can fill your taxes on time, do the financial reporting, take advantages of tax opportunities and are updated with changing rules and regulations to ensure the profits of your business is increased. They can explain where your business needs to improve the performance by highlighting the concerned areas and help you to make financial decisions accordingly.

HM Revenue & Customs (HMRC) gets everything right.

HMRC are not always right. Do not assume that all the messages from HMRC to be correct as they can also make mistakes occasionally. We all know that HMRC isn’t immune to human error which can leave any business to pay more or less tax than it is supposed to. If you get a higher tax bill, you need to contact an accountant to verify about it. Do not be afraid to take action and ask them about your queries.

Accountants should be a maths genius to do your accounts.

Accountants need to use simple math like addition, subtraction, and multiplication for calculating your accounts. This means an accountant doesn’t have a maths whiz kid to handle your accounts. These math skills combined with skills to use accounting software packages and calculators make accountants a wise choice to take care of your financial transactions. However, math and accounting software are not the only things that make accountants successful. Accountants actually require a variety of skills like strong interpersonal communication, customer service, analytical thinking to stay in the lead in the accounting industry.

Accounting is same as doing taxes

Every accountant specialises in one specific area of accounting services. Taxes are only one small aspect of it. While many accountants are specialised in tax preparation, it doesn’t mean all the accountants deal with taxes on a daily basis. So, do not think that an accountant will be doing your taxes every day.

Accounting are for men only

The orthodox idea that “Only men should to be an accountant” needs to be removed away immediately. If you are in favour of such biased view, educated and qualified women can prove you wrong. Women can manage both their family and work perfectly. That is why today, more women are into accounting field than before and can do a fine accounting job as men. There you have it the misconceptions of accounting and accountants. If you have any of those fixed on your mind, you don't have to believe those false ideas any more. Stay tuned for more blog posts.

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