Myth about Accounting

Myth about Accounting

1 . Accounting is about math

You know who s good at math? Mathematicians. Oh and engineers and computer programmers. Accountants are forced to work within regulatory guidance and act as lawyers more often than they are practicing math nerds. They re essentially lawyers who use numbers. While being good at addition, subtraction and basic algebra is a prerequisite for accounting (and life overall), not all accountants are good at math.

2 . Technology is Eating Up the Accounting Profession

Technology is certainly adding another layer of complexity to the life of accountants, but it will be a long time before technology totally eliminates the need for their positions. Public accounting firms hired a record number of college grads in 2012 (40,350) and expect those numbers to remain constant or even go up. Not to mention you see accounting on most in demand careers lists that float around the internet.

3 . Accountants are introverted or boring

Even a tax accountant has to be a people person have to work with clients, employees, vendors, client s customers, etc take accounting and turn it into understandable language for my clients who range from Funeral Homes to Hair Stylists. I get to teach them how their numbers can tell them the stories they need to hear and what their futures may hold.

4 . An Accountant will cost me an arm and a leg

My colleagues and friends in college were awesome and we were all accounting students. We went out for drinks, went dancing at clubs, went to the lake swimming and skiing, worked out at local gyms, etc.

5 . Accountant equal Tax Preparer or IRS Agent

The true definition of an accountant is one who has a degree in Accounting. Yes, I prepared taxes right out of college when I worked for a public CPA firm, but the only reason that I was required to do such was because the partner I worked for had a few tax clients. Mainly, I audited companies. This does not mean a tax audit. This means that I went in, looked at their books and spot checked for accuracy. After this, we would give them a report on needed improvements and areas that looked good. This is a very brief summary of a company audit.

6 . Accounting is for Men only

The ratio of women to men is either 50% or higher in the women s favor. As a matter of fact, most are dominated by women men in the executive positions, but women are growing quickly in this area as well. As many companies see that women can balance family and work, they are respecting the abilities and qualifications of women in these fields.

7 . Accounting is only important at tax time

Tax time might be the most crucial few weeks for bookkeepers, but it is certainly not the only important time. Actually, it s necessary that you keep track of your books at all times of the year. If you stay on top of your finances throughout the year, not only will filing be much easier, but you ll be able to take advantage of growth opportunities while mitigating risks from any source. Staying current on the books is one of the best ways to ensure continuity.

8 . I really don t need accounting reports to know how my business is doing

Having a full time internal or external accountant can save you much future heartburn. An accountant will help organize your finances in a timely fashion, allowing you to make good financial decisions and take advantage of opportunities for growth. Not to mention, they ll make your life a lot easier around tax time.

9 . Accountants like it when you make fun of them

For some reason every one seems to thinks accountants are the masochists of the professional world. We just work hard and don t complain.

10 . Manual accounting is fine If it isn t broke why fix it

: Accounting software yields too many benefits to ignore. You are most likely wearing many hats, and accountant is just one of them. Bu you simply don t have enough time. Many digital solutions are catered specifically to small business needs, which can give owners customizable tools to achieve success.