4 Common Myths about Accountants Debunked

Accountants routinely get something of a bad rap. In Hollywood films, accountants are often regarded as synonymous with the words ‘dull’ or ‘humdrum’, but this is of course nonsense; one cannot be accurately defined by their job role alone, regardless of what it happens to be.

This is the most obvious and commonly spouted myth about accountants, so let’s take a look at a few others so that they can be settled once and for all.

1. Accountants are mathematics whizzes

Accountants do, of course, encounter maths issues as part of their work, but this does not mean they are able to solve maths problems in their head in the same manner as Dustin Hoffman’s character in Rain Man. They are experts when it comes to analysing numbers and data, not necessarily at performing complex algebra.

2. Only big businesses need to use accountants

This myth, which has been circulating for years, is absolutely not accurate. The rumour seems to have emanated from the idea that because small businesses have smaller incomings and outgoings, and deal with fewer people, accountants are of little use. This is, of course, ridiculous; if anything, smaller businesses have much more to lose should they mess up their figures because their margins are so slight, and because the business owners are liable to have little experience when it comes to handling the various financial elements of a company's operations.

3. Accountants are only useful for assisting with tax returns

While this may once have been the case, it hasn’t been true for a long while. Accountants can do far more than assist with your tax returns; they can help businesses plan for the future, can advise when it comes to investing in equipment/processes, and can help you structure your business in a manner that is not only efficient, but will ensure it is built upon foundations that will allow it to grow.

4. Accountants are expensive

This is one of the rumours that is heard most often, but it is simply not true. Utilising the services of an accountant will cost a business some money, but the same is true of any expense or outgoing. What is often ignored by those who claim accountants are expensive is that they provide tangible benefits and ensure that companies do not end up losing out on money or getting fined for filling out tax returns improperly. Hiring an accountant should really be regarded as an investment rather than an expense.