Many individuals have fallen into the misconception that accountants and mathematicians. You come to dawn to an individual who truly pursues what accounting is come to an understanding that accounting is quite different from mathematics. This article seeks to discuss some of the myths that come from societal perceptions of accounting and we intend to give the right interpretations and clarity.
Many people think that an accountant is a personal tax returns payer or agent which is not true. The truth of the matter is that when a business builds up to reach a particular size, there is need of hiring a tax preparer and not an accountant. It is in the job mantra of an accountant to know what to about taxation and personal tax returns but this is only good for small-scale businesses as they can’t specifically outline some of the tax problems that are for large businesses as they prove to be more complex and out of the profession of an accountant.
When a will particular individual thinks about an accountant they immediately relate to the profession with a male figure in this perception is not true. Statistics show that the ratio of women to men the accounting profession is 50% or even higher to the lady’s’ favour. It is true that the profession has been male-dominated for a long time but over the years, there has been a growing interest over women to take over positions in the accounting profession and the number keeps on going.
Many people think that small businesses do not require the services of an accountant until the business reaches a certain level of complexity. Without the services of an accountant daily how much loss you have made and to rightly help with personal tax returns in the most convenient and cost-effective way, an individual can keep on deceiving themselves about their financial position and they want to know the truth until they start experiencing losses in business. An accountant can be able to give you needs and clean file returns while at the same time they can be able to give you a regular update of your financial position and these monthly financials can enable an individual to make rational and informed decisions when it comes to their business as opposed to how they make decisions on their own without an accountant.
The most popular misconception about accountants is that they are mathematicians. It is true that accountants do use math in the profession but that does not make them mathematicians as there are many professions which still use mathematics. The real deal about accounting is that they are storytellers and they are able to give stories about assets, incomes, expenses, liabilities, cash flows of a particular business within a particular time.