Accounting Myths Revealed 2016

You may relate to these accounting myths revealed below. Many people probably accept the stereotype that accounting and accountancy is a boring career, typically dominated by socially inept male “mathematicians”. Although it is generally a belief that they are well versed at crunching income taxes but with limited strategic forethought, and a lack of personality.

If you fall in to this belief category, then we haven’t met (and we should!!) – you’ll soon understand and realise that this stereotype is not actually typical.

Well I will attempt to dispel these myths from a personal perspective. Yes, it may be a personal perspective and therefore not an opinion of the general public but most of our clients would (I hope) agree with what I am about to highlight…

1. Accountants Are Good At Mathematics

It is true that some accountants are good at maths – okay, most are good at maths but it is the “Mathematicians” that are great at maths. Accountants are more like lawyers in that they have to work within controlled regulations. Although being skilled in general maths is really an essential item for accounting, unfortunately not all accountants are actually good at maths. Analysing the numbers is integral as is report writing.

2. Accountants Are All Skilled In Tax

I’m afraid that the clarity of this point is that accountants are different to auditors – and auditors are different to tax accountants.

A general understanding of accounting principles does not mean that most accountants are qualified to offer tax advice or even be able to hold a full discussion regarding tax compliance.

3. Accountants Don’t Make Strategic Decisions

Accountants are becoming more of a strategic partner in the companies that they work with. They not only interpret the numbers but they’re key in guiding towards opportunities of growth. In many cases stepping in to the top shoes when the MD is away from the business, or retires.

4. Accountancy Is Dominated By The Male Of The Species

48% of full time accountants in the UK are women. So, this statement is almost true but only “dominated” by a very small percentage! In fact it’s not really dominated at all there’s just a few more men as full time accountants than women.

5. Accountants Are Introverted

Nonsense! By the very nature of what we do, we have to be more than just friendly with our colleagues but also with our clients. In order to have a good working relationship with our clients and to provide great communication with regards to their accounts, we cannot be introverts. Lacking in social skills? I don’t think so.

Accounting Myths Revealed

6. Accountants Are Boring

Erm, think again. These famous characters either studied accounting or were accountants prior to making a name for themselves: Eddie Izzard, Mick Jagger, Robert Plant and many, many more!

So there is our brief list of accounting myths revealed – I am sure as we discover more accounting myths we shall add them to the list but for now these are the main accounting myths that we tend to hear!

As I challenged at the start of this list of accounting myths, if you fall in to the category of believing that accountants are boring – we should meet. Contact one of our team on 020 8643 9633.