Accountancy is nothing more than an afterthought for many, and a droll one at that. However, there are many misconceptions when it comes to this rather wonderful profession and you might be somewhat surprised to hear that accountancy has many exciting elements that often get overlooked.
Many small business owners think of accountancy and what it entails as a somewhat murky subject with only a vague understanding of what it involves. So, here we’ve compiled a list of common misconceptions within the field of accountancy…
- Accountancy is a Boring Profession for Dull People with a Love of Spreadsheets
So, it’s clear to see how this misconception has come about. Accountancy does involve spreadsheets after all, however these days, accountancy has taken on a far more modern and relaxed approach, with some great computer programmes that have helped add an exciting edge to the profession. For instance, the use of cloud accounting, reduces the need for spreadsheets.
- Only Large Firms Need Accountants
This is complete bull. Any company of any size requires accounting. Without such, the finances of a business would be in jeopardy, and without money, there’s no business. Many businesses have gone bust for this exact reason. Relying on someone with little or no experience of accounts to help run a business is not the way to run a business. Doing so may save a few pounds in the short-term, but in the long-run, you’ll wish you employed someone with the expertise to help keep your business afloat.
- Accounting is Expensive
This relates somewhat to the point above… Yes, hiring an accounting team can be pricey, but this isn’t something you would do as a small business who’s just starting out. You would start with one or two staff and as the business grows, so would your accounting team. Having an in-house accounts team is an invaluable element of a successful business, without such, your business may not succeed. For those with small businesses or for those who work as freelancers, asking for professional accounting help may seem like an unnecessary expense, a service that’s not worth the money, but there are all kinds of services, and what’s more, it’s likely you’ll save you money in the long-run, as an accountant will help you to keep your costs low.
- Accountants Only Balance the Books
This is just one of the roles an accountant undertakes. Other roles include, ensuring your business complies with business regulations, helping to create a solid business plan, assisting with tax queries and HMRC matters, not to mention helping to network with others in your industry.
- Accountants are Behind with the Times and therefore Won’t Understand my Business
Ok, so we can’t speak for all accountants, and there’s certain to be a few dinosaurs out there who aren’t up-to-date with the latest technology. On the whole however, accounting is a fast-moving profession that moves with the times, updating its processes at a fast pace, to meet the latest requirements and make the life of an accountant modern and relaxed.