Busted! Don’t Believe These Myths About Accountants!
Accounting professionals provide quantitative financial information to businesses to help them make sound business decisions, track expenses and income, and ensure compliance. When your financial records are clean and up-to-date, you can be assured that your business will grow smoothly.
Despite this, the role of accounting professionals has been unfairly maligned. They are subjected to stereotypes and misconceptions about their profession and services. So, to dispel these myths and misinformation, ACT Services has debunked three of the most widely believed myths about accountants.
Myth 1: Accountants exclusively deal with taxes
Not all accountants know how to do taxes. Like finance, management, and cost accounting, tax accounting is just one of the branches of accounting with its duties and responsibilities. Tax accounting involves the preparation and filing of tax returns by the deadlines. Tax accountants are responsible for verifying the business’s compliance with the tax laws and regulations by ensuring that all the tax obligations are met.
Most accountants will have a general knowledge of taxes, but not all have expertise in it.
Myth 2: Accountants are natural math whizzes
Contrary to popular belief, accounting and math are not the same things. While math proficiency is undoubtedly helpful in accountancy, it is by no means required to succeed in this field.
Myth 3: Accountants are responsible for managing your money
Accountants are often confused with financial managers. The roles are similar but not the same. Accountants analyze the numbers in your business (such as cash flow, expenses, and profit). However, they don’t make the decisions. They don’t control where and when your money moves, although they can certainly offer advice on the subject.
Bottom line
Accounting is far more complex than its stereotypical image suggests. A good accountant can help you balance the books, stay tax efficient and keep you going in the right direction. Further, tax planning strategies are learned through years of experience in the field and postgraduate courses, which provide knowledge of the most relevant tax laws and precedents.
If you want to steer clear of these and other myths, contact ACT Services. We are leading accountants in Braeside, Pembroke, Toronto, and Ottawa, ON, with over twenty-five years of experience.
Our services include accounting, tax planning, management consulting, business advisory, financial statements, bookkeeping, personal tax, and payroll services.
Get in touch with us today!
To learn more about how we can help you, please click here. Get in touch with us by clicking here or call our headquarters at (613) 738-7712, or email us at support@actservice.ca.
