Myth Busters: The Accounting Edition

StockSnap_JONMP7TPGKAccountants are often stereotyped as boring, tax-experts who sit behind a calculator all day crunching away at numbers. In this week’s blog we debunk common myths in the accounting profession.

  1. Accountants are good at math

Accounts are forced to work within regulatory guidelines, and often work alongside many departments outside of the Finance team. While accounting generally involves elementary math skills, successful accountants will have high-level analytical skills, a proficiency in professional writing, and effective communication skills.

2. Accounting is only for men

In the United States, 60% of all accountants and auditors are female! However, we see that number decline significantly when examining partners in public accounting firms where women represent only 18% of the total partners in the US.

3. Every accountant knows how to do your taxes

Not all accountants are knowledgeable on tax compliance and are able to provide tax advice. Accountants are not the same as auditors, and auditors are not the same as tax accountants. While they have an understanding of accounting principles, the majority of accountants are in no way qualified to do your taxes or give tax advice. 

4. Your business doesn’t need an accountant

An accountant will help organize your finances in a timely fashion, allowing you to make good financial decisions and take advantage of opportunities for growth. They will also make your life a lot easier around tax time.

5. Accounts are boring and introverted

Accountants are expected to be able to communicate effectively with cross-functional teams, customers, and professionals at varying levels. Check out this list of people who studied accounting or were actually accountants.

  • This UFC World Light Heavyweight Champion, Chuck Liddell
  • The world-renowned saxophone player, Kenny G
  • Baltimore Ravens quarterback and Super Bowl XLVII MVP, Joe Flacco
  • Rolling Stones frontman, Mick Jagger

6. Technology is Eating Up the Account Profession

Accounting technology software has ultimately made the accountant’s job easier. Incorporating accounting technology into the everyday tasks of the accountant reduces margin for error and allows the accountant to focus on more valued added tasks.
To learn more about how accounting automation tools can help you and your team achieve a streamlined financial schedule a demo of ART today.

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