Myth about Accounting

1. You know who s good at math? Mathematicians. Oh and engineers and computer programmers. Accountants are forced to work within regulatory guidance and act as lawyers more often than they are practicing math nerds. They re essentially lawyers who use numbers. While being good at addition, subtraction and basic algebra is a prerequisite for accounting (and life overall), not all accountants are good at math. .....

Technology is Eating Up the Accounting Profession

2. Technology is certainly adding another layer of complexity to the life of accountants, but it will be a long time before technology totally eliminates the need for their positions. Public accounting firms hired a record number of college grads in 2012 (40,350) and expect those numbers to remain constant or even go up. Not to mention you see accounting on most in demand careers lists that float around the internet. .....

Accountants are introverted or boring

3. Even a tax accountant has to be a people person have to work with clients, employees, vendors, client s customers, etc take accounting and turn it into understandable language for my clients who range from Funeral Homes to Hair Stylists. I get to teach them how their numbers can tell them the stories they need to hear and what their futures may hold. .....

An Accountant will cost me an arm and a leg

4. My colleagues and friends in college were awesome and we were all accounting students. We went out for drinks, went dancing at clubs, went to the lake swimming and skiing, worked out at local gyms, etc. .....

Accountant equal Tax Preparer or IRS Agent

5. The true definition of an accountant is one who has a degree in Accounting. Yes, I prepared taxes right out of college when I worked for a public CPA firm, but the only reason that I was required to do such was because the partner I worked for had a few tax clients. Mainly, I audited companies. This does not mean a tax audit. This means that I went in, looked at their books and spot checked for accuracy. After this, we would give them a report on .....

Accounting is for Men only

6. The ratio of women to men is either 50% or higher in the women s favor. As a matter of fact, most are dominated by women men in the executive positions, but women are growing quickly in this area as well. As many companies see that women can balance family and work, they are respecting the abilities and qualifications of women in these fields. .....

Accounting is only important at tax time

7. Tax time might be the most crucial few weeks for bookkeepers, but it is certainly not the only important time. Actually, it s necessary that you keep track of your books at all times of the year. If you stay on top of your finances throughout the year, not only will filing be much easier, but you ll be able to take advantage of growth opportunities while mitigating risks from any source. Staying current on the books is one of the best ways to ens .....

I really don t need accounting reports to know how my business is doing

8. Having a full time internal or external accountant can save you much future heartburn. 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. Not to mention, they ll make your life a lot easier around tax time. .....

Accountants like it when you make fun of them

9. For some reason every one seems to thinks accountants are the masochists of the professional world. We just work hard and don t complain. .....

Manual accounting is fine If it isn t broke why fix it

10. : Accounting software yields too many benefits to ignore. You are most likely wearing many hats, and accountant is just one of them. Bu you simply don t have enough time. Many digital solutions are catered specifically to small business needs, which can give owners customizable tools to achieve success. .....

Owners don t need to spend time accounting

11. This means it is a much more efficient option than manual recording, making you more productive and giving you back some of that valuable time .....

I pay business expenses out of my own pocket It s really no big deal

12. If you own or operate a business, it is a business, not your spouse. You need to note when you have paid an expenses out of your own pocket. This is money that could be returned to you tax free. .....

Accounting software is simple

13. Accounting software programs are easy to use, but you should definitely have a working knowledge of how your company operates financially. Accountants can give you all of the advice and suggest lucrative paths, but none of it matters if you can t make the ultimate and correct decisions. And you can t make the best choices possible without at least a rudimentary understanding of how the accounting within your company works. To remedy this, tak .....

Your Business Doesn t Need an Accountant

14. The fact is, having a full time internal or external accountant can save you much future heartburn. 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. Not to mention, they ll make your life a lot easier around tax time. .....

Small businesses don t need accounting

15. You would say that you don t need to budget, forecast financials, know about trends in your business, or know the latest, greatest tax advantages. I have clients that are as small as a one man service business making only about 20K a year. .....

Accounting was Discovered by Some Nerdy Guy With a Pocket Protector

16. Accounting was actually discovered by Luca Pacioli, an Italian Monk. He s commonly referred to as the Father of Accounting. Pacioli founded what s referred to as double entry accounting in 1494. His first accounts detailed the early systems used be Venetian Merchants for accounts receivables and inventories utilizing journals and ledgers. Pacioli uncovered principles and methods which are still used in our financial world on a daily b .....

I can handle my accounting myself I have QuickBooks

17. QuickBooks is an awesome program and one that I use on a daily basis, but it does not take the need for an accountant away. As a matter of fact, most open QuickBooks only to become overwhelmed and confused. Having this program is very good and can become an awesome tool, but your accountant needs to help you set it up, educate you on how you can and should use it, and come in periodically to be sure everything is in order, run reports, and fix pr .....

Business Doesn t Need an Accountant

18. The fact is, having a full time internal or external accountant can save you much future heartburn. 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. Not to mention, they ll make your life a lot easier around tax time. .....

I still need to calculate taxes manually

19. Accounting software has revolutionized over the years, and GST reports can now be generated in the Kingdee KIS accounting software. You can generate a GST report in minutes. So start putting down that spreadsheet and stop wasting time! Besides Singapore taxes, an accounting software such as the Kingdee KIS accounting also supports the China VAT. So if you have a business in China or perform transactions there, you can rely on the accounting softw .....

My Accountant Handles That Tax Stuff

20. Your accountant s ability to prepare your returns is only as good as your records. If your records are a mess, then your return is going to a) not capture everything properly or b) cost you a bundle, as your accountant tries to recreate your financial records for the last year. .....

It s expensive

21. Accounting softwares, like the .....

I need to spend time to learn Accounting Software

22. This is also a big myth. Accounting software is easy to implement can be used as soon as it s installed into the computer. The features and functions are labelled according to accounting terms, so once you get used to the interface, it s not difficult at all. .....

Accounts are for qualified accountants only

23. .....

Accounting is so easy anybody should be able to do it

24. You ve begun to believe you should be able to absorb more and more demands on your time and your skills without arranging for some help. You catch yourself thinking you ll work overtime just one more week and then you ll surely be caught up. Unconsciously, you expect yourself to be a Lone Ranger .....

People who file electronically are more likely to be audited

25. The majority of returns are now filed electronically. Pretty soon, e filing will probably be mandatory, so people have naturally begun to worry about the new system being more prone to audits. Yet, the IRS audit rate remains steady at less than 2% of all returns. The main audit triggers are the same as always, things like filing late, high self employment income and math errors. .....

internet has rendered accountants worthless

26. The technology has facilitated the retrenchment of accountants, especially on small businesses, the profession remains relevant. .....

Paying taxes is voluntary

27. Taxes are voluntary or illegal is a favorite argument of tax protesters to justify not filing a return. But to the IRS, voluntary simply means you get to do all the tax calculations yourself. We re all required by law to pay taxes. So, if you re thinking of becoming a tax protester, be aware that your chances of avoiding taxes are slim to none and that you ll probably also be liable for late payment penalties. .....

All certified public accountants (CPAs) are income tax experts

28. The CPA curriculum includes extensive income tax courses, not all CPAs go into tax prep or keep up on income tax laws. If you re in the market for a tax preparer and you re looking at CPAs, be sure they ve actually got plenty of tax prep experience. .....