6 Myths and Misconceptions about Accounting and Accountants, Part I

One of the biggest reasons that small business owners neglect their bookkeeping and fail to utilize the services of professional accountants is simply due to a lack of understanding of the industry and benefits. There are numerous misconceptions that follow the genre of accounting as well as those who practice it.

Simply put, if your company fails to employ effective accounting practices and is unwilling to trust the expertise of an experienced CPA, you are likely leaving money on the table and exposing yourself to unnecessary financial risks.

In this two-part blog, we will detail and dispel six common misconceptions about the practice of accounting as well as accountants themselves. If you have questions or want more information about how a CPA like Lydia Desnoyers can help your company, please contact Desnoyers CPA today.

1) It’s easy to handle one’s own accounting thanks to technology

Accounting technology has come a long way, and some of the software and technology out there are extremely useful. However, no technology has yet been invented that can replace the guidance and expertise of a professional accountant. There will always be complexities and unquantifiable circumstances involved in analyzing data and developing financial strategies for which technology will not be able to account for. Technology serves to enhance an accountant’s ability to aid your company, not replace them. And while a business owner without accounting expertise may be able to handle some aspects of his or her company’s finances, they will never be able to get as much out of the technology as a trained accountant will.

2) Accountants are a quick fix to a company’s financial problems

Accountants are extremely skilled at analyzing the root causes of your financial issues and helping you to develop the best course of action to overcome them, but far too many business owners assume that they can hire an accountant who will wave a magic wand and make their problems disappear overnight. If your company is in a financial hole, it will likely take time to dig yourself out of it, no matter how skilled your accountant. Your best course of action is to hire an accountant as soon as it is practicable in order to avoid financial troubles before they start.

3) Accountants are only good for math

One of the biggest misconceptions about accounting is that the job of an accountant equates to a mathematician. In fact, accounting usually does not require any sort of complex math like calculus. Accounting is about organizing and analyzing your finances, which does not involve exceptional math skills. Most accountants’ abilities are more related to business acumen than mathematical prowess, which allows them to provide practical strategies and solutions for businesses.

Click here for Part 2 of this blog where we detail three more misconceptions that business owners have about accounting and accountants. Don’t let your preconceived notions about accounting prevent you from allowing a CPA like Lydia Desnoyers to help your company become the best it can possibly be. For all your accounting needs, and much much more, call Desnoyers CPA today.

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Written by Desnoyers CPA

Desnoyers CPA

Known for her friendly, outgoing nature and her rare talent for financial foresight, Lydia Desnoyers has been serving individuals and small businesses in Florida since 2010. After earning her Master’s Degree in Accounting from Nova Southeastern University and her Bachelor’s Degree in Accounting from Florida State University, she became a Certified Public Accountant and a Certified Fraud Examiner.