6 Myths and Misconceptions about Accounting and Accountants, Part II

In our last blog we detailed three common myths about accounting and accountants: that it is easy to handle accounting on your own thanks to technology, that hiring an accountant is a quick-fix for financial problems, and that accountants are only good for doing math.

Click here to check out Part I of this blog and learn more about these harmful misconceptions.

Far too many business owners are missing out on the useful services provided by skilled CPAs like Lydia Desnoyers. To put it frankly, neglecting your company’s accounting needs is a waste of money in more ways than one.

In Part 2 of this blog we will detail and dispel three more myths and misconceptions that many business owners have about the practice of accounting. If you have questions or need advice about your company’s specific financial situation, please call Desnoyers CPA today.

4) The point of hiring an accountant is so they can do your taxes

A common misconception about accountants is that they are nothing but glorified tax preparers. While accountants do provide useful tax services to business that are essential to your company’s bottom line, CPAs do so much more than that. On top of aiding you with taxes, a skilled CPA will help you set up and maintain your books, develop efficient and practical financial strategies that will help you fulfill your company’s needs and goals, recognize weaknesses and problems with your finances and suggest ways to improve, and some like Lydia Desnoyers can even provide forensic accounting services in the form of self-audits to help you spot fraud and head off major legal issues before they occur. Accountants are certainly useful when it comes to proper tax compliance, but the benefits of utilizing a CPA extend far beyond your interactions with the IRS.

5) Accounting is only for big businesses

Accounting is for any business that wants to be financially organized, legally compliant, and wants to make money. In fact, accounting services can be even more important for small businesses than they are for large corporations, since accountants can help new and growing companies develop both long-term and short-term plans that can help them move past the risky and unstable start-up stage. All companies pay taxes, all companies need budgets and effective money management, therefore, all businesses need accounting.

6) Accountants are too expensive  

Possibly the most common myth about hiring an accountant is that they are too expensive. Firstly, most accountants will work to provide you with services that fit your individual needs and budget. Secondly, when you think about the cost of paying an accountant, you should also account for the money you will save through having more efficient accounting practices, by avoiding fees and penalties for noncompliance with laws and regulations, and by ensuring that you never pay too much on your taxes. The financial benefits of hiring an accountant far outweigh the up-front costs.

For more information on how accounting services from a skilled and experienced CPA can help your company, please contact Desnoyers CPA. And be sure to check out Part 1 of this blog to learn about more common myths and misconceptions about the practice of accounting.

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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.