As accountants, we face a barrage of negative and inaccurate press on a daily basis. Everything from the inaccurate “Do accountants have to be good at maths?” to the downright hurtful “Why are accountants boring?”. Well, in this blog we are looking to debunk some of the more common accounting myths that have plagued our industry for decades.
Brace yourselves for an anti-anti-accountant tirade like no other…
Accountants Are Boring
Just for some context on the extent of this stereotype, 250 people per year Google: “Why are accountants boring?”. Two hundred and fifty…
Not going to lie – this one gets our goat.
When envisioning a typical accountant, people’s imaginations typically veer in the direction of a stuffy, suit-wearing gentleman sitting in a gloomy office, tapping away on a calculator, surrounded by nose-high piles of invoices, tax returns and other financial paperwork.
Not to toot our own horn, but this couldn’t be further from the truth!
The modern accountant uses business analysis to help guide you towards the pinnacle of your sector. Think of us as industry insight gurus. The Merlin to your Arthur. The Gandalf to your Frodo. While we may not use magic or don magnificent robes – not all the time, anyway – our unique insight into your business’ inner workings allows us to point you in the right direction on your quest.
Updates in technology see the potential applications of accounting experience constantly expand and evolve. We can provide a strategy for business expansion, help cater to your business goals or even provide financial guidance on business/personal crossovers.
Not only that, but we love a social event, have impeccable dress sense and were even voted the best kissers in the country… Just saying – not an accolade likely to be held by a boring industry.
All Accountants Do Is Taxes
Now this one is just plain silly.
Sure, it is an important factor in the services that we provide. But it’s like saying all Lionel Messi does is put a ball in the back of a net. What about the dizzying runs, crucial passes or subtle movements that make him the complete player that he is?
In reality, accountant skillsets include, but are by no means limited to:
- Developing forecasting and financial strategies
- Guiding you through accounting cloud software
- Maintaining payroll records
- Ensuring compliance with all the right regulations
- Advice on estate planning and wealth management
All of this combines to create a complete article that can help push your company towards achieving their ultimate goal. A World Cup-level achievement, if you will…
Not only that, but of course this is applied to the work style of your business. Here at Raedan, as accountants for creatives we not only understand how creatives like to work, but operate that way ourselves. This gives us a broader outlook on how your business – and its finances, of course – could be best managed.
All Accountants Are Genius Mathematicians
Another classic. Just because we are accountants, doesn’t mean that we know the square root of every number under the sun.
We couldn’t tell you how many times we are asked “Do accountants have to be good at maths?”. The simple answer is no. But it helps in the same way that totting up how much the night out cost you – before the booze began to obscure your memory, that is.
Instead, our knowledge lies in the application of certain rules to certain circumstances. When it comes to maths, all we really need to know is how to add, subtract, multiply and divide. That’s right – the stuff we all learned at 10 years old.
Accounting Is A Male-Dominated Sphere
As previously mentioned, in the eye of the uninitiated an accountant is a stuffy, middle-aged man. In reality, we aren’t stuffy. We aren’t all middle aged. And we definitely aren’t all men.
As with most industries, the world of accounting is an active advocate of encouraging diversification within the workspace. And it is certainly taking effect! In fact, in 2019 women made up 57% of those working in legal and accounting roles.
Plus, they currently make up over three quarters of the team here at Raedan.
Technology Is Making Accountants Obsolete
Now, while the recent developments in AI do ominously echo the plot of The Terminator, the machine uprising hasn’t arrived just yet. Likewise, while there are extremely helpful cloud accounting apps that help make our role and how we work in conjunction with you easier, they haven’t taken over yet.
In fact as dedicated Xero accountants, we are big advocates of the development and implementation of the very latest accounting software. And do they make accountants obsolete? Afraid not folks.
Think of it like trying to build your own extension. While you may well be able to complete the project, unless you have prior experience within the field there are sure to miss crucial elements of the process which could come back to haunt you. And no one wants the impending prospect of the new extension potentially toppling on their head at any given moment.
In fact we wrote an entire blog on the relationship between Xero and accountants.