Accounting Some Common Misconceptions

Accounting is a phenomenal career path. The accountants enjoy great pay, adequate benefits and solid job stability even when there is economic turbulence. Accounting suffers from a major problem. It has a very bad public image. Movies and television programs often portray them as introverts who are extremely obsessed with numbers. Most people shy away of forming a career in accounting as they are afraid of the monotony of crunching numbers throughout the day. These myths are quite far from the truth. Let us now deflate some common misconceptions about accountants and accounting:

You need to be a maths wizard: Quite contrary to popular belief, it is not essential to be a complete mathematics wizard in order to be an accountant in UK. Individuals who can handle simple arithmetic like multiplication, addition and subtraction can easily handle accounting essentials. This knowledge needs to be combined with ways to use tools of trade like accounting software and calculators and this aid the making of great UK accountants. However, do not think that cursory understanding of maths and accounting software will help to excel. In addition to formal educational training, accountants need different types of skills in order to be a part of this competitive market. These skills include proper communication skills, analytical thinking, customer service and skills at writing.

Accounting is similar to tax handling: Most people avoid accounting as a major since they believe that they will need to handle tax throughout their life. Though many accountants in UK specialise in preparation of tax, this is not the sole aspect of accounting. There are many UK accountants with specialisation in forensic accounting. This employs investigation of accounting technique to find out fraud, embezzlement as well as other white collar crimes. Managerial accountants, on the other hand, analyse and record financial information of business and at the same time proposes budgets, evaluate performance and manage company assets and costs. The public and the non profit advisers work for multiple organisations like government agencies, colleges, hospitals, health as well as welfare groups, political parties, labour unions as well as religious institutions. These are only some examples. There are in fact various other fields that employ financial counsellors. Each of them uses these counsellors in a different way and so never think that the job of financial advisers simply consists of doing taxes.

Accounting is only for men: Women, on the contrary are not just strongly present in this field but they are the majority. Though men ruled this profession, it has been decades since this cult has been overruled. This shift in hiring trends may be because of changing dynamic in workstation or increased willingness of employers to allow their employees to work from home.

Accountants cannot give innovative ideas: When a stereotypical finance adviser is pictured, we tend to think them as one who spends the day rummaging through invoices and spreadsheets. Their role is often surmised as keeping the books clean and balancing budgets. Most businesses are now recognising these professionals as a source who renders unique and innovative contributions to help companies succeed.

By now, the role played by a financial counsellor is probably clear to all.

Jayson Fox is the owner of an accountancy firm with a team of UK accountants working under him. He is a blogger by passion. He chiefly blogs on financial topics.

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