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February 21, 2022

Myths About Accountancy

There are plenty of misconceptions about accountants out there. Fact is much more interesting than fiction in this case - read on as we debunk the top myths about accountancy...

1. Accountants are boring

In terms of excitement, accounting might not compare with being a fighter pilot, but it’s not fair to assume accountants are bored to tears regularly. Like any line of work, some parts can be a little dull or monotonous, but other aspects can be downright interesting. This is particularly true for accountants who’ve climbed into leadership positions.

Accountants have an incredible vantage point into their clients’ business operations—they see where the money is coming and going and can learn a substantial amount about what goes into running a profitable business.

When you get to the good part of accounting you are dealing more with people, processes, and business partnerships.

2. Accountants do the same thing day in, day out

There’s more to accounting than preparing and interpreting financial statements. Accountants can work on projects for all kinds of clients, from retailers to A-listers. This, and the global nature of the industry, means that accountants can travel widely.

3. Accountants are all math whizzes

Accountants need to be numerate and have a head for figures, but they don't need to have studied maths to a high level or starred at the International Maths Olympiad. Much of the big number-crunching is now done by accounting software, while the ‘Big Four’ accountancy firms look for candidates with strong commercial awareness.  

4. I can just use an accountancy app

There’s a thriving market of accountancy software that can help to simplify routine bookkeeping actions for small businesses - but they can’t replace the effectiveness of a human’s understanding of accountancy principles, which can provide vital insights into a business.

5. Accountants only do taxes

Accountants perform a wide variety of roles in the public and private sectors. They can work in-house, advising companies on auditing, financial management, and regulatory matters, and thinking strategically about the business. Alternatively, accountants also play a vital role in delivering public services and helping not-for-profit organizations. And because accountancy firms are global organizations, it’s a career that opens up international opportunities.

6. Automation will make accountants redundant

The future picture is painted as if large parts of the accountant’s role will be taken over by robotic process automation - computer software that’s capable of controlling a range of applications. But technical and financial expertise is always going to be required for higher-level analysis, strategy, and compliance issues.

7. Accounting skills are narrowly applied and focus only on taxes

Taxes are only a small part of what an accountant can do. There are so many other careers that accountants can pursue because of their understanding of financial statements and how businesses operate.”

For example, management accounting, mergers and acquisitions, estate and trust accounting, and compliances roles are all types of accounting positions you may choose to specialize in throughout an accounting career.

“Doesn’t matter if you work for a Fortune 500 or a local nonprofit, somebody has to manage the money to keep things running smoothly. 

8. Accountants don’t need to communicate

You might imagine accountants as bleary-eyed folks silently fiddling with spreadsheets for hours on end, only to emerge from their cubicle caves for more coffee. While there may be a sliver of truth to that—just ask an accountant about their love/hate relationship with Excel® and you’ll likely need to pull up a chair—but most accountants aren’t sealed off from the world and rely on their communication skills to be successful.

Communication overall is a huge part of an accountant’s job. He interacts directly with colleagues and clients alike regularly.

An accountant writes emails to clients daily explaining complex tax or accounting issues in a language they can understand. He has had to draft memos documenting tax positions. He writes instructions to others so they can do their jobs better.”

9.  You need an accountancy degree

Accountancy is a diverse profession and firms are always looking for ways of recruiting the best talent, regardless of candidates’ education and background. Many firms have special apprenticeships designed to attract school leavers, and some have removed academic qualifications from their entry criteria to create more opportunities for bright students and broaden access. 

The truth about being an accountant

There are a lot of erroneous assumptions about the accounting field and the people working in it. But the truth is that being an accountant might be much more interesting than you thought.

If this realistic look at the role of an accountant has you considering a career in the field, you might be interested in learning a little more about what accountants actually do. 

Accounting has many opportunities for excitement, contrary to its boring reputation. Take a closer look inside this career and you'll find that accounting can be fun, intriguing, and highly satisfying. Get Trained Get Hired is your opportunity to see if a career in accountancy for you is for you. Reach out to Get Trained Get Hired to book a free 30-Minute career counseling meeting. At Get Trained Get Hired we provide you with the necessary training to learn practical skills to become an accountant. Our training is based on practical real-life cases. After the training, we work on your resume and try to place you in accounting firms through our network. You will also get access to like-minded individuals who are looking for jobs through our WhatsApp group. Please feel free to contact us at [email protected]. Or call us at 647-870-6986.

Disclaimer: The information provided on this page is intended to provide general information. The information does not consider your situation and is not intended to be used without consultation from professionals. Salman Rundhawa and Gettrainedgethired.com will not be held liable for any problems that arise from the usage of the information provided on this page. 

Author

Salman Rundhawa

Salman has a strong desire to help others succeed and believe in passing on the knowledge. He likes to mentor others and wish to play part in other people success.

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