Debunking the Top 5 Myths about Accountants

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Debunking the Top 5 Myths about Accountants

Do you think accountants are boring?

Think they’re all maths whizzes completing tedious tasks daily?

If so, you’re wrong!

In this blog post, we’ll debunk five of the most common misunderstandings that surround accounting. Accountants are actually very different to what you may think. In many ways, they are a lot more exciting than you could envision!

Myth 1. Accountants are responsible for managing your money.

Whilst accountants work within the realms of business finance, the assumption they are money managers is often misconstrued. Managing money is actually the role of a financial manager. They are similar but not exactly the same.

Take Payroll for instance. Ensuring employees are paid on time is not the duty of the accountant. However, highlighting areas to cut spending would fall within the scope of an accountant’s role. Accountants won’t have control to dictate when and where the money goes but will be on hand to give expert advice.

In general, accountants have no access to the business bank account. As a result, they aren’t responsible for making financial decisions with their client’s money. Try to look at an accountant as the financial wizard who sees all, but not the one who makes the spells. 🧙

Myth 2. Accountants deal exclusively with taxes

This may be true for a select few accountants, however, tax is only one element of accounting. In addition to tax-related concerns, accountants may take on other job duties such as:

  • Forensic Accounting
  • Auditing
  • Financial Planning
  • Invoice management
  • Financial Management 

Check out more roles that accountants may do here.

Myth 3. You need to be a mathematical genius to be an accountant

This is possibly the largest myth of accountancy. Yes, it rings true accountancy is heavily reliant on mathematics. The role on a day to day is not necessarily about arithmetic skills though.

Being an accountant is much more than being able to do complex math formulas. Being proficient in addition, subtraction and basic algebra is all that is required. Accounting software such as Excel and Sage handle larger calculations. 

All things considered, accountants should be more analytical and understand the rules and guidelines. The primary skill set required is leading toward data analysis and investigation. To understand the role data analysis plays in an accountant’s job, read here.

Myth 4. An accounting degree is needed

Many people think that accountants need a degree to practice, but this isn’t true. Some professions have educational requirements; such as law or medicine. Others don’t require any formal training at all. 

Accounting is a profession where an accredited course is recognised by employers and accounting firms when hiring employees. Courses such as those offered by the Association of Accounting Technicians (AAT), are often all that is needed for a successful career.

AAT is the leading body for accountants globally. Their accredited courses range from foundation level to advanced accounting. These qualifications provide students with the necessary skills needed as they enter into the profession.

With the accredited qualifications behind you, the doors for accounting are wide open. The best part is, that studying AAT can be done from home in your own time. To find out more about AAT courses and why they are beneficial click here.

Myth 5. Accounting is a male dominated industry

Of all of the myths, this is one that is mostly outdated and incorrect.

In the UK, the Office for National Statistics (ONS) reported women dominated the accounting industry by 54% compared to men at 46%. Even in the USA, women account for 62% of all accountants. 

The flexibility accounting offers has become a huge reason for the growth in numbers. Distance learning & flexible working schedules allows both men and women to balance work with the demands of the family.

As the numbers prove, the age-old myth that accounting is a male-dominated industry is incorrect. 

So there you have it.

The five most common misconceptions about accountants are debunked. We hope this article has shown you that accountants are actually a valuable and interesting bunch. If you’re interested in learning more about accounting and pursuing a career as an accountant, we’d be happy to help.

Check out the courses we offer on our website – they can give you a great foundation in everything accounting-related.

If you still have any questions or want to chat with one of our experts, don’t hesitate to get in touch!

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