Common Accounting Myths Vs. Reality

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When it comes to accounting, many people have preconceived assumptions that are so ingrained and widespread that it sometimes becomes difficult to prove those assumptions wrong. For example, many people think that accounting is a boring career because it primarily involves providing tax services in Kearny, NJ and anywhere else in the world. However, contrary to popular belief, there is actually a lot more to accounting than just crunching numbers non-stop for tax preparation. 

In reality, accounting covers a broad spectrum of careers that are extremely interesting. Remember Al Capone? Who do you think brought him down? They were FBI auditors who were armed with guns, but most importantly, pencils. Approximately 5% of FBI special agents are actually CPAs and their agency even provides their own accounting text for agents who have not yet passed the CPA exam. Not convinced that accounting isn’t a boring job? CPAs can be financial advisors to celebrities, they can be environmental consultants, expert witnesses in business trials, software security experts, and more! So next time you think accountants are just people sitting in tiny cubicles crunching numbers all day and providing mundane accounting services in Kearny, NJ or anywhere else, you couldn’t be more wrong. 

Here are some more accounting myths that we are going to debunk today.

Accountants Love Giving Free Tax Advice

While every accountant knows all about taxes, that doesn’t mean that they just give everything away when asked. First of all, they spend many hours navigating complicated tax arrangements and looking for ways to help their clients legally maximize their profits. All this requires hard work and a lot of time, so don’t expect your accountant friend to just give you free advice when you ask him or her for help with your taxes. 

Accountants are All Math Geniuses

Don’t get us wrong, accountants are naturally good at numbers. However, that doesn’t mean that every accountant is a rare genius who solves advanced calculus in the blink of an eye in their free time. While some may find that appealing, the idea that accounting math involves extremely complex mathematical processes is simply not true. In most cases, addition, subtraction, division, multiplication, and amazing attention to detail will get the job done.

Accounting is Boring

Just like any job, there are times when everything becomes repetitive and mundane but it doesn’t mean that it stays like that forever. Accountants have the privilege of gaining insight into their clients’ business operations. They get to watch the business grow as they learn where the money is coming and going. They learn a lot about what goes into making a certain business successful. That is why people wanting to venture into other businesses can also ask advice from accountants because they know which avenue their clients can profit from the most. 

Accountants are Dull or Unapproachable

Accountants are regular people who have hobbies, likes, and dislikes. Contrary to what many believe, they don’t actually talk about numbers all the time. And although most people may assume that accountants are stuffy due to the industry they work in, you’ll find that talking to them can be very interesting. Remember, you will find many different types of personalities in any profession.

There are many other accounting myths out there but these are the most common ones. So the next time you meet an accountant, you will see them in a new light. Now, if you are ever in need of an accountant for tax preparation, tax advice, or any other accounting services in Kearny, NJ, choose Nicholas J. Coco, CPA.

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