Common Myths About Accounting Profession

Common Myths About Accounting Profession

People often misunderstood the accountancy profession as they do not understand much about it and make assumptions according to stereotypes. Some individuals believe that being an accountant (Also see 5 Benefits to Employ an Accountant) is dull and crunches the figures all day. Others might assume that the occupation is to assist the rich prevent paying tax.

This is not true at all! Accountancy is a wonderful profession. Hence, in this article, we have exposed some typical misconceptions and myths about accountancy.

Accounting professionals are boring.

There are a variety of jobs in the accounting industry. Every company requires finance management, so there are chances that you might work in Hollywood or your desired automotive company. If you plan to go for the top? Accounting is where you should head to — over half of all Malaysia CEOs come from financing background (Also see Distinction between Managerial and Financial Accounting). In addition, with the high wages you earn, your leisure time would be extremely un-boring. Plan to have a luxury vacation? Enjoy fine dining? Accountancy can help you to attain those objectives.

A university degree is required to be an accountant.

Many believe that one must own a university degree in order to become an accountant. This is another misconception about accounting. You can be a successful accountant without having to set foot inside a university hall. The qualifications of being an accountant are an excellent alternative because for the novice levels, the AAT Foundation course, has no entry requirements. These qualifications are incredibly preferable to employers as you will learn useful, industry-focused skills that you can apply from the first day (Also see Useful Accounting Practices for Small Businesses). You can study the courses online so that you can continue working or gain some work experience when you are studying. The accounting apprenticeships are also another great alternative. It enables you to become Chartered in a shorter time than the university path.

Accountants are mathematics geniuses.

This misconception originated from when we talk about accountancy; we visualize spreadsheets filled with formulas and numbers; however, the majority of accounting functions require fundamental mathematics skills. The job typically involves a lot of report writing than crunching number, so effective written communication is more crucial than being a mathematician (Also see 6 Types of Accounting Mistake You Should Avoid). Many skills are essential to be an accounting professional besides solving complicated mathematics. Being an accountant might require problem-solving skill, time management and analytical skills. Hence, do not give up on the profession in accountancy if you were not good at mathematics at school!

All accounting professionals are tax professionals

No one would expect a cardiologist to be a specialist in brain surgical, and just as the medical field, accountancy has numerous professional areas – yet we frequently still expect all accounting professionals to give guidance on taxation. Fear not if the idea of investing your days submitting tax returns fills you with fear! Fortunately, accountancy is so diverse that you can be an accounting professional without even touching a tax form. You might end up being a forensic accounting professional, making sure the financial records are complying with the laws and discovering any omissions, mistakes, or outright scams.

There are numerous profession choices in accountancy, for instance providing accounting firm in Johor Bahru that you would never be restricted to doing something you find dull!