Accounting

Myth or Reality – 6 Accounting Misconceptions You Should Know About

3 Mins read

If you start talking with friends or relatives about your intention to become an accountant in Dubai, you will likely get some people to talk about accounting misconceptions. Like every industry, it is not everything that people talk bout accounting and accountants is true. Accounting is a highly rewarding career that is in high demand, as every business and person can benefit from an accountant’s skills. Whether it is to prepare tax files, calculate profits, or get financial management tips, an accountant should come in handy for businesses struggling with financial statements. However, you should not give much attention to misconceptions as believing the myths can keep you from growing. In this article, we will help you differentiate the myths from reality.

6 Common Accounting Myths and Misconceptions Explained

1. You must be great with mathematics to be an accountant

Most people believe that you must be great with numbers and figures to become an accountant. Although an accountant’s work is always displayed in figures and numbers, you do not need to have exceptional computational skills to be an accountant. Matrices, functions, and trigonometry are not problems that you will encounter in your work. Instead, you only need to be comfortable working with numbers. You will fall in love with accounting if you are proficient at subtracting, adding, and basic algebra. You will less likely compute figures manually thanks to the presence of web-based accounting tools that make accounting less tasking. Instead, you need a good knowledge of accounting rules and classification to succeed as an accountant in Dubai.

2. Accounting is boring

Although some tasks are dull and monotonous, accounting is not downright dull, especially for those who work in leadership positions. In today’s business world, an accountant is a strategic partner involved in the day-to-day running of a business. A top accountant should help the company in other financial aspects, such as interpreting financial statements and helping make better financial decisions. There are several top accountancy courses every accountant should learn to fit in the modern accounting industry and gain an added advantage. The modern accountant should have additional skills like financial management, to stand out among competitors.

3. Accounting is about numbers

Although it is true that accountants mostly work with numbers, there is much to accounting than crunching figures. Debit and credit are not everything you will do as an accountant. The best accountants should have good writing and/oratory skills to help get their point across without jargon and terminology. In the modern integrated business world, you should be able to relate with other people, whether clients or colleagues from other departments who do not understand accounting. An accountant should communicate effectively with others, support business decision-making, and make sense of the numbers.

4. Accountants work excessively long hours

If you have an accountant as a friend or a relative, you may have heard them talk about working late at night or long hours to meet the deadline. Although that could be somewhat true, it is necessary to note that it depends on your role and the company you are working for. Specific roles such as auditing and taxation may require you to work long hours during peak seasons to meet deadlines. It also depends on the tasks that you have to complete. Accounting is just like any other job, but you should expect occasional long hours during busy seasons.

5. All accountants can do taxes

All accountants have a basic understanding of taxation, but that does not mean every accountant can do tax returns. Taxation is one of the accounting specialties that one can pursue. Others include management accounting, financial accounting, and auditing services. Every accounting field entails different responsibilities and tasks, and thus, you are using the services of the right expert. Auditors may have a general understanding of taxes, but that does not make them experts, and they may not be able to advise you on how to file your income taxes. If taxation is not what you want to do, you should specialize in other areas of accounting.

6. Small businesses do not need accountants

Most small business entrepreneurs tend to be solo workers multitasking on different roles, including financial management. Since they do not have extensive financial records to deal with, most small business entrepreneurs do not find it worthy of hiring an accountant. However, the reality is that every entrepreneur can benefit from hiring an accountant. An accountant keeps all your financial records neat, letting you know how your business is progressing, including the taxes that you owe the government. If you feel that you can afford an internal accountant, you should contract a freelance accountant to perform regular accounting tasks. The cost will depend on the tasks and the amount of financial data present.

Conclusion

Differentiating between myths and reality can help you build a satisfying career as an accountant in Dubai. Accounting is not boring, and you should not be a mathematician to have a successful accounting career. Modern accountants take advantage of the available accounting tools to make jobs less tedious and inventive.

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