Many of you reading this article right now will be at least interested in learning about a career in accountancy. Perhaps you are even seriously considering entering the profession as soon as you are able to.
In any case, it is important to get rid of any myths and misconceptions surrounding the world of accounting so that your final judgement is not clouded in any way.
Having said that, here are 5 of the most common myths about accounting as a career.
You Need To Be Good At Maths
The definition of “good” is an ambiguous one, but let’s just say you do not have to be a mathematical genius to work for an accountancy firm. As long as you have a calculator at hand you will be set to complete all the basic number-oriented tasks that need doing.
The truth of the matter is that accounting is not really about crunching numbers day in, day out. It is much more about problem-solving and investigating the financial situation of your clients given their personal circumstances.
Yes, being a maths prodigy might give you an early head-start in carrying out those simple calculations quickly, but with enough experience you will be able to carry out the mathematical tasks with the same briskness. This will allow you to focus on the more crucial and important aspects of accounting.
You Will Be Sat At Your Desk For Hours On End
A view that many of the uninformed hold about accountants is that they are sat in their office for hours at a time, endlessly inputting figures into calculators and spreadsheets, leaving them with little time to interact with anyone.
This could not be further from the truth. As mentioned previously, accounting is about much more than dealing with numbers. The typical day of an accountant will usually involve a lot of interaction with people. They may attend meetings and other discussions so that they can provide input in improving the business, or carry out financial investigations.
Now that accounting software is becoming commonplace, accountants are spending a lot less time filling in financial data and are taking a more proactive, creative approach to their profession.
You Need An Accounting Degree
No. This is certainly not the case, while many job vacancies for accounting may list a relevant degree in accounting as “desirable”, the reality is that many of the skills that are needed in accounting are learned on the job rather than in a lecture theatre.
Furthermore, many of the nuances of the job are picked up with experience. You may notice subtle discrepancies in financial values when auditing, for example. Such levels of expertise and proficiency can never be taught in a classroom.
There are many accounting qualifications available to smooth out the transition to accountancy as a career. These include ACA, ACCA and AAT.
Accountants Are Being Replaced By AI
In an earlier paragraph, it was stated that accounting software was speeding up the process of data entry for accountants. Many of these software packages also have built-in artificial intelligence (AI) which can sum up totals and churn out values in the blink of an eye.
However, this is just one aspect of the accounting profession. A capable human mind is still required to interpret the generated figures, and explain these in simpler terms to clients or the rest of the business.
Moreover, sitting at client meetings and making suggestions to improve the financial stability of a company is still beyond the realms of even the most advanced technologies. So there is really nothing to worry about when it comes to the future of accountancy as a profession. The job is here to stay.
You Will Focus Solely On Tax-Related Matters
Getting tax returns ready and advising clients on tax deductions is one of the most common reasons people hire an accountant in the first place. However, there is a lot more than accountants do besides taxes. Such a myth should not put you off choosing accountancy as a career.
Here are just some of the jobs that accountants carry out:
Ensuring business are keeping to financial regulations
Advising clients on managing wealth
Filing invoices
Keeping payroll records in check
Account reconciliations
Here at PPS Chartered Accountants, we offer a wide array of services from business valuations to trusts. Check out the list of services we provide on https://www.ppsacc.co.uk//services/ .