We know small business.
April 2nd 2018

Accounting myths and legends

Let’s bust a few myths about accountants, and what we do here at Scholes CA!

There are plenty of stereotypes and myths out there about accountants and what we do. Read on as we demystify our top 5.

1. Accountants are boring

Probably the most common myth of all. We’re not quite as dull as you might think! Our team comprises sports stars, musicians and drama enthusiasts to name a few. We’re a pretty well rounded bunch and live full and interesting lives outside the office too. Just ask, next time you speak to any one of us.

And we’re not alone on that. Did you know the following celebrities studied or worked as accountants? Rock legend Mick Jagger, comedian Eddie Izard and author John Grisham. There’s nothing boring about them!

2. Accounting is all about maths

While accounting does involve maths, it’s much more about telling a story through numbers. Of course, we have to ensure the numbers are reported in the correct category and accurately reflect what has happened in a business during a set time period. But the point of it all is to help you, as a business owner, understand what these numbers mean and how you can use them to grow your business and achieve your goals.

3. My accountant is just there to calculate my tax bill

If that’s all you want - no problem. However, accounting has many functions and while tax and compliance is a very important one, we do a lot else besides. At Scholes CA we provide entrepreneurs with the knowledge, skills and resources to develop and grow your business, which includes advising on areas such as strategic planning, tax planning, and technology. Visit our webpage for a full list of services.

4. Accountants will soon be replaced by robots

There has no doubt been huge technological advancements in the industry over the last 20 years. Developments in accounting software and digital submission of taxes etc, have changed the way in which accountants work and, in many cases, technology has made our work more time efficient. However, technology on its own will not satisfy the demand for personally tailored business advice - at least not in our lifetime.

5. All accountants do is sit in an office and “crunch numbers”

Accountants cannot do their job without a great deal of communication. Whether it’s preparing a tax return or a set of accounts, at Scholes CA we like to talk to you to understand what has happened in the time period being covered, in order to build the picture of what’s been happening. Data may also be corroborated with other agencies too, such as banks and regulators. As professional business advisers we also undertake a considerable amount of advisory work and analysis, as well as research and development to ensure we are abreast of any new regulations and laws which affect our clients.

Ultimately, we are really fortunate at Scholes CA to be able to make a really positive impact, through all the things that we do, on people, businesses and the wider community. We never take that for granted - as professional accountants, we take our responsibilities very seriously. But it’s not just about the accounts or the tax return. The positive impact we make, helping people, businesses and the wider community to grow and prosper, is the real reason we get up and come to work every day.


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