What according to you is an accountant? Do you consider him a mathematician? Do you think he can calculate something in his head and give you an answer instantly? You are so very wrong. Accountants Bangor would be dealing in numbers and figures, but he is not a mathematician to calculate huge figures in his mind and give you the answer quickly. If he does not have a calculator near him, do not ask him to calculate anything.
Numerous myths have been associated with an accountant. Find below the two most common accounting myths prevalent among the people.
Accounting myth #1 – It is all about mathematics
It is not entirely false, as accounting involves mathematics. However, so would an engineer, hair stylist, lawn man, marketing person, salesperson, and more. Almost everybody uses math. If you wish to be paid, you would be required to calculate the amount the other person owes. You would also be required to calculate the change when paid in cash, your specific commission percentage, and anything involving money.
Accountants in Llandudno tend to use math in the same way. However, accounting would be deemed as accounting for expenses, income, liabilities, assets, and more. The basis of true accounting has been researching and storytelling. If you relish putting the puzzle together, accounting would be easier for you. It entails looking through the numbers and searching for holes to place the right piece in the right place. You would be required to go through the numbers and make the manager, bank, shareholder, or business owner, what those numbers mean, how to use them, and expectations in the coming times. Accounting is analytics, not algebra.
Accounting myth #2 – The accountant is a tax preparer
Yet another myth associated with the functioning of an accountant is they are tax preparers. It would be worth mentioning here that when you enter a major chain or tax franchise, an expert tax preparer would most probably prepare your taxes rather than an accountant. The job of the accountant would be to audit companies. However, it does not imply a tax audit. It implies that an accountant would look at the books of the company for accuracy. The accountant would provide a report on areas that required improvements and the ones that appeared fine.
Most accountants would work to compile financials for the owners and managers of private companies, while others would work with companies to detect, examine, and investigate frauds. There might be a few accountants offering consultation on several topics.