Accountants routinely get something of a bad rap. In Hollywood films, accountants are often regarded as synonymous with the words ‘dull’ or ‘humdrum’, but this is of course nonsense; one cannot be accurately defined by their job role alone, regardless of what it happens to be.

1. Member Firm
NEWSLETTERMYTHS ABOUT ACCOUNTANTS DEBUNKED
WEEK51
4 Common
Myths about
Accountants
Debunked
Accountants routinely get
something of a bad rap. In
Hollywood films, accountants are
often regarded as synonymous with
the words‘dull’or‘humdrum’, but this
is of course nonsense; one cannot be
accurately defined by their job role
alone, regardless of what it happens to
be.
Continue reading at page 2
© Copyright Taxcare Accountancy Ltd 2020.
Tax Advice That Helps Your Business Grow

2. Member FirmPage 2 of 4 - Taxcare Accountancy Newsletter
Tax Advice That Helps Your Business Grow
Accountants routinely get something of
a bad rap. In Hollywood films,
accountants are often regarded as
synonymous with the words‘dull’or
‘humdrum’, but this is of course
nonsense; one cannot be accurately
defined by their job role alone,
regardless of what it happens to be.
This is the most obvious and commonly
spouted myth about accountants, so
let’s take a look at a few others so that
they can be settled once and for all.
1. ACCOUNTANTS
ARE MATHEMATICS
WHIZZES
Accountants do, of course,
encounter maths issues as
part of their work, but this
does not mean they are
able to solve maths
problems in their head in
the same manner as Dustin
Hoffman’s character in Rain
Man. They are experts
when it comes to analysing
numbers and data, not
necessarily at performing
complex algebra.
2. ONLY BIG
BUSINESSES NEED TO
USE ACCOUNTANTS
This myth, which has been
circulating for years, is
absolutely not accurate.
4 Common Myths
about Accountants
Debunked
NEWSLETTERMYTHS ABOUT ACCOUNTANTS DEBUNKED
WEEK51

3. Member FirmPage 3 of 4 - Taxcare Accountancy Newsletter
Tax Advice That Helps Your Business Grow
The rumour seems to have emanated from the idea that because small
businesses have smaller incomings and outgoings, and deal with
fewer people, accountants are of little use. This is, of course, ridiculous;
if anything, smaller businesses have much more to lose should they
mess up their figures because their margins are so slight, and because
the business owners are liable to have little experience when it comes
to handling the various financial elements of a company's operations.
3. ACCOUNTANTS ARE ONLY USEFUL FOR
ASSISTING WITH TAX RETURNS
While this may once have been the case, it hasn’t been true for a long
while. Accountants can do far more than assist with your tax returns;
they can help businesses plan for the future, can advise when it comes
to investing in equipment/processes, and can help you structure your
business in a manner that is not only efficient, but will ensure it is built
upon foundations that will allow it to grow.
4. ACCOUNTANTS ARE EXPENSIVE
This is one of the rumours that is heard most often, but it is simply not
true. Utilising the services of an accountant will cost a business some
money, but the same is true of any expense or outgoing. What is often
ignored by those who claim accountants are expensive is that they
provide tangible benefits and ensure that companies do not end up
losing out on money or getting fined for filling out tax returns
improperly. Hiring an accountant should really be regarded as an
investment rather than an expense.
NEWSLETTERMYTHS ABOUT ACCOUNTANTS DEBUNKED
WEEK51

4. Member Firm© Copyright Taxcare Accountancy Ltd 2020.
Tax Advice That Helps Your Business Grow
103 Cranbrook Road, Ilford, Essex, IG1 4PU
020 8478 3383 078 6022 4506 info@taxcareaccountancy.co.uk
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