Busted! Don’t Believe These Accounting Myths!

Watching your new business grow is an exhilarating experience. There’s no better feeling than seeing the fruits of your labor blossom into reality. While a lot of the initial groundwork only needs doing once (thank goodness), the paperwork is sadly here to stay. This is where the services of a professional accountant come in. They manage your taxes and ensure that your business stays compliant and profitable. However, there are a lot of myths associated with accounting, and myths that go unaddressed can get mixed up as facts and create stereotypes and misconceptions.

To help you steer clear of these misconceptions, Mark Houghting CPA has debunked three of the most widely believed myths about accounting.

Myth 1: Accounting isn’t important or necessary

Many people view accountants as a cost, but really, we’re an investment. Hiring an accountant can save you stress and money over time. An accountant will help you organize your finances and, with the right fine-tuning, will be empowered to help you thrive financially. That means you will have more time to spend doing what you enjoy and are trained to do. The best-trained accountants will bring signs of trouble to your attention far before things go downhill. We also follow your finances over the course of the year and come tax time, assembling your return(s) is much less painful.

In addition to tax preparation, your accountant can also give your business monthly financial reports to help you stay on track or improve in various areas. They can tell you if your prices are where they need to be in comparison to the market and your expenses. Just because your business is busy doesn’t mean that you’re doing well. Hiring a trained professional to analyze the numbers can have a significant pay-off down the road.

Myth 2: Accountants only prepare taxes

Do you really think we only work one season per year? I wish! Outside of tax season, accountants are heavily involved with their clients’ individual and business needs. This can include routine operational accounting functions such as bookkeeping and payroll services to higher caliber services like CFO or advisory services. Outside of routine accounting, financial auditors make up the vast majority of those employed in the public accounting field. Retaining an accountant year-round can help you save money by making recommendations on decreasing costs and increasing income. Financial management and advice to individuals and corporations is a huge part of an accountant’s job and is most effective when performed throughout the year.

Myth 3: I can’t afford an accountant

Yes, there are accountants that will cost you an arm and a leg, but that is true for any professional service. The key is to find the right firm or individual for you who will provide the services you need within the budget that you can afford. Working with a diligent accountant that will help you avoid making just one mistake can be worth thousands of dollars.

If you are looking for a chartered professional accountant and tax consultant in Almonte, Ontario, reach out to me at Mark Houghting CPA. I have been a Chartered Professional Accountant for many years and have worked in various businesses before starting my own accounting and tax practice. My experience allows me to ask the right and sometimes tough questions about your tax situation. I believe clients should understand their situation and how taxation works in their specific situation and tailor a solution to meet those needs.

I offer accounting and tax services including corporate tax, personal tax, and estate tax services to clients across Almonte, Kanata, Carleton Place, Stittsville, Arnprior, Perth, and the surrounding areas.

To learn more about the services I offer, please click here. To get in touch with me, please click here.