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2 Myths About Working With An Accountant Debunked

Many small business owners hold off on hiring an accountant because they believe that accounting software offers the same value. They also believe that all an accountant can really do is help them with their taxes. Both of these beliefs are myths; below you can learn the truth about working with accountants.

Myth #1: Accounting Software Offers The Same Benefits Of Working With An Accountant

Many business owners wrongly believe that a great accounting software program will offer them all the same benefits of working with a qualified accountant. However, what they fail to take into consideration is all the work that goes into using an advanced accounting program. In order to do your own accounting, you have to be able to:

  • install your accounting software
  • set up your accounting software to cater to your specific business needs
  • collect and enter accurate data into the software
  • understand and analyze the results yourself

It takes a lot of time to accurately set-up and use accounting software. If that is not your strong suit, you will be taking time away from areas where you could make a positive contribution to your business in order to save a little money.

A qualified accountant will be able to go beyond the basics of your accounting software; they will be able to set up and create an accounting system based on the unique needs of your business. In addition, a well-trained accountant can also analyze all the reports generated by your accounting software and provide you with valuable feedback about your business.

Accounting software may be able to generate reports, but a qualified accountant can interpret those reports and help you use that information to grow your business.

Myth #2: An Accountant Can Only Help You With Your Taxes

Many individuals also believe that all an accountant can do is help you with your taxes; however, accountants also offer many other services, such as the ones below.

  • They can help you set up your accounting software and enter all your monthly data into the software for you.
  • They can generate and interpret financial reports for you. 
  • They can provide you with financial and business planning services.
  • They can audit your business for you.

An accountant can be a solid business partner who can help you with business planning and who can make sure that your business stays on a positive financial track

If you want to keep your finances in order throughout the year, an accountant can provide you with insight and advice that you just can't get from accounting software or by doing your own accounting. Contact an accountant at Myron E Triska Chartered Accountant today and reap the financial benefits for your business.