Accountancy Myths: Busted

The accounting profession is shrouded in mystery as for many years the approach has been to keep clients in the dark as to how things work, as that’s how accountants charge their fees.  Even now, some still refer to our profession as ‘the dark arts’, but in this article we are looking to bust and debunk a number of common myths.

  1. The accountant will sort it out – We are good, but we are not psychic!  We do need clients who work with us, engage in the process and most importantly will share information & explanations with us.  Quite simply, the more we know the more we can help.
  2. An accountant can save you more than they cost – While partly true, in that an accountant should help ensure that you are making all relevant claims for expenses this misses out on the huge range of skills that an accountant possess.  They can help you improve your profitability, appraise business opportunities, diversify the business and be an important link in the local business community, able to introduce you to those who can help move your business forward.
  3. I’m not responsible, the accountant did it – Sadly not, as the business owner is the one who signs the accounts and tax returns they are the ones who are ultimately responsible.  It is so important that you know and fully understand your accounts and tax position as that is what you are signing to.  If you are not understanding what your accountant is saying, ask them to repeat it in a way that you do.  Or if you don’t get any explanations….then it might be time to look elsewhere.
  4. Accountants are all the same – Thankfully we are not!  Finding the right accountant is about finding someone who you can build a relation with.  Someone who talks the same language, works in a way that supports you and is ultimately someone you are happy to spend time with.  Building the relationship will allow the accountant to gain a greater understanding of what you do, how you do it, why you do it, etc which allows a good accountant to tailor their offering to you.  In the same way, accountants should not approach clients with a ‘one size fits all’ mentality.

Here at Enterprise we try to break the mould by approaching things from a customer support perspective.  In our eyes, we are there to support you as the business owner and your business, we just happen to use our knowledge and experience is accounting, tax and business to do that.

We value relationships, we love sharing in our clients’ passion, we enjoy the privilege of being allowed to be part of something special and this is what makes us different.