Many times I am in a restaurant, a store, or out and someone in my family and friends group say "Are you an accountant, how much is it?" I'd like to calculate something in my head. I am trying to tell a little secret to everyone ... I am not a mathematician, I am an accountant. If my calculator is not nearby, please do not ask me to calculate something. I will tell you some secrets. To find the top 10 accounting myths I gathered, please read below.
# 1 Accounting myth
Accounting is about mathematics. This is not more than the truth. Yes, you are using mathematics, but I also pay engineers, salespeople, marketers, lawn men and hair stylists. You have to calculate the amount you pay. Percentage of your fee etc. Accountants use mathematics as well. Accounting treats assets, liabilities, income, expenses etc. Yes. However, true accounting "meat and potatoes" is research and storytelling. Are you enjoying placing puzzles together? Well, in treasurer you are looking at those figures and looking for holes to put the right part. You need to use those numbers to tell business, shareholders, banks, or owners of managers their meaning. How can they use it? What are you expecting in the future? It is analysis, not algebra.
# 2 Accounting Myths
Accountant = Tax filer or IRS agent. Wrong, wrong, wrong. When you enter a major tax franchise or chain, you understand that your taxes are likely to be prepared by a trained "tax precedent", not an accountant. The true definition of an accountant is a person with a degree in accounting. Yes, when I worked at a public CPA company, I prepared taxes outside the university, but the reason why I have to do is that the partner I was working in, mainly I, the company I audited. This does not mean a tax audit. This means I entered, I saw my book and confirmed the accuracy. After this, we will report on the improvements needed and the areas that are good for them. This is a brief summary of corporate audit. Many accountants work in private companies that are financing funds for managers and owners. It helps companies detect and investigate fraud by cheating.
Be careful when you say someone is an accountant. I listen to the story of the bookkeeping officer and the secretary always tells this. I do not know the difference between a journal entry and a coffee pot. It will not be an infinite secretary or bookkeeping person. I respect them all. I am doing a lot of work on the team, so I am very thankful for their work. But they are not accountants. I will not tell my customers that they are. This is not a fair explanation of who they are and qualified.
# 3 Accounting Myths
Accounting is men only. In a company where I am employed or working, the ratio of men to women is more than 50% for women. In fact, most are dominated by women. Yes, I have seen the majority of men in executive positions, but women are also rapidly growing in this field. Many companies think that women can balance work with their families [most times better than you guys]They respect women 's abilities and qualities in these fields. Well, everyone, you are not extruded. This is the best place for both sex to show their potential. Do not think your gender will determine your place in your treasurer world.
# 4 Accounting myths
Accountants are introverted or boring and do not really like working with customers. Even tax accountants must be people and people. We must all collaborate with clients, employees, vendors, clients of clients etc. I love this field for interaction with people. I love talking [I'm sure my husband would agree] I love to teach. Change from a funeral home to a hair stylist to a language that can be understood and understood. I will tell you the story that their number needs to hear and how to teach them what their futures have.
My colleagues and college friends were amazing. We went out for drinks, danced in clubs, we went swimming and skiing in the lake, and worked at local gyms. Our lives are not totally dull, as life owners or accountants, life is not boring. I have meetings of two small children, husband (business partner), employee, family, friends, club, organization, and the list continues. If I have time to take care of miscellaneous, this is a benefit in the week.
# 5 Accounting Myths
Small and medium enterprises do not need treasurers and only wait until they are too many to process themselves. This means that as an owner of a small business it is unnecessary to know financial and financial forecasts, grasp the trend of business, and the latest big tax advantages. I have about 20,000 customers in a year like a service business.
Every business, the accountant should watch the back. Well, this person or company needs to be reliable, but you need them. At this moment it is not possible to operate the business based on whether the cash is in the bank or not. At the end of the year, how do you know whether you will report the deficit or income to the IRS? You should be able to pay as little tax as possible or report losses just to corrupt yourself. Many tax offices are in a box and sometimes a trash box full of receipts, "Take my tax here, they charge you the time you plan to assign to your thumb through these receipts We do not have to pay tax as much as we can put in almost all small nickel and not take time to make sure there is a possibility of loss.
Your accountant will follow your financials throughout the year. All time to submit your taxes must be clean and clean. In addition, accountants can provide monthly finance including areas that can be improved in the region, preparation of lendable reports, support for financial decisions, helping with the latest tax advantage. For the past few months, the business will move toward lower or higher income based on historical history. This is all the necessary information and when the client enters my service they are surprised that they were able to run the business without my service.
# 6 Accounting Myths
The accountant will bear my arms and legs. If you go to a high-priced company, it may be so, but keeping Robert Shapiro's service while searching for a lawyer is not cheap. You must find the right company or individual for you. Please check references, qualifications, and services. Please make sure that your region's industry standards and prices match. You must be number one of them. You should be able to find talented people and companies.
My company is known for its low rate as it is the way I designed it. I wanted to create a company that can handle small business startup business, but it was still affordable. I always lowered the price of the service rather than the cost of hiring full-time employees, but sometimes I have been much less. Client, needs, and financial situation. You can call me or email me to tell you if we can help you or at least point in the right direction.
# 7 Accounting Myths
I pay business expenses from within my pocket. That is not really a big deal. Wrong. If you own or operate a business, it is a business, not your spouse. You need to be careful when paying expenses from your own pocket. This is money that can be returned to you without tax.
For example, I have a client I recently got acquainted with. She has a hairdresser. She does not have a business bank account and all expenses are paid from her account. Now she brings income to that same account. Her husband is a full-time employee of another company. First of all, there is no way to know if she really is benefiting. Second, she is paid a salary. Her salary is taxable. If her business is broken, she is paying twice the tax. She was not able to correctly refund the self-payment expenses that was supposed to be TAX-FREE.
She should be able to refund at least the expenses paid from her pocket [tax-free] Before taking a salary that is taxed. As her accountant, I encouraged her to open a business bank account. At this point she will deposit the income into this account and pay the invoice from here. If there is not enough cash to pay the bill, she will pay them from your pocket but will tell you when she does this. We record this as a refund attributed to her tax exemption and she will receive this money when the company's cash flow enables this.
# 8 Accounting Myths
I do not have time and I do not need to set myself and my company's goals. Every company I knew, read, or involved in had used goal setting as a complicated part of business. As we all know, life moves at a moving speed. Regardless of the industry, changing times can cause confusion and in many cases there is the possibility of unemploying companies unless keeping the trends, technology and consumer information up-to-date.
Please sit down and write 10 goals for yourself and your company. Once completed, please prioritize these goals in descending order. Put them in a place that always reminds you of your goals. Every month, I will sit down and review these goals. Please write down what you did to get closer to each one. Once you reach your goal, you will remove them from the list. Please do not delete. This brings you a sense of accomplishment and shows you that your efforts are working.
# 9 Accounting Myths
I do not really need financial reporting to know the mechanism of my business. If you are busy, this does not mean that your business is going well. You need a report to tell if your expenses are the necessary places compared to the expenses you are responsible for. You need to run the report to display problem areas such as theft, loss, waste, profitable areas. After you run these reports, you need to understand how to use that report. If you are running a report that indicates that you have a major problem in the manufacturing process, you can devise a solution to the problem, find a way to earn money from the waste, find a way to reuse or recycle materials, Improve the process to reduce the amount of.
In the service industry, the report can show how to allocate time. If time is not allocated, money is lost and I am convinced that 99% of domestic companies are trying to raise profits. These reports will help you shift the employee's duties and activities in a way that reveals the realm of the problem, reduces profits, and improves your profits quickly and efficiently.
# 10 Accounting Myths
I can handle my own account by myself. I have QuickBooks. Ha! This actually makes me a little laugh. QuickBooks is a wonderful program that I use everyday, but I do not need an accountant. In fact, most open QuickBooks are overwhelming and confusing. This program is very good and can be a wonderful tool, but the accountant needs to help with your configuration. Also teach you how to use it, regularly arrange everything, run reports, and fix problem areas. You can do wonderful things in business but unless you do not know how to operate accounting aspects of your business perfectly, you really should benefit yourself and get advice from at least the accountant of this process is.
As I said, this is a wonderful program, but if you do not understand accounting, trying to understand how to reserve a picture can be confusing and can lead to even greater confusion. Depreciation without entering large assets correctly will eliminate the expense of tax advantage. If you do not book a cost in the right way, you could take a bigger discount and this could cause problems for the IRS. If you do not report all the income you are expecting, I also know how IRS feels about this. If you do not book a discount or refund correctly, you will miss another tax deduction. Are you seeing trends in the domain of the problem? In order for you to use the accounting program correctly before actually trying to diving, your accountant must actually receive education.
All these hints will lead to the conclusion that you need an accountant. I am very honest and say that I write this not only for your help but also for my company to make it better. With this in mind, I will tell you that I am here to serve you anywhere in the Americas. We work electronically, directly, by post. We are striving to create personalized service packages for customers. Besides being cheap these packages are not bound to long-term contracts for customers. Our service will maintain our business and enable the best service. If you contact us, we can set up free consultation.
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