Busted! Don’t Believe These Accounting Myths!
As your net worth begins to increase, it brings newfound prosperity. However, it can also be a challenge to manage your cash flow, file taxes efficiently, and prepare budgets. So hiring the services of a prudent accountant can be the perfect solution.
An accountant can ensure your company is operating favorably by assessing accounting records, conducting audits, and making sure that you are compliant with the tax authorities. Despite accountants saving businesses a lot of money through deductions, there are still misconceptions regarding the role of accountants, which hinder the progress of companies that fall for these myths.
To help you steer clear of these misconceptions, Prospera Chartered Accountants has debunked some of the most widely believed myths about accounting.
Myth 1: All Chartered Accountants should be spreadsheet wizards.
While all chartered accountants should have a grasp of numbers and be computer literate, they are not expected to be experts at using spreadsheets to assess a company’s financial statements. Many off-the-shelf software packages make it is easier for accountants to work. Books and calculators are also regularly used by accountants to analyze data and follow best practices.
Myth 2: Chartered Accountants should not be financial advisors.
An accountant helps you to manage your finances in some way or the other, and one of their primary tasks is to help you reduce your taxes. However, as they maintain your accounts, such as balance sheets, profit and loss statements, and cash flow forecasts, they are in a strong position to recommend business strategies that can improve your bottom line.
On a final note, we suggest that you do not take advice from individuals who are not experts in chartered accounting, as it could prove to be false. So if you’re looking to steer clear of these myths and get sound advice, reach out to Prospera Chartered Accountants.
As the best accounting and CPA firm in Calgary, Alberta, we render timely and reliable services tailored to meet our clients’ specific needs.
Our services include accounting and assurance, business consulting, taxation advice, and retirement and estate planning. We serve clients across Calgary, Okotoks, and High River, Alberta.