Did you see the meme that was out a few years ago about what people in various professions actually do vs what people think they do? We think that there are many wrong assumptions about accountants and the work that we do, and the truth is, being an accountant is much more interesting and varied than many think. For a change and some fun, we thought we’d look at what people think working in accounting involves vs what it really does. Is your perception, right? Let’s find out.
What people often think Accountants do
1. Spend all day crunching numbers and being math geniuses – numerical literacy is of course an important part of the job, and accountants tend to be good with numbers, but we aren’t mathematical prodigies.
2. “Being an accountant is boring” -The reality is that many accountants are able to contribute to how a business evolves, and that can be truly rewarding, and provide job satisfaction.
3. Free tax advice – As with many other professions, many accountants specialise in specific areas, lots of the job is about knowing where to find information rather than having it all stored in our heads, and specifics that depending on the client. We can’t answer your random tax questions at a party!
4. Accountants are often asked about mergers and acquisitions, and new businesses and although this is a part of accounting, it is more on the managerial accounting side, and requires in-depth analysis to execute – not on a quick lunch break!
What Accountants really do
The reality is a good Accountant is mostly keeping on top of your numbers and tax compliance, but other important key tasks include:
1. Effective and constant communication with clients to ensure all the processes are done effectively and correctly, and you understand everything that is happening and why
2. Help a business in case they have been contacted by the HMRC for an investigation
3. Making sure the business is compliant with all regulations and changes
4. Providing vital business advice in different areas to help improve the efficiency and general running of the business
The truth is accountancy is flexible and varied, and a good accountant should be tailoring its solutions to the client rather than offering an out the box solution that is the same for all. Whether your accountant really does what you think they do or not, make sure that they are adding value to your business. If they aren’t, think about talking to an AIMS Accountant to see if our approach could help.
Henry Ejdelbaum, MD, comments “An accountant can provide invaluable insight by advising you on the tools you may need to run your business in the most effective way possible. They can also assist in your business plan, help take control of your taxes and tax reliefs, and ultimately grow your business supported by the right decisions.”
Johan Da Silva
AIMS Accountants for Business
020 7616 6634
Notes to editors:
About AIMS Accountants for Business
Established in 1992 to provide SMEs a fixed fee service, free of any obligations, through franchised accountancy practices. For over 30 years our success has been driven by our singular client focus, our proven management systems and the ongoing support and training provided to all AIMS franchisees.
By doing more than just crunching numbers, by providing business advice and creating a solid relationship with our clients, we provide the services that has seen us become the only nationwide network of qualified accountants in the UK.