Making sure you run your business operations smoothly and efficiently while simultaneously ensuring that you make sales can be challenging. Here’s where an accountant can make a difference in your operations, leaving you to do what you do best! Hiring an accountant means you get to focus and dedicate your time to running the business. Your accountant will take care of your finances to help your organization flourish. Let’s delve into some of the common misconceptions surrounding the work of an accountant. Here are some myths and truths about what an accountant does. 

Myth: Accountants only do taxes.

Truth: They also do various other tasks like bookkeeping and financial consulting.

Most people assume that accountants only manage taxes. Still, on the contrary, they are well equipped to handle several financial services like bookkeeping, conducting assurance and reviews, tracking investments and providing financial consulting services. They are knowledgeable in different fields of business and laws and well-informed about financial regulations. 

Myth: Small businesses have little need for an accountant.

Truth: An accountant can be equally beneficial for small businesses.

Accountants can handle anybody’s finances, be they big or small. If you have a small business, they can help you with your finances and taxes and also guide you to increase your profits. An accountant will help you with tax returns, distinguish between personal and business accounts and direct your finances toward your business needs. 

Myth: You can do accounting if you can do the math.

Truth: Math is an essential part of accounting, but there are many more aspects to it.

Accountancy does involve standard math calculations, but it is only a part of it. Accountancy also includes knowing accounting laws and regulations regarding business finances. Accountants also need to conduct a financial analysis of the business data, track and record transactions, manage the organization’s taxes and much more.

Myth: Outsourcing accountancy means loss of control

Truth: Outsourcing an accountant informs you of every financial detail.

If you own a small business, having an internal finance department may not be financially practical. However, hiring an external accountant would be a much better decision. The professional will always keep you in the loop about your finances. They will work on your finances while you concentrate on your business operations.

Now that you have learnt what accountants do, you can hire one for your business at MPS Partners. Our experienced chartered accountants manage personal and corporate taxes, assurance and review, bookkeeping and consultation. We help our client’s businesses flourish, whether big companies, small businesses or start-ups. To hire our services, call us today.