Abstract: Small Business and Professional Accountant Essay

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Bobby Boehl

Major Misconceptions About Accounting 1
Abstract

In today’s age, there are many common misconceptions about accounting as a professional career. Some of these can include anything from small businesses not needing the assistance of a professional accountant, all the way to people thinking the hardest part of accounting is the level of math involved. Many, if not all of these misconceptions are incorrect and need to be addressed so people can improve their businesses by using accounting services.
The most common misconception is that a small scale, sometimes family owned business does not need a professional accountant to keep track of their finances. This is horribly wrong. Most small business owners with either take on all the financial aspects of the business on themselves appoint a specific employee to take over the responsibilities. This can lead to these employees being over worked and cause them to make more mistakes than usual because they have too much on their plate. A professional accountant is trained to do this specific job correctly and accurately so they should definitely be used in any business size or situation.
Another common misconception would be the cost of hiring a professional accountant. Many people will see ads for accountants who are more upscale and will think these prices are just too outrageous for the size of the business and the little amount of work they think needs to be done. Many business owners don’t take the time to actually research and look for smaller, locally owned accounting firms. Hiring a professional accountant is actually worth the time and money because many business owners underestimate the costs they could incur on themselves by doing their own financial statements. There can be some heavy financial penalties if a business ends up filing their tax forms and financial statements incorrectly.
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