Accounting Myths
There are several myths about accounting that can discourage young people from entering the profession. Here we debunk the most common misconceptions:
1. You need to be a maths genius to become an accountant
Many people believe that accountants are constantly doing complex maths calculations. While accounting does involve numbers, it’s more about understanding financial principles, analysing and interpreting financial information. Most of the maths involves basic arithmetic, not high-level equations. Many accounting software tools do much of the complex calculation work.
2. Accountants are just number crunchers and tax return preparers
Accountants are often portrayed as isolated, working in cubicles, crunching numbers all day. Accounting is much more than sitting at a desk crunching numbers and preparing tax returns. Accountants today are strategic advisors and communicators delivering valuable insights in areas such as enhancing business processes and performance, strategic planning, tax strategies and risk management. They are increasingly leveraging technology to enhance their ability to provide these insights.
3. Accounting is boring and lacks creativity
Many people believe that accounting is a monotonous, repetitive profession with little to no excitement. Accounting has evolved into a dynamic and challenging field that focuses on analysing and interpreting data to support business success. Roles in forensic accounting, management consulting, and tax and advisory services often demand creativity and critical thinking to solve complex problems effectively. Accountants must keep current with changing tax laws and regulations requiring them to constantly learn and acquire new skills.
4. Accountants typically work in accounting firms
While many accountants work in accounting firms, their expertise is also needed across a wide range of industries and organisations. Accounting is a versatile field offering diverse career opportunities, whether in an accounting firm or within an organization of any size. Accountants can pursue rewarding careers in various sectors, including corporate, government, public sector, non-profit, healthcare, education, and technology.
5. Accounting is a male dominated profession
Despite the ongoing gender gap in leadership positions, women have made substantial progress in the workforce and in leadership roles in recent years. Women are breaking barriers and taking on leadership positions in major corporations, large accounting firms, and professional accounting bodies. For example, the current CEO of Chartered Accountants Australia New Zealand is female. The accounting profession has also evolved to better support work-life balance, making it more inclusive and attractive to a diverse range of professionals.
6. AI will eventually replace accountants
While certain accounting processes have become automated (e.g. data entry, invoice processing and bank reconciliations), accountants will not be taken over by artificially intelligent robots. Automation has significantly reduced these manual processes so that accountants can apply their problem solving, critical thinking, creativity, and logic skills. The demand for skilled accountants will always be strong.
7. Accountants work mostly long hours
It is widely thought that accountants face demanding and stressful schedules, leading to burnout. While certain times, like tax season or year-end audits, may demand extra hours, the notion that accountants consistently work long hours is a misconception. Advances in automation and accounting software have simplified many tasks, reducing the need for extended work hours. Additionally, many companies are turning to outsourcing and offshoring to lighten the workload for their staff and offering flexible work arrangements, including remote opportunities.