While tons of information is available to us every day, it’s important to decipher which parts are true and which parts are myths. Wales Accounting is here today to share some knowledge with you regarding some of the most common accounting myths in order to help you decipher the information out there. Follow along with our Accounting in Richmond Hill team to help clear the air. 

Myth 1: Accounting is Only Useful during Tax Season 

While tax season is an important time for all accountants, accountants are also needed in the day-to-day operations of a business. Accountants can help to track, report, execute, and predict financials in order to make informed business decisions. Having accountants involved in everyday operations is key to operating a strategic operation. 

A business should always have an accountant on board to help them manage all financial aspects of the business. Accountants can help save time and money as well as help a business improve its functions and grow its business. 

Myth 2: Everything Can Be Done in a SpreadSheet 

There are many reasons as to why hiring a professional accountant is better than using a spreadsheet for your business operations. Although a spreadsheet can help to nicely format numbers, there are numerous advantages to having an accountant on board to help with your business.  

Firstly, spreadsheets are prone to making errors whereas a professional accountant, who manually deals with numbers for a living, is less prone to making silly mistakes. In addition, when you work with accountants, they can give quick business advice backed with data. Accountants can furthermore provide security services whereas not all spreadsheet services can provide. Also, in some cases, spreadsheets aren’t able to keep up with the growth of data and an individual who is trying to memorize all the spreadsheet formulas can be time-consuming and faulty. 

Myth 3: You Should Always Take Friend’s Accounting Advice 

While you might have a friend who seems like they know what they are talking about, it’s important that when you are seeking financial advice, you turn to a professional accountant or lawyer. You should note that each financial situation is unique and different rules or circumstances may apply to different situations. 

In addition, all personal finances and business finances should be kept confidential. Friends should not have access to all of your financing information. Financing information should be kept private as its easy for information to be misinterpreted or changed as it is shared down the line. Talking to a trusted professional is always recommended over seeking advice from a friend. 

How We Can Help 

Now that you have some more insight into accounting truths and myths, it’s time to consult with a trusted accountant for all your financial needs. Our team at Wales Accounting provides services such as business registration, payroll, accounting, bookkeeping, and Income Tax Filing in Richmond Hill. To book a consultation with our team, give our team a call today at (905) 508-9262. We look forward to providing you with professional financial advice.