In a world where everyone has an opinion and the internet contains more fiction than fact, here are three common misconceptions about our industry which small business owners should know;
1 – I must use an accountant
Not true. It is entirely possible to produce your own accounts and submit your own tax returns, but the question is – why would you? The regulation is very complex, and the tax rules even more so. Chances are you are not an expert in these things, otherwise you would be working as an accountant already!
Why take the risk of getting something wrong, being fined for missing deadlines, or worse paying too much tax, by not using an accountant?
2 – Accountancy is regulated
Again, false. A number of governing bodies regulate and monitor their members, but membership is optional; anyone can trade as an accountant and there are no laws against this. You should look for membership of ICAEW or ACCA as an indication that the accountant has qualified under their strict rules, and continues to adhere to their membership criteria.
There are exceptions to every rule, but usually a chartered or certified accountant will be more expensive than an unqualified one. Like most things in life you get what you pay for, and in exchange for higher fees a qualified accountant should be able to offer more to your small business.
3 – Accountants love spreadsheets
Erm… Some myths are true!