Busted! Don’t Believe These Accounting Myths!

Accounting plays a critical role in business functions as it helps keep track of income and expenditures, ensures compliance, and provides quantitative financial information to make important business decisions. So when your financial records are clean and up-to-date, it ensures that there will be no halts with the growth of your business.

However, many businesses treat accounting as an afterthought and prioritize only managing and maintaining day-to-day operations. Moreover, several false facts floating around about accounting make it harder to grasp the truth regarding its benefits.

To help dispel some of those misconceptions, Michael H. Keltz Chartered Professional Accountant, has debunked three of the most widely believed myths about accounting.

Myth 1: Accounting is only important at tax time
Most people don’t review or update their financial records on a regular basis, but this is key to staying on top of finances and business trends. Turn your data into real-time information and harness the power of that information.

Myth 2: I can do everything in a spreadsheet
There are a lot of templates that exist, but it is not a replacement for a proper set of books. Accounting software versus manual books is not even a question. Why re-invent the wheel when there are so many good choices out there. The real question is which one and desktop or cloud?

Myth 3: Friend’s or social circles’ accounting advice is better
Listening to friends and family about accounting is what we call cocktail party chatter or advice. Tax advice should be garnered from a professional such as a lawyer or an accountant and tailored to your specific situation. Personal finances should be confidential. There is no one size fits all solution.

If you’re looking to steer clear of more myths like these, reach out to Michael H. Keltz Chartered Professional Accountant. As a leading tax accountant and CPA in Toronto, Ontario, we have decades of experience in accounting and bookkeeping. We are dedicated professionals and make sure our clients get outstanding accounting and tax solutions. We serve clients across Leaside, East York, Toronto, Mississauga, Vaughan, Brampton, Markham, Oakville, Milton, Ajax, and the surrounding areas.

For a complete list of our services, please click here. If you have any questions about accounting, we’d love to hear from you. Please contact us here.