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Addressing 3 Common Myths People Have About Accountancy

Addressing 3 Common Myths People Have About Accountancy

04 Apr 2022

Addressing 3 Common Myths People Have About Accountancy

For the longest time now, accounting has been one of the most sought-after professions in Singapore. With businesses setting up shop in our sunny island, the demand for accounting looks set to grow even in the coming years. Despite its popularity, however, there are still common misconceptions surrounding accountancy that could put off prospective accountants. If you’re considering enrolling in accounting courses or an accounting degree in Singapore, here are 3 common myths about the profession that you should be aware of, so you’ll have a better idea of what you’re getting yourself into.

Accountants Are Math Geniuses

Accountants Are Math Geniuses

Whenever we think of an accountant, we picture someone who is able to solve complex math problems on a regular basis. The reality is that the math involved in accounting is actually fairly simplistic — add, subtract, multiply, divide — but obviously, it takes much more than just math to cut it as an accounting. The profession requires a wide array of skills, such as the ability to prepare accurate and succinct financial statements, the ability to analyse data, and critical thinking skills. For accountants looking to take their careers to the next level, a foundational knowledge of business is also essential to their growth; some even go out of their way to earn an MBA. Ultimately, accounts will at some point be interacting with different stakeholders, and having a good understanding of businesses will enable both parties to establish better rapport. Either way, an accounting degree is designed to instill in you the necessary accounting skills that you’ll need when you enter the labour market. 

Accountants Are Exclusive Tax Wizards

Accountants Are Exclusive Tax Wizards

When tax season comes around, one of the first people we’ll turn to for help are accountants, and there’s some merit to that — after all, accountants are trained to audit and balance the books, so they’re able to spot inconsistencies and discrepancies easily. Yet, being an accountant comprises much more than crunching tax numbers. On top of helping businesses with tax-related concerns, accountants also take up a variety of tasks, such as preparing financial statements, conducting profitability analyses, developing sound financial strategies, and advising clients on estate planning and wealth management. Additionally, accounting is prevalent across different industries, so even the nature of the accounting work varies accordingly. Accounting courses aim to prepare you for the road ahead, ensuring that you pick up accounting expertise that will serve you well regardless of the industry you end up in.

Accounting is Boring

Accounting with Modern Technology

Accountants are often perceived to be drowning in math all the time, and let’s be honest, not many of us enjoy math, so the common misconception is that accounting is boring. However, accounting is actually a profession that requires a great deal of creative and critical thinking skills outside bookkeeping. Accountants are also involved in data analysis and interpretation to make impactful decisions. Some accounting positions are even intertwined with modern technology, such as artificial intelligence and blockchain, adding yet another dimension to traditional accounting. This is proof that the accounting industry is always evolving to keep up with the times, so if you’re considering getting an accounting degree, know that your journey ahead is incredibly dynamic and exciting.  

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