If you, too, believe that accounting is only about balancing the assets and liabilities, you’re wrong. People believe accountants to be those well-versed mathematicians who are good at managing taxes and keeping financial records. However, these are just petty misconceptions that create a vague image of the accounting industry. In the modern world, commerce and trading are the primary economy-driving forces, and accounting professionals are the pillars. They are versatile in skills and knowledge, and their scope of work is quite diversified.
Following are a few myths associated with the accounting firms which urgently need to be busted to bring some clarity on how accounting firms work:
- They are beneficial for big companies only- Many people believe that accounting firms only handle the records of big companies. However, this is not true as small companies also benefit a lot by availing the services of accounting firms. When businesses hire accounting firms, their productivity increases as they can devote their time to other operations. Companies can get accounting done without hiring full-time professionals and bearing their salary expenses.
- They compromise with the company’s safety and privacy- The safety and privacy of every company are crucial. Hence, companies are afraid to share their records with a third party. To lower the security breach risks, you should verify the firm before handing over your records to the accounting firm. You should check their reviews and sign a contract with all the terms and conditions mentioned. This will help you avoid any future conflicts and maintain the privacy of your company.
- Offshoring and outsourcing are the same– People often assume that offshoring and outsourcing mean the same. Outsourcing accounting services refers to availing of particular services from a third-party company. Offshoring means hiring accounting professionals from a different country at cheaper rates. These professionals remain the employees of the company. Many U.S. accounting firms adopt offshoring because many countries have comparatively lower wage rates and tax rates.
- You cannot establish long-term partnerships with them- Businesses usually believe dealing with accounting firms is a short-term activity. They think that accounting firms provide only one-time solutions. This is not true as accounting firms are known for offering their long-term and reliable services. Many businesses work with only one accounting firm for years.
- High-level IT infrastructure is a necessity- It is a widespread myth that high-end IT softwares are necessary for all accounting firms. But, this is not true as now there are many IT tools and applications available at meager prices. In fact, due to stiff competition, many of them are available for free.
About the business
Accounting firms are much more than managing accounts and ascertaining profit. They are a full-fledged department engaged in providing a solid financial base to the corporation. If you are looking for a professional and trustworthy company involved in business taxation, accounting, and consulting services, Florida Global Consultants is the best choice. We are top-rated amongst our clients and hold an excellent reputation and experience in the industry. For more information about us, contact us at (786) 456-5140, connect through email at [email protected] or fill the contact form.
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