The word “Accountancy” often conjures up images of endless numbers and figures. Many, especially students, have a misconception that “Accountancy” and “Maths” are the same. This false belief leads students to shy away from this subject, since they assume that a strong base in Mathematics is a prerequisite to excel in Accountancy. But is that really so?
Here we are trying to break some such “Myths” about Accountancy
Myth 1: Know Maths to learn Accountancy
This is one of the biggest misconceptions.
Accountancy is more about analysis, logical thinking, critical review and understanding financial principles. It does not need any advanced mathematical knowledge and prowess. Simple, basic mathematics, like addition, subtraction, multiplication, division are sufficient in Accountancy. It is more about analysis and interpretation of the numbers and figures generated by various reports.
Myth 2: Accountancy is Dry and Boring
Students of Accountancy, especially beginners, often find the subject dry, boring and monotonous. This is mainly because the topics related to the foundation of the subject involve lot of theory and can be confusing with unique terms like Real Accounts, Nominal Accounts, Revenue receipt, Capital Receipt and more. But once you build a strong foundation, the subject becomes very interesting and intriguing. Accountancy actually challenges you to think outside the box and develop innovative solutions to better the business performance, based on their financial analysis. Accountancy also is a field that keeps continuously evolving with technological advancements.
Myth 3: Accountancy is just Numbers and More Numbers
Many feel that Accountancy is just Book-keeping, but it is not so. It can be aptly said that Accountancy begins where book-keeping ends. While Book-keeping focuses mainly on correctly recording the financial data (numbers), Accountancy goes much further – it is more about analysis of the financial data, interpreting the various reports generated, helping business owners make strategic decisions to achieve their financial goals. A skilled accountant plays a crucial role in guiding business owners and organizations towards sound financial choices. Their work help businesses to grow, innovate and stay compliant with statutory obligations.
Myth 4: Accountancy has limited Career choice – CA/CPA
Accountancy students generally believe that their only career choice is to pursue professional courses like CA / CPA, but that is not the case. Though CA / CPA are popular career choices, there are many other options available. Accountancy students acquire knowledge in many fields like law, taxation, auditing, forensic accounting, management etc. during the course of their studies. This gives them opportunity to pursue varied professions like Management consultancy, Financial Analysis, Tax Advisory, Investment banking, Forensic accounting etc.
Myth 5: Accountancy is Relevant only for Big Businesses
There is a general belief that only big businesses or large corporations need qualified accountants due to their complex financial situations. This is not the case at all. In contrary, the small and growing businesses can greatly benefit from smart and skilled accountants, whose expertise can contribute to their growth and cost control through proper accounting, analysis and report generation. The principles of accountancy apply to all types of businesses, regardless of their size, profitability and structure.
Accountancy is not “just numbers”, it is actually a multidimensional field, involving strategic decision making, creative thinking and much more.
By debunking some of the common myths surrounding this wonderful and interesting subject, we hope to encourage more students to choose Accountancy as a viable career option and explore the many opportunities it can provide.
Do not forget – Accountancy is the “Universal” language of business. Mastering it thoroughly gives you an edge, a weightage, in whatever career path you choose. Whether you aim to be an entrepreneur or a Consultant or a Tax Practitioner or a CA / CPA, a strong foundation in Accountancy can open many doors for you.