With more and more companies providing online accounting software, more business owners are skipping getting accountants for different reasons. However, before continuing to do so, they should first know the common misconceptions people have about accounting and accountants.

  1. You can skip paying taxes if you keep a limited company. To be quite honest about it, this is a very wrong notion. Once a business is listed and registered, it will have to pay taxes. If there are employees working for the company, then paying taxes will be inevitable.
  2. You have to be a math wizard to perform accounting work. This is not true. The basic knowledge you need to have is to know how to add and subtract numbers. As for more complex tasks, you can always use online accounting programs that will make accounting easier and more accurate. Shoebooks, a provider of accounting software in Australia, can let you choose from among the models of accounting software that it has in order for you to have smoother and more accurate business transactions.
  3. All companies need an audit. The fact is that small businesses do not have to have an audit. Small businesses would mean having a turnover of less than 6.5 million euros and a balance sheet total of just up to 3.26 million euros.
  4. All accountants are made equal. In terms of qualifications, this is true as all of them are to have tertiary qualifications and an appropriate postgraduate study program. They should have at least three years of mentored work experience. But, to have the advantage, get the accountant who has background in financial strategy and investment advisory experience.
  5. Having accountants won’t give much difference in tax deductions. Remember that accountants are skilled people being trained in identifying deductions that apply to every business. Furthermore, it also can pinpoint corrections and may spare you from having to pay more due to erroneous computations.
So with that, it is advised that you combine the skills of the accountant and the specialty of your accounting online software.

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