Accounting Myth Vs Reality

By: geetha

Accounting Myth Vs Reality

Myth: I have a small business, I donít need accounting.

Reality: Always give due respect to business and to the government, whether small or big itís a good habit to have proper accounts for the finances of the organization. Without accounting one can evade tax or manipulate funds but only a methodical accounting can enable a small business to grow based on its finances, create budgets for future, and evaluate losses incurred.

Myth: Iím not good at maths to do accounting

Reality: To do accounting one doesnít need to be a genius in mathematics, if you know addition and subtraction and little bit of multiplication and division can make you accountancy literate. Accountancy is all about putting the expenses and revenues in the right way to get precise details

Myth: I hate large accounting books?

Reality: Most of the accountants are using computer based software or an ďAccounting Information SystemĒ for accurate financial reports. But if you donít have any idea to implement a customized software solution due to budget constrains, websites like can be a good solution for your bookkeeping needs that too with double entry book keeping.

Myth: Accounts are for qualified accountants only?

Reality: If your are running a large company definitely you need an expert accountant or even need a separate finance department. Online accounting services like is for people who are not accountants and for small business owners. With easy to navigate screens, option to make a transaction with SMS, many more easy to use options, itís a boon for the accountancy toddlers.

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