In this blog, we want to give you a deeper understanding of what accounting is and what the current trends are in the field. We’ll start with some fun facts about accounting, then go to the most typical mistakes that entrepreneurs make, and finally, some trends.
Accounting Fun Facts
- Bubble Gum was invented by an accountant.
- Over 2000 FBI agents have been trained as accountants, and they were also the ones who brought down Al Capone.
- Many famous people have studied accounting and some of them are as follows:
- The Co-Founder of NIKE
- Mick Jagger
- Janet Jackson
- John Grisham
- Eddie Izzard
- The first person to register his name was an accountant.
Most Common Accounting Mistakes
Even though many people have a misunderstanding of what accounting is and what accountants do, hiring a professional accountant can help you avoid a lot of mistakes. Especially if you’re a small business without the skills or people to effectively keep your accounts in order.
The following are some of the most common mistakes:
- Calculation and math errors, which can be extremely costly.
- Getting behind on the piles of paperwork that come with accounting, which means deadlines will be pushed back, and as they say, “more haste, less speed” is more efficient.
- Not knowing (exactly) what you’re doing and thus missing out on benefits and financial rewards.
- Accountants will stay on top of new rules, tax breaks and other crucial laws. It’s something they do daily and it’s likely that you don’t have the time to keep track of everything yourself.
- Big data and IT
This will allow accountants to provide additional value to their clients by allowing them to back up their recommendations with data. And they might even consider adding Strategic Business Advice to their list of offerings.
- The future is now
Because data entry will most likely be taken over by software or automatization, accountants will have more time for advising, analysis and customer support.
- Embracing the cloud
This is a growing trend, which means your accountant will be able to view your financial data at any time and from anywhere.
- Blockchain is the next big thing
Many theories suggest that blockchain will not just be used by cryptocurrencies but will also be used by accountants to speed up compliance, auditing and reconciliation processes. And will be able to do so with better accuracy, security and transparency.
Contact our experts today, so Bolder Launch can help you with your accounting needs!