Raman kumar Garg

What are the common myths about Cost Accountants and their work?

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by Raman kumar Garg
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RE: What are the common myths about Cost Accountants and their work?

Jyoti B Dhingra
Jyoti B Dhingra
Verified Career Expert
Education, Sports & Relationship Counselor
  • Mumbai

Hi,

Cost accountant is a professional who is responsible for the analysis and evaluation of the cost involved in various activities and come up with the cost effective solutions for them.

This is a very respectable profession like all other professions.But there are certain myths about this profession.They are as follows -

1)Cost Accounting is only about maths and only maths.
As the name suggests it is obvious,but rather than maths there are many other things which are important for cost accounting where maths is not involved.

2) Cost accountant is a tax agent.
Cost accountant is not a tax agent.Tax agents have a different profile altogether.Both the subjects are different.

3) Cost accountancy is for men only.
Not at all.Now a days girls are doing it better than the boys in this particular field.There is no gender bias for this field.

4) Accountants are shy and introverted,even boring and hate working with clients.
First myth that they are introverted is not possible,because an introvert can not become a cost accountant.They are on the contrary very smart rather than boring.they love their clients as they get business from them.

5) Small businesses don't need accounting or it can just wait until it becomes too much for me to manage.
Every business requires a qualified cost accountant right from the beginning of the business.It is not possible for a businessman to manage every thing on his own.

6)A cost accountant will cost me an arm or a leg.
No they are not that costly.They can be managed with in the current means the company is having.

7) I pay business expenses out of my pocket.Its really no big deal.

8) I do not have time and i do not need to set goals for myself and my business.
This is completely wrong.You have to set goals in order to grow the business and it is possible through an experienced cost accountant.

9) I really do not require financial reports to know how my business is going.
Financial reports are very important to observe the growth of the business,and it is possible only with the help of a cost accountant.

10) I can do the accounting my self.
Professional knowledge is important even if you buy an expensive accounting software.You end frustrated because you need to understand various functions.

So these were the various myths about cost accountants.I hope it is enough to understand the subject.

ALL THE BEST!!!!!!!!

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