The Advantages And Disadvantages Of Having An Accountant

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Disadvantages of Having an Accountant

The following disadvantages to be discussed in this section are (1) cost and (2) liability.

Cost. When establishing a small business and in the being phase of a startup company, money is tight. The company has yet to take shape but the need to generate growth is a huge concern. Cost is an incremental factor that deters the businesses owners’ decision to hire an accountant. Part of the costs involved in hiring an accountant includes their salary, benefits, and office space. Figure 2 shows that an accountants education level and experience has a significant impact on their salary. With an increase in experience and specialization comes an increase in price. Benefits are also pricey and the need to provide
While small businesses are not required to have an accountant, the advantages that they provide in compliance, savings, loyalty, and company contributions are essential. Businesses are always striving to grow and to gain more market share and customer share and with the right tools they are able to accomplish that task. Accountants carry with them a large price and the lack of control and the ability to trust them will impact any business both large and small. With alternatives available, business owners need to weigh the pros and cons of having their own accountant conveniently within arms reach in their organization.

Recommendations

I recommend that small businesses and startup companies take advantage of the services, skills, and benefits that accountants can provide. They are able to save any organization, big or small, money and provide knowledge to help any company grow. The cost of having an accountant is much less than if the fees, fines, and lost profits as a result of inaccurate reporting and unethical behavior both internally and externally. If the goal is to grow an organization and take advantage of other financial opportunities, then consider having an accountant within the organization along with accounting

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