Issues affecting business owner with minimal accounting experience (Essay Sample)

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Accounting Discussion 1
The major advantage of the business owner having minimal experience in accounting maintaining the company’s book is that the lack of accountant gives the business owner to an opportunity to expand his/her accounting knowledge. In addition, he/she gets an opportunity to learn to be self-dependent and sufficient hence maintain his/her finances. This permits the owner to directly be in charge of the financial activities in the business thus reducing the cost of hiring an accountant. The disadvantage of this case is that the business will lack the advantages brought about by accountants hence the profit may be low. For instance, an accountant offers expertise in the accounting and tax work, professional assistance, preparation of business budgets, suggesting means of reducing costs as well as completing and filling essential administrative documents within the company. Due to this reason, the lack of an accountant in the business poses a great disadvantage to the business success (Wahaba, et al).