An accountant is a person who keeps financial records for a family or

business.

Advantage: Taxes
An accountant keeps up with the many forms that need to be filed. A business owner
who spends time completing and filing out forms for the company’s taxes, stock issues,
quarterly reports and other financial forms is being taken away from the main focus of the
business. The accountant completes the forms and files them, freeing the business
owner to tend to other duties. A competent accountant is able to take advantage of the
latest tax laws and save the client money.

Advantage: Advice
It's difficult for a business owner to keep up with the latest tax law changes or trends in
accounting. An accountant can give objective advice on how to increase profits for a
business. He can advise on many business-related topics: tax changes, financial
outcomes on possible corporate expansion scenarios and bank loans.

Disadvantage: Errors
Even though accountants are liable for errors and omissions, errors can cause the
business owner a lot of stress. Errors and omissions can result from several sources,
such as an accountant missing a filing deadline or making an incorrect calculation on
information supplied by the client. Clients can sue the account for these errors, but this
takes the business owner away from the business.

Disadvantage: Expensive
Depending on the kind of work, size of the company and location of the firm, accountants
may charge from $150 to $400 an hour. Before employing an accountant, make sure
about the type of work you need and the level of expertise required. The decisions can
have a large impact on the cost.