Being an accountant can become stressful at times, as many are under tight deadlines. If you make a single mistake such as reporting an item as a debit versus a credit, or misreporting a particular figure, that mistake could throw the rest of the books off. Therefore, a lot is riding on...
Advantages of an S Corporation There are many advantages of being a corporation owner for any business type. However, S Corps offer unique advantages that other structures simply don’t. These mostly come in the form of tax advantages and tax breaks. Self-Employment Taxes One of the major adv...
Example:The estimation of the useful life of an asset for depreciation purposes can vary among accountants depending upon their experience. Also, different accountants may use methods like First-In, First-Out (FIFO) or Last-In, First-Out (LIFO) and practices to calculate depreciation, stock pric...
is a popular corporate structure both in the business world as well as in the private sphere. However, you should always carefully consider whether the features of a GbR fit your particular project, or whether another legal formation may be more suitable. An assessment should be carried out on...
What are the three advantages and disadvantages of countertrade from the country's perspective and the firm's perspective? Explain the major advantages and disadvantages of a business owner with minimal accounting experience maintaining the company's books instead of hiring an accountant. D...
Explain the major advantages and disadvantages of a business owner with minimal accounting experience maintaining the company's books instead of hiring an accountant. Discuss the major impact to the u What are the advantages and disadvantages of the three major forms of business ownership?
However, a lack of job stability comes with being an independent contractor. If there is not a large demand for the type of services the independent contractor provides, the contractor will not get paid. Typically accountants are busy during the tax season, but if the accountant does not have...
Having taken the responsibilities of an accountant, PR or HR Manager at the same time can be a burden and make the person wish they had never done it at all. If they hire other people to perform these tasks, they must pay more tax and provide theiremployees with decent working conditions...
The pro can also be a con, like two sides to a coin. Due to the lack of a standard format, the preparation of a management accounting report depends largely on individual discretion and the opinion of the accountant. Therefore, there is always a high chance of individual bias impacting the...
A sole trader is a business structure that is incredibly popular in the UK for small businesses. An individual trading as a sole trader is also referred to as self-employed. A sole trader business structure, with its ease of set up and full control, makes it an appealing business structure...