The financial transactions are very sensitive in a business entity. These transactions are recorded and updates in the financial records that assist the business owners and administrators to keep track of various progressions in a company. Therefore, it is very important for the transactions and processes associated with the financial transactions to be managed in a manner that portrays highest levels of accuracy and integrity. If a business owner that is not experience is the one responsible for the management of the accounting books without hiring a manager, the owner of the business is likely to save the funds that are associated with payment of the accountants. The owner may also get a chance closely to monitor the financial transactions taking place in a company.
However, there are various disadvantages that may associated with the lack of incorporation of professionalism to the accounting matters in a company. The management of the financial and accounting books in the organization is associated with various ethical standards. These standards are the ones that govern the manner in which the financial records are handled in an organization. The owner of the company may not have the basic principles that will assist him balance and manage the books of accounting. As a result, this is likely to interfere with the integrity of the processes associated with the accounting books and processes. These interferences can compromise the preparation of the company because of the lack of a clear insight on the transactions taking place in the organization. The owner is also likely to commit errors in the preparation of the accounting statements. As a result, these errors may lead to massive failure in the audit of the records of the company. Therefore, the management and maintenance of the accounting books should be left to the experts that are certified in handling the records.
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