Academic journal article Journal of Accountancy

Home Office Pros and Cons Checklist

Academic journal article Journal of Accountancy

Home Office Pros and Cons Checklist

Article excerpt

Accountants don't have to rent offices--they can create them in their own homes. Note the advantages and disadvantages to the home office option, and consider your particular situation and personality in deciding what's best for you.

ADVANTAGES

* Savings. You don't have extensive overhead such as rent, phone, utilities and furnishings.

* Practice planning. Because you don't have to earn a monthly minimum just to meet overhead costs, you can afford to spend time developing the practice and client list you want, without taking on any client just to pay the rent.

* Change of heart. If you find the sole practitioner life isn't for you, you haven't wasted rental money and you're not stuck with a useless commercial lease.

* Travel savings. You don't waste time and money commuting. Ease of access means you can put in a few hours at night or on weekends.

* Shared family commitments. Although you do need a well-defined work schedule, you can make time during the day for childcare and other household responsibilities. That is, you create your own "flextime" schedule.

DISADVANTAGES

* Client perception. Some clients may feel you are not as professional or as permanent as an accountant who works from a separate office. They may expect low fees because you have little overhead, leading to problems when you do move to a rental office and need to raise your fees. …

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