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E-Myth – “Why most small businesses don’t work & what to do about it”

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Edmonton Accountant | Accounting Fees

Often business owners who are looking for accountant have no idea how to choose an accountant or how much they should be paying per year says Edmonton accountant. They end up hiring based on cost, but are unaware how much extra inadequate services will cost them especially when it comes to additional tax. As a red Adair once said, “if you think it’s expensive to hire a professional to do the job, wait until you hire an amateur”. There are several things that entrepreneurs can keep in mind when they are hiring an accountant for their business to ensure that they get great service at a reasonable price.

Edmonton accountant says there are three ways that accountants typically charge in their business. The first way is by the hour, which is how most accountants bill their clients. Then, there is a flat fee per service, for example there would be a flat fee for a year end. And then the third way is the most uncommon way, and that is a flat fee every month. The problem with charging by the hour, is that it creates a situation where the accountant gets paid more money if they take a longer time, which often ends up with the business owner not trusting accountants when they say there is additional work that needs to be done, or that a business owner doesn’t want to take something that urgently needs to get done because they don’t want to receive a larger bill. However billing a flat fee every month we can put the balance back into the relationship, because accountants wants to charge enough to cover their work, and not too little that they won’t make a profit, but not too much that the business owner can’t afford to pay it. By charging a flat fee per month, business owners are confident that they can call their accountant whenever they need, or bring them urgent matters and know that it’s not going to affect their bill.

Many business owners try to hire accountant simply by calling around and asking for quotes on the phone says Edmonton accountant. Unfortunately, accountants require complete understanding of the business before they can offer a quotes says Edmonton accountant. It would be like someone calling a car dealership and asking what the price of their cars are. More information is needed to give proper quotes to business owners such as how big is the business, company employees that they have and how much revenue do they make per year. Business owners that trust over the phone quotes that take no time to prepare should understand that is not going to be an accurate price and they will most likely end up having to pay more down the road.

If business owners understand what’s involved in getting a quotes when they talk to an accountant, they will be less likely to hire accountants that give them quotes over the phone, or hire accountants that will end up charging more in the long run. Edmonton accountant says it’s worth more money for the business owner to hire a professional who can do the job well, then someone who can cost them more in the long run.

Entrepreneurs have no idea the questions they need to ask when they are trying to find it accountant for their business says Edmonton accountant. They often end up calling and asking for free quotes, or going with the lowest price accountants, which can end up costing them more taxes in the long run. If business owners understand how to hire accountants, they can make a good decision to hire a business professional that won’t underquote but overcharge, but will help their business in the long run.

Most accountants charge by the hour, which creates animosity between accountant and business owner because the longer an accountant takes to do their job, the more they get paid. A business owner can start to mistrust the amount of work that the accountant says is necessary, or avoids bringing important issues to their attention for fear of getting built more. Accountants who charge a monthly flat fee brings back the confidence to the accounting service, ends the relationship. The reason this is says Edmonton accountant is because the accountant is confidence that they are providing all of the services the business owner needs, and if the business owner is unhappy with their services they can stop paying the monthly fee and go elsewhere. This also brings back trust that they’ve quoted accurately, and that the business owner can feel confident in bringing important issues to the accountant’s attention without fear of getting a huge bill later on.

By going with an accountant that charges a flat fee per month can help a business owner what their cash flow says Edmonton accountant, because they know how much to budget for accounting services each month. Business owners who are paying an hourly fee, don’t know what to month how much they’re going to get charged, some months may be really high and some months may be really low. Business owners should know that any time they can smooth out their cash flow in their business, that will be beneficial.

Business owners should understand that some things are excluded from being charged flat fees per service in many accounting offices such as business planning, or having to call CRA on behalf of the client, which drives up prices from the flat fees that they originally quoted the business owner. What this does, is it allows the accountants to give a low quote upfront in order to land the client, while increasing fees later. Business owners should be aware of this when they hire accountants that charge a flat fee per service.

By being aware of how accountants charge, and what’s included in those charges says Edmonton accountant, business owners can plan to hire the accountant that will do the best job for the business owner, because paying the lowest price, often ends up with hiring an accountant that will cost them more in the long run.