Free consult & free copy of book

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

Contact Us


Most 5 star CPA Google reviews in Canada

Read Reviews

Chartered Professional Accountants E Myth

1 Fixed Monthly Fee - Planning | Accounting | Taxes | Consulting

Helping Canadian businesses beat the odds!

Edmonton Accountant | Are Smaller Accounting Firms More Efficient

A dangerous assumption that entrepreneurs often make, is that if they hire a one-person Edmonton accountant firm, they will get that or service. The reason why entrepreneurs make this assumption, is because they believe that having one accountant to talk to, will enable that accountant to work more directly on all of the tasks for their business. Not only does this not work, but entrepreneurs need to understand that the hiring a small, one person firm, they actually might end up getting less service instead.

The reason why entrepreneurs might end up getting they were service from a smaller Edmonton accountant, is because there is too much administrative work that they have to get through. They danger that accountants that work so low get into is having so much administrative work that they have to do including correspondence and filing that they are unable to work on the higher level accounting duties that can significantly and positively impact entrepreneurs. They either end up putting an extremely long hours in order to accomplish those higher level tasks, or they are just not able to get to it. Consequently, their clients end up getting fewer services as a result.

Why hiring a larger Edmonton accountant firm can help entrepreneurs ensure that they are getting the services that they need to help their business grow, is because those larger accounting firms are more able to hire more employees to work on services. For example, these larger accounting firms will be able to hire accounting students to work on administrative duties. The students have an extremely high amount of knowledge, they just need to complete three years of apprenticing with tenured accountant in order to complete their designation. Therefore, they are quite capable to take care of the administrative duties, which free up the tenured accountants to work on the higher level services for small business owners. They can more consistently and effectively work on the business and tax plans that small businesses need in order to succeed in their business.

When entrepreneurs are able to find the right Edmonton accountant for their business, one that has multiple staff, so that they can be certain that they are going to be getting consistent service, the be able to significantly beat the odds and increase their business over and above if they did not have an accountant to help them. Not only can these firms that have more people help entrepreneurs with business planning and tax planning, but the level of experience that several accountants have or just one can ensure that an entrepreneur runs into problems, or needs help troubleshooting, the amount of experience the entire firm can offer can help entrepreneurs find solutions to their problems faster and easier.

Hiring the right Edmonton accountant should be considered one of the most important tasks of a new small business owner. How that accountant can impact the success of that business owner is so important, that business owners should ensure that they are working to find the best one for their business and themselves.

Edmonton Accountant | Are Smaller Accounting Firms More Efficient

After opening their new business, entrepreneurs should ensure that they are working to find the right Edmonton accountant for their business. The reason for this is because the right accountant can help new entrepreneurs create an efficient and effective business and tax plan that can impact their success. Industry Canada says that the failure rate for entrepreneurs in Canada is extremely high. 15% of all small business owners will fail within the first year of opening their business. 30% will fail by their second year, and 50% will fail by the fifth year in business. Accountants can help entrepreneurs beat those odds by coming up with a great business plan that can help them not only avoid the reasons why businesses fail, but help them become successful.

In order to find the right Edmonton accountant for their business, entrepreneurs should ensure that they are hiring based on services in scale and not expense. Many entrepreneurs believe that they will be able to minimize their costs in their business the hiring the least expensive accountant to they can. This the huge mistake for several reasons. One of the first reasons is because when entrepreneurs are hiring based on cost, they typically will end up hiring and accounting firm that is not able to provide the higher level of services that they need in order to be successful. Accounting firms that are not able to provide business plans or tax plans typically only provide year end filing for entrepreneurs. Since many entrepreneurs have failed during their first year, hiring an accountant that only does year end filing is not getting entrepreneurs enough help where they need it.

Rather than hiring based on lowest cost, if entrepreneurs can hire their Edmonton accountant based on the services that they provide, they will be able to find the best team for their business. Working with a larger, multi-accountant firm can ensure that entrepreneurs will have the continuity of service that they would not be able to get in a smaller firm. Also, with a larger accounting firm, their use of students in order to help accomplish administrative accounting duties, ensures that business owners are keeping their accounting fees low, while still getting a high level of service. If entrepreneurs tried to hire one person accounting firm based on their inexpensive rate, they may actually end up paying more, because the number of hours that the one person accountant has to put in in order to accomplish the tasks.

Because of the importance of what is in Edmonton accountant can do for an entrepreneur, business owners should work to hire the right accounting firm for their business, one that is going to be able to provide high level of services consistently and effectively so that they can grow their business, be successful, and avoid being one of the 50% that fails in business within five years.