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

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Edmonton Accountant | Can Smaller Accounting Firms Offer More Services

If small business owners make the assumption that smaller, single person Edmonton accountant firms are able to provide better services, they may end up hiring the wrong accountant to work for them. The reason why this is a problem, is because they services that accountants can provide entrepreneurs include business planning and tax planning. The reason why these are so important, is because these are the activities that help entrepreneurs avoid problems and proactively grow their business, as well as minimize the taxes that they are going to pay their business that can help them increase their cash flow as well as increase their personal wealth. By hiring small, instead of service based, entrepreneurs could end up with a great accountant, who is unable to provide the higher level of services that small business owners need.

One of the reasons why a smaller Edmonton accountant firm is not able to provide a high level of services to entrepreneurs, is because there is an extremely large amount of administrative work that accountants need to get done in their business. These administrative tasks are vital, therefore they cannot be put off, and must get done. Such as filing returns, fielding calls from Canada revenue agency, bookkeeping and organizing and filing invoices and receipts. Because these are some of the most necessary tasks that an accountant has to accomplish, by working on these tasks, small accounting firms may miss out on doing the higher level tasks that small business owners need to grow their business. Even if a smaller accountant says that they can do the business and tax planning, if they are not able to get to it consistently, they may not be able to do a great job at it.

However, if small business owners hire a larger, multi-person Edmonton accountant firm, they are able to use the students to work on the administrative duties while the tenured accountants work on the business and tax planning. It is extremely important that students find and accounting firm to work for, because that is how they complete their accounting designation. They have already completed a four year accounting degree, so they are extremely knowledgeable and are more than capable of handling the administrative tasks of an accounting firm. Because they need the experience in order to get their schooling, accounting firms hire them, and that means the accountants that have their designations are more free to be able to complete business plans and tax plans not only efficiently but effectively as well. It is not enough for entrepreneurs to ensure that they are working with an accountant that does those plans, they need to be able to do those plans well in order for it to help small business owners.

By hiring a larger Edmonton accountant, instead of a single accountant to work for small businesses, there able to consistently get the business plans that are needed to help them avoid some of the most common reasons why entrepreneurs fail, as well as develop a plan for growth that can help them significantly grow their business.

Edmonton Accountant | Can Smaller Accounting Firms Offer More Services

Cost minimization is important, but should not be considered when hiring an Edmonton accountant. Business owners do need to minimize their costs were ever necessary, but hiring the best accountant they can for their business can help entrepreneurs not only grow their business, it also plan to avoid the three most common reasons why businesses fail in Canada: running out of money, not being able to find the right market for their products, and not hiring the right team. As well, a great accountant will be able to help entrepreneurs create a tax plan is going to help them pay the minimal amount of taxes in their business which is going to help them increase their cash flow. It is extremely important that entrepreneurs choose the best and most qualified accountant their business, and not one based on price alone.

If entrepreneurs choose which accountant to work with based on the least hourly rate, they could end up with a single person accounting firm. Not only does this put an entrepreneur in danger of not being able to get the higher level services that they need in order to grow their business, but they may actually end up paying a lot higher than they assume. Inexpensive accountants are often inexperienced accountants, and may end up spending more hours to accomplish the same task that it would take more experience accountant. So even though they have a cheaper hourly rates, their bills can end up being more expensive. Also, one person accounting firms have to do all of the administrative tasks themselves, and are likely to bill out the same hourly rate that they charge for doing accounting work. Administrative tasks such as troubleshooting software, taking calls from Canada revenue agency on behalf of their clients, and filing returns are all extremely necessary parts of the business, that small accounting firms have to do, and often charge out the typical hourly rate for.

On the other hand, larger Edmonton accountant firms that have more than one accountant working there, employee students at a lower hourly rate to work on a lot of the necessary but time-consuming administrative jobs in the firm. By giving the student to needs experience in order to achieve their accounting designation, the accounting firm is able to accomplish the necessary tasks, while freeing up the tenured accountants time to work on the very important business planning and tax planning that is going to help an entrepreneur succeed in business.

By working with a larger Edmonton accountant firm, that has more than one accountant, entrepreneurs can ensure that they are keeping their costs lower, while getting all of the services that they absolutely need in order to succeed in business. Entrepreneurs need to give themselves every chance at success, and hiring the best accountant for that job can make all the difference.