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

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Edmonton Accountant | Larger Accounting Firms Can Help Create Business Plans

One of the first things that entrepreneurs should be doing after they open their business, is hire the right Edmonton accountant for their business. Industry Canada says that 50% of the failure rate of entrepreneurs in Canada is extremely high. 15% of all entrepreneurs will fail within the first year of opening their business. 30% will fail within the second year, and by the time five years is reached, half of the entrepreneurs will no longer be in business. Errors many reasons why, but the top three reasons that entrepreneurs fail include 42% said they could not find the right market for their product, 29% said they ran out of money, and 23% said that they were unable to find the right team to work in their business. By finding the right Edmonton accountant can significantly impact these odds for small business owners. The biggest reason why, is because a great Edmonton accountant will help entrepreneurs create a complete business plan, that not only can help them avoid those common reasons for business failure, but also create a great marketing plan that can help them grow. In addition to that, they can create a great tax plan that can help entrepreneurs minimize the amount of taxes that they pay, which can help increase cash flow in their business. Entrepreneurs should consider hiring the right accountant as extremely important first step once they open the doors to their business.

The next thing that entrepreneurs need to consider when hiring the right Edmonton accountant, is that there is an extremely large amount of administration work that needs to get done and accounting firms. It is quite possible for accountants to work all day on all of the administrative tasks that not only are important to get done, but are vital to an entrepreneur. Such as filing their returns, bookkeeping, speaking to Canada revenue agency on behalf of the business, and actual filing and scanning documents. This high amount of administrative duties means that if entrepreneurs are hiring a single accountant firm, they may end up with an accountant that does not have the time to work on any high level accounting tasks such as business planning or tax planning. If an entrepreneur truly wants to impact their business and avoid the reasons why most entrepreneurs fail, then they should ensure their hiring not only any accountant for their business, but one that can help them do business plans.

The hiring a multi person Edmonton accountant, entrepreneurs can be reassured that they are more likely to have a team of people that not only can help them create business plans and tax plans, the also have a team of people that can help problem solve and troubleshoot. The sheer number of people in firm means that there is a large amount of experience and years total. Chances of several people having experience in an entrepreneurs helping that type of business, or encountering the same types of problems can ensure that regardless of what problem a business owner faces, they are able to have a team of people that can help them find the solution.

Edmonton Accountant | Larger Accounting Firms Can Help Create Business Plans

One thing that a mistaken assumption that entrepreneurs often make when hiring an Edmonton accountant is that of one person accounting firm will offer better services and better prices than a larger multi person accounting firm. Entrepreneurs often see a larger firm as having higher overhead costs, and being a faceless number in the organization instead of a valued business owner. However, business owners may find that if they hire a single accountant firm, they might end up with far less services they are expecting, and a much higher bill.

The way that entrepreneurs end up with higher bill by hiring a smaller Edmonton accountant firm, is that these one person accounting firms end up charging out their entire accounting rate even for administrative duties such as filing, answering emails and phone calls, and filing returns. However, if an entrepreneur hires a larger accounting firm, one that has two or three accountants, they are more able to ensure that entrepreneurs are able to get the services they require such as business plans, at a much more reasonable price, because there able to bring on students to cut the labour cost. How this works, is accounting students have completed their four-year degree, but need three years of working in the accounting firm in order to get their designation. Therefore, they get experience in a accounting firm, but because their students they are not paid to the same amount. This way, entrepreneurs are able to get all of the services that they need, without paying a tenured accountant to do every single thing. Not only this help entrepreneurs save significant amounts of money, it can also ensure that they are getting the services that they want.

When entrepreneurs hire a multi person Edmonton accountant, they can ensure that they will have the manpower to get the business planning and tax planning done no matter what. In a single person firm, if that person get sick or goes on vacation, business owner will end up having an interruption in service which may be extremely detrimental to business owners. Therefore, business owners that hiring Edmonton accountant that has many accountants in their firm, they should know that they will never have an interruption of services. This is especially important when they need to use the services to help them grow their business. They should ensure that they are hiring a firm that has more than one accountant, so that they can keep their costs down and there service up, and that they are hiring a company that is able to do business and tax planning so that they can use that information to significantly increase their chances of success, where many entrepreneurs before them have failed. By doing this, entrepreneurs can end up with a business plan that can significantly help them increase their business.

When entrepreneurs are looking for the right Edmonton accountant for their business