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When entrepreneurs are making the decision, they should look at a Edmonton accountant firm that has multiple accountants. The reason for this, is because a larger accounting firm will be able to consistently offer business and tax plans for their clients. The reasons why it is possible at a larger firm instead of a small one person firm, is because larger firms are able to use students to accomplish a lot of the necessary administrative duties that all accountant firms need to get done. Filing, bookkeeping, filing returns, correspondence including calling Canada revenue agency are not only important, there mandatory. Small accounting firms get bogged down doing those necessary tasks, and are not able to consistently get to the higher level services that can help entrepreneurs grow their business. When the Edmonton accountant is able to hire a student to do all of those administrative duties, it frees up the tenured chartered professional accountants time to work consistently on those business plans for their clients.
Not only is it possible for Edmonton accountant firms with multiple people to be able to provide the higher level services such as tax planning and business planning, but the collective wisdom of several accountants in a firm is invaluable. The more accountants that work in a firm, increases the chances of them having experience with an entrepreneurs type of the business before. That gives them a unique perspective and can help them troubleshoot and problem solve. Even if there is no accountant that has experience dealing with that particular type of business, the fact that there is many accountants mean that if there is a problem that needs to be solved, many accountants working to resolve the problem mean that there is less time taken to solve the issue. If an entrepreneur was working with a single accountant, if there is a problem that presented itself, it might take a solo accountant an extremely long time to solve.
With the importance of the higher level functions that entrepreneurs need in order to succeed in business, they should hire the right Edmonton accountant that is going to be able to provide those services not just consistently, but effectively as well. This can significantly increase and entrepreneurs chances of success.
The importance of a great Edmonton accountant cannot be overstated as they can help business owners succeed through their business planning and tax planning services. Industry Canada says that there is an extremely high failure rate for entrepreneurs in Canada. 15% of entrepreneurs fail within their first year of business, 30% fail within their second year and 50% of entrepreneurs have failed by their fifth year in business. The reason why entrepreneurs fail comes down to three main reasons. 42% say they fail because they cannot find a market for their product or service, 29% say that they run out of money in their business, and 23% say they cannot find the right staff for their business. All of these reasons can be avoided with the right business plan. Because of how important a business plan is, entrepreneurs should choose the right Edmonton accountant to work with based on how they are going to be able to give them a great business plan.
Instead, many entrepreneurs tried to hire their Edmonton accountant based on expense. They believe that hiring a small one person accounting firm can help them minimize their costs. even if this worked in business, business owners should avoid trying to hire their accountant based on expense. A great accountant that is able to provide the best business plan can not only help entrepreneurs grow their business, they can help entrepreneurs stay in business which is going to help business owners make more money than their accountant will ever charge them. Therefore, entrepreneurs should consider the accounting fee that they get charged as an investment into their future.
However, when entrepreneurs choose an accountant based on perceived an expense, they might end up with a Edmonton accountant that is not able to do business plans, or is not able to do them consistently or effectively. By ending up paying for and accounting service that is going to help them grow their business, puts entrepreneurs at risk of going out of business like the statistics prove happens every day to small business owners. Rather than trying to find the most inexpensive accountant they can find, entrepreneurs should do the exact opposite and hire the best Edmonton accountant they can find, to provide them the best possible products and services that they need to help them become successful. The more successful they are, the more business owners will be able to grow their business.
Hiring the right Edmonton accountant is extremely important, and should not be based on cost, but rather based on service. By being able to find the best accounting firm to help entrepreneurs create the best business plan they can, they can increase their chances of succeeding in business, and avoid being one of the 50% of entrepreneurs who have failed a business within the first five years. Entrepreneurs who are serious about growing their business should hire the right accountant in their business.
