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

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Edmonton Accountant | Should Entrepreneurs Hire Single Person Accounting Firms

New small business owners often need to find an Edmonton accountant to work with sooner rather than later in their business, and think that they are going to be able to get better services when they hire a one person accounting firm. Ultimately, a single person accounting firm is generally not able to provide the level of services that an entrepreneur is going to need, especially in the first year of their business. Industry Canada says that 15% of entrepreneurs fail in business within the first year. This means the most help that an entrepreneur can get within this critical time period is vital to their success. The hiring a one person accounting firm, business owners are potentially missing out on important services that can help them succeed.

One service that an Edmonton accountant can provide an entrepreneur that can help them significantly grow their business and avoid common problems is a business plan. It is less likely that entrepreneurs going to be able to find a single person accounting firm that is able to effectively and efficiently do and business plan for an entrepreneur. By hiring a larger accounting firm that has more than one accountant, increases a business owners chances of finding one who can do a business plan entrepreneurs. The reason for this, is because Bill more likely be able to hire students to work on the important administrative tasks of the business such as filing returns, bookkeeping and talking to Canada revenue agency. This uses students means that higher level chartered professional accountants have more time to work on the more important and higher level tasks of the accounting firm. There working with an entrepreneur in helping them create a business plan that not only can help them avoid certain problems, but has a proactive marketing plan within it, can help entrepreneurs grow their business and avoid being one of the 15% that fails in their first year.

Not only can entrepreneurs benefit by getting a business plan done by their Edmonton accountant, but they should also be able to get a great tax plan that can help them minimize the taxes that they are going to be paying in that first year, which will help them increase their cash flow in their business as well as increase their wealth. Hiring the right accountant means that entrepreneurs will have a business consultant that can help them be successful in their business, and help them navigate away from potentially dangerous situations.

If entrepreneurs are serious about wanting to grow their business and avoid some of the issues that face so many other small businesses, they should ensure that they are hiring the right Edmonton accountant for their business, one that will allow them to create a plan on how to become successful. A successful business plan can help business owners, and this is so important that entrepreneurs need to be hiring the right accountant in their business that can do business plans consistently as well as effectively

Edmonton Accountant | Should Entrepreneurs Hire Single Person Accounting Firms

one reason why entrepreneurs may hire a single person Edmonton accountant to work in their business, is because they think it is going to be cheaper in the long run then hiring a larger accounting firm for their business. Unfortunately, this does not usually end up working out, and the last thing that entrepreneurs should be doing in their business is hiring a professional based on lowest price. A great accountant will be able to help an entrepreneur grow their business, that the accounting fee is less of a barrier.

One of the reasons why a single person Edmonton accountant is not going to help entrepreneurs save money, is because this year amount of administrative work that is required to get done and accounting firm. In larger firms, they will have accounting students who are able to work on some of the more day-to-day administrative duties such as filing returns, making phone calls to Canada revenue agency and bookkeeping. The students can get a lower billing rates because they are not fully designated accountants yet. However, and the single person firm there is no students, therefore the Edmonton accountant will be charging out the administrative jobs that they are accomplishing at their typical accounting rate. This can actually end up being more costly for entrepreneurs to have to pay for then a larger firm. Instead of hiring and accounting firm based on lowest price, entrepreneurs should hire an accounting firm based on the services that they need in order to succeed. The more successful they are, the less the price of their accounting fee is going to matter.

Another benefit to hiring a larger Edmonton accountant firm is the ability to have multiple accountants problem solving. A single person accounting firm will have their experience, and even though that might be many years of experience, affirm with many accountants will have many more years of experience under their belts. Chances are also hire of having an accountant on staff that is familiar with whichever job the small business has opened, allowing them to have experience problem-solving and troubleshooting for that specific type of business. That can significantly benefit an entrepreneur knowing that they are going to have a team of people working to solve problems that may have occurred. In one person accounting firm, if an accountant or their business owner runs into a problem, they may be struggling with it for a longer time, and charging out for that time they are spending trying to solve the problem.

There are several reasons why business owners should hire an Edmonton accountant firm that has several accountants in it, not only can they get more services, with the also be able to get it at a price that is more cost effective. While cost savings should be the entire reason to hire an accountant, hiring one that has all of the services that they need who is also going to be less expensive is a win-win situation for all involved.