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One of the first reasons why one person accounting firm is less efficient, is because of the sheer amount of administration work. The admin work includes filing, bookkeeping, returning correspondence, emails and phone calls. A lot of this administration work does not require a level CPA to work on it, but in one person firms, this is the only option. With a one person accounting office, that only do they have to end up doing all of the high-level accounting work, they also have to do all of the other duties of the office, which can the high-level accounting duties.
In multi person Edmonton accountant offices, they can use students to help with the administration work not only to reduce costs on labour, but so that they can work on administrative duties, while the higher level accountants work on high-level accounting duties like business plans and helping business owners reduce taxes and increase wealth. That is not to say that these students will do poor work, they all have four-year degrees, but need experience articling before they can get their designation. The students are knowledgeable and smart, and needs to apprentice with the CPA in order to complete their degree. Therefore, they are extremely talented, but also much less expensive to hire. They can work on the labour-intensive tasks, so that they can get accomplished efficiently, while the CPAs can work efficiently themselves on the tasks they need to.
If Edmonton accountant firms do not end up using students, they may have to end up taking shortcuts. And the shortcuts that they take are most likely on the higher level tasks. The reason for this is because some of the administrative work are also things that are not optional, such as filing returns. For one person accounting offices, they may end up having to work so much on the administrative jobs, that they do not even have time to work on the higher level activities for their clients, meaning their clients will miss out on a lot of the deliverables it be able to get with a multi person accounting firm.
There is many reasons why entrepreneurs should hire a multi person Edmonton accountant firm as their accountant. Not only do they get a higher level of service, but they can get it at a lower cost. When entrepreneurs are choosing the accountants to work with for their business, they should keep in mind that 50% of all entrepreneurs fail in business, so hiring accountants that can help them to a much higher level can increase their chances of succeeding and should be considered.
There is many things that entrepreneurs should take into consideration when hiring the Edmonton accountant for their business. The decision is extremely important, because 50% of all entrepreneurs fail in business within the first five years, and finding the right accountant can significantly help entrepreneurs avoid that fate. Accounting firms not only do the year end filing, but can help entrepreneurs with the business analysis, business planning, tax planning and increasing wealth. Hiring the right accounting firm can help entrepreneurs with those things, that should be taken into consideration when entrepreneurs are making that decision.
Business owners will also find that the options when hiring the right accountant for their business is one person accounting firms or larger accounting firms with more people. Entrepreneurs might make the assumption that if they hire a one person accounting firm that they will get better service, because that one person will be looking after their every need. However, that does not necessarily work in practice. The biggest reason for that is because the amount of ministration work that needs to happen in an accounting office, means that if there is only one person in the entire firm, that administrative work can end up taking so much of their time. However, if business owners hire an Edmonton accountant firm that has several accountants at it, then business owners can be sure that Bill be many people able to work on the administrative duties, so that the higher level CPAs can work on the higher level activities that can help an entrepreneur succeed in business, like business planning and tax planning.
One of the ways that multi person accounting firms can ensure that there doing this efficiently, as well as cost-effectively is by using accounting students. Not only are accounting students extremely knowledgeable, because they have completed four years of an accounting degree, but because they are students that need the experience, are much more inexpensive to hire. The Edmonton accountant firm that hires students, can ensure that students are working on tasks such as calling Canada revenue agency, bookkeeping and filing returns, so that the CPAs of the firm can help entrepreneurs grow their business.
Another benefit to multi person accounting firms that entrepreneurs should take into consideration, is the fact that the more people that are in the office, the more collective experience that they have, and can solve problems much easier. One person accounting firm might not have seen certain problems, where is the larger multi person Edmonton accountant firm has perhaps one person who has not only seen that problem several times, but has a lot of knowledge and how to fix it.
Hiring the right Edmonton accountant can make a huge difference to entrepreneurs, and could potentially be the difference between succeeding in business, or being one of the 50% to ends of having to close their business within the first five years.
