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

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Edmonton Accountant | What To Look For In An Accounting Firm

Entrepreneurs should understand the seriousness of hiring the right Edmonton accountant for their business. The right accountant will be able to help entrepreneurs significantly impact their business in a positive manner by helping them create a business plan that not only can help them grow their business, but can also help them avoid a lot of the reasons why entrepreneurs fail in Canada. Industry Canada says that 50% of all businesses will fail before reaching their fifth year anniversary in business. The three most common reasons why entrepreneurs fail is they are unable to hire the right staff to work in their business, they are unable to find the right market for their products or services, and they run out of money. The hiring the right accountant is going to be able to help entrepreneurs avoid those reasons can help them succeed in business or others might not.

Because how serious and important hiring the right Edmonton accountant is, entrepreneurs should do their homework when hiring. Business owners tend to think that a single person accounting firm is going to be able to give them a high level of service, which will allow them to get a great business plan and tax plan done. However, this often does not pan out properly, because single person accounting firms end up getting caught up and weighed down by the sheer amount of administrative duties that accounting firms need to accomplish. Filing invoices and receipts, scanning, bookkeeping, correspondence like emails and phone calls including from Canada revenue agency as well as filing tax returns are some of the extremely necessary but extremely time-consuming administrative work that accountants need to get accomplished. Accountants that are working solo end up getting completely weighed down by these tasks, making them unable to get to the business plan and tax planning for entrepreneurs, or at least are unable to do them consistently. When they are not being done consistently they are not as effective as they could be.

Instead of hiring a small one person accounting firm, entrepreneurs should think about hiring an Edmonton accountant firm that has multiple accountants working at it. The reason for this, is because larger firms are able to hire students to work on the labour-intensive administrative duties. These students have already completed a four-year degree, and are extremely capable and knowledgeable, they just need three years of experience working in an accounting firm before they can receive their accounting designation. By taking on these more labour-intensive costs, this frees up the senior accountants in the firm to be able to work on the business plan and tax plans that entrepreneurs need in their business in order to become successful.

When entrepreneurs choose the right Edmonton accountant to work with based on how efficiently and effectively they can do their business plan and tax planning, entrepreneurs can significantly increase their chances of succeeding in business and of avoid the three most common reasons why entrepreneurs fail.

Edmonton Accountant | What To Look For In An Accounting Firm

When starting up their first small business, entrepreneurs are told that they need to minimize all expenses efficiently and effectively, therefore they tend to try to hire the cheapest Edmonton accountant they can find. However, entrepreneurs should understand that there are some services that they should not purchase based on how little they charge for their services. The reason why businesses should avoid trying to save money on accounting services, is because great accounting services include business plans and tax plans. These plans are extremely important, especially to new entrepreneurs, because they can help dozens owners create plans on how they are going to grow their business and avoid typical problems new entrepreneurs face. As well, a great tax plan can help entrepreneurs minimize the amount of taxes that they pay, which helps increase the cash flow in the business.

Entrepreneurs believe that hiring a single person Edmonton accountant firm means that they save a significant amount of money, which will help them minimize the expenses of their business. However, not only does this not work, but they put their business at risk of not getting that important business plan. The reason for this is because the reason why small one person accounting firms have a lower hourly rate, is because often there very inexperienced. They may end up charging twice as much time to accomplish the task because they are not efficient at it yet. Also, these accountants are also just as likely to charge the client their same accounting fee whether they are working on the accounting tasks, or if they are calling CRA or filing documents.

The larger accounting firm, they employ students at a much lower hourly rates, that can help keep the costs down for entrepreneurs, while allowing the tenured accountants to work on the business plans for entrepreneurs. Therefore, business owners can get better services and cheaper rates from a larger Edmonton accountant firm. When hiring the right accountant for their business, entrepreneurs should avoid trying to hire based on cost, because that will often backfire, as well, it will not allow an entrepreneur to find the right accountant that can actually help them become successful in business.

Another benefit to having Allah multi-person Edmonton accountant instead of a single person accounting firm, is that the multiple accountants are going to be much better problem solvers together then a single accountant would be. Each accountant has their own unique skills and experiences and perspectives. This means that an accounting team is able to get to answers easier and faster than a single person might.

When entrepreneurs are hiring an Edmonton accountant in their business, they should look for the best accountant possible that can help them with their business planning and tax planning. Because of this, will be able to save far more money in taxes and make more money through becoming successful that they will not need to save their accounting fee.