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One of the biggest reasons why a single person accounting firm may not be able to provide enough services for small business owner, is because there is too much administrative work to get done by one person alone. Administrative tasks such as talking to Canada revenue agency, filing returns, bookkeeping and working on correspondence are not only important but actually mandatory. Therefore when entrepreneurs are working with a single person Edmonton accountant firm, they may end up with an accountant who is busy purely doing the administrative duties, and are not able to get to the important high-level activities such as business and tax planning that can not only help entrepreneurs avoid problems, but can help them increase their wealth and grow their business.
In a multi-person Edmonton accountant firm, they are able to hire accounting students at a much lower rate. The students have completed an accounting degree and just need to apprentice with an accountant, therefore they are extremely knowledgeable and are more than capable of filing and doing bookkeeping for a business, but because they are students, and accountant firm will be able to hire them at a lower rate than they would pay a tenured accountant. They are able to ensure that the small business owner is able to get all of the tasks that are needed, while the tenured accountant in the firm can help the business owner with their tax planning and business planning. These are some of the most important services that an accountant can provide a small business owner, so they should ensure that they are able to get those services when they are looking for the right accountant to hire for their business.
By working with a larger Edmonton accountant firm, small business owners are going to be able to get the important accounting tasks done that they need, but also ensure that they are getting the business planning that they need to not only help them avoid problems in their business, but proactively grow it so that they can become successful. The also be able to get fantastic tax planning to help them increase their wealth as well. It is extremely important that entrepreneurs are able to find the right Edmonton accountant to work within their business, so that they can get all of these important services.
There is many challenges that small business owners face when they open their business, and industry Canada says that 50% of all entrepreneurs end up failing within the first 5 Years in Canada, hiring the right Edmonton accountant can significantly help entrepreneurs beat those odds, and succeed. The only challenge with that is, knowing what to look for when hiring the right Edmonton accountant for their business. Entrepreneurs often believe that they will be able to get the services that they need as well as save money if they hire a small accounting firm. They believe that by having one person, that one person will be dedicated to them, and they will be able to get all of the services that they need. However, business owners should understand what they need to be looking for when hiring an accountant so that they can get all of the services that they actually need.
Reason why business owners should not be looking purely at the size of the Edmonton accountant for when they are hiring, is because a single person firm is often unable to offer all of the services that an entrepreneur might want from an accountant. The reason for this is because there is an extremely high number of administrative duties that need to get accomplished and accounting firm. Hiring an office with only one accountant in that, means that entrepreneurs will be paying a tenured try to professional accountant to do all of the administrative duties themselves. Since accountants typically have a high hourly rates, charging out to do tasks that are not necessarily need to be done by accountants can unnecessarily increase the cost of an entrepreneurs bill. On the other hand, hiring an Edmonton accountant that has several people out it, these accounting firms hire students to work on the administrative duties. Chartered professional accounting students are high level workers, having completed a four-year accounting degree. They need to work for three years in and accounting office in order to receive their designation. Therefore they know a lot, but because there still students are much less expensive. This means that larger accounting firms can help entrepreneurs save money by charging a lower hourly rate for duties done by students.
Not only does this help entrepreneurs save money, but working at a Edmonton accountant firm with many accountants, mean that if an entrepreneur needs help solving a problem, or if one accountant runs into a problem with the file, there is many people that can help problem solve. Another benefit to that, is that a larger firm there is more likely an accountant who has experience with that particular type of business, meaning that they can be a valuable resource. In a single person accounting firm, typically have a lower chance of having work with that specific business, means they do not have that insight that another Edmonton accountant might have.
