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

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Edmonton Accountant | Why Multi Person Accounting Firms Are Beneficial

Trying to choose the right Edmonton accountant firm for entrepreneurs often is overwhelming due to the number of choices that they have. However, there are several things that entrepreneurs should take into consideration when hiring an accountant for their business. One of the most important things that they should consider, is that the right accountant can significantly impact an entrepreneurís ability to succeed in business. Many entrepreneurs think that they will be able to get all of the services that they need from a single person accounting firm, and this is often not the case.

When hiring a single person accounting firm, a lot of the time that the accountant spends working is on the multitude of administrative duties that needs to get accomplished and accounting firm. And accounting firm has an extremely high amount of administrative tasks, that are not only important to do, but are mandatory to get accomplished on behalf of their clients. Such as filing with Canada revenue agency, answering calls from CRA, bookkeeping and troubleshooting. A single person accounting firm often ends up spending most of their time on these important administrative duties. While there is no problem with an accountant getting all of the necessary tasks done, this usually ends up meaning that an Edmonton accountant that is working by themselves is also not able to get to some of the higher level accounting duties that can impact an entrepreneur positively. By not being able to get to business planning and tax planning, puts business owners at a disadvantage significantly.

However, in Edmonton accountant firm that has many people working at it, are much more able to tackle that administrative work because they employ students. These high level students have completed their degree, but need to apprentice under an accountant for three years in order to receive their designation. This means that accounting firms can hire students in order to do some of the necessary but time-consuming tasks such as being on the phone with CRA, bookkeeping and filing returns. By doing these tasks, it frees up the tenured chartered professional accountants to work on the higher level tasks that can positively impact the business. By creating business plans and tax plans, these Edmonton accountant firms are able to positively impact their businesses and increase their chances of succeeding.

By offering those high level of services, these multiperson Edmonton accountant firms can help entrepreneurs not just plan to avoid the reasons why entrepreneurs fail in Canada, but also create plans to help them grow their business and become successful. They can become advisors to their clients, and help them proactively succeed in ways that they would not have been able to if they were still taking care of all of the administrative duties themselves.

Hiring the right Edmonton accountant firm can positively impact entrepreneurs in a variety of ways, so when they are ready to make the decision on which accountant to hire, they should consider hiring the ones that are going to be able to give them the most and best services possible.

Edmonton Accountant | Why Multi Person Accounting Firms Are Beneficial

Entrepreneurs often believe that by hiring a smaller one person Edmonton accountant in their business, can help them save money. They believe that the low level of overhead, and the fact that they are directly paying one person can mean that business owners are getting an extremely high level of service at a lower rate. However, this does not usually end up working because one person accounting firms are not able to get their tasks done efficiently.

One of the reasons why a single person Edmonton accountant firm is not a savings of money, is because there is a high level of administrative work that needs to be accomplished in an accounting firm. These are tasks that need to happen on the half of the client and are not optional. These required activities are bookkeeping, filing returns, talking to Canada revenue agency on behalf of their clients, and responding to correspondence. While these tasks are necessary, when it is a one person accounting firm, that tenured chartered professional accountant is spending their time working on those necessary tasks, instead of the higher level activities. The reason why this is a problem, is that they are going to be charging out their accounting rate to do those administrative tasks that do not necessarily needs to be accomplished by a tenured CPA. This means that entrepreneurs are paying an extremely high hourly rate for their accountant to do low-level activities. Therefore it means that they are not getting a service at a cost savings to them.

However, if entrepreneurs hire multiperson Edmonton accountant firm, they are able to accomplish those important administrative duties at a much lower rate. How they can manage to do that is by using students. Hiring accounting students who have completed their degree, but have not completed their designation mean that accounting firms can save money by hiring the students who need the experience in order to finish getting their degree. It is a win win for the accounting office, the students, and the business owner. this can be extremely beneficial to entrepreneurs, because that is savings is passed on to the entrepreneur. Not only is this beneficial, but it means that while students are working on the administrative duties, that frees up the tenured chartered professional accountants to work on all of the higher level accounting duties that can significantly impact the business. Will allow them to do business planning and tax planning that can help entrepreneurs succeed and increase their wealth.

Not only can working at a multiperson Edmonton accountant firm significantly impact businesses, can also ensure that the number of people that are working in the firm mean that problems can be solved a lot more efficiently and effectively. The old adage of five heads are better than one, means that these accountants can count on each other in their collective experience to solve any potential problems that a business owner might have.