When you’re running a small business, every investment counts. That’s why many small business owners ask me how much accounting should cost them (and they should be asking that question).
It’s important that when you’re getting any professional service, you’re getting the best value for your investment. Although accountants with the CPA designation (Chartered Professional Accountant) follow some very stringent guidelines, every accounting firm in Edmonton varies slightly in what they offer and how they offer it. That’s why it’s important to know about typical accountant pricing – so you can weigh what you’re getting against what you’re paying.
Quality Accounting Puts More Money in the Bank
If you’re receiving high-quality accounting services, you should be getting more out of the arrangement than what you’re paying.
For example, at Schwan & Associates CPA, our ultimate goal is to provide savings for businesses in the form of tax optimization, cash flow improvements, in-house accounting and bookkeeping training, and budgeting and forecasting. With all these services combined, you should ideally be set up for better financial success over the course of the year.
Typical Pricing Structures for Accounting
Most accountants in Edmonton have a pricing structure that bundles services to add more value and cater to the different needs of businesses. For example, Schwan & Associates CPA has three levels of accounting packages (Basic, Executive, and VIP). This allows business owners to choose the package that fits their needs and budgets.
Some business owners prefer to pay for services as they need them, and most Edmonton accountants will offer pay-per-service options. However, most businesses choose packaged options so they have the added benefit of full support year-round, as well as other time-saving services like bookkeeping reviews.
Package rates also bundle services, making it a cheaper option if you need more than just a simple corporate tax return in a given year.
Cost vs. Value for Accounting Services
How to Make the Most Out of Your Investment
Although your accountant should be offering you the most value possible through his or her services and packages, it’s important to double-check that you’re getting the most out of your investment in accounting services. Some accountants say they have “packaged monthly services,” but you aren’t actually getting anything on a monthly basis. Here are a few ways to check on the cost vs. value you’re getting from your accountant and boost your return on investment.
Schedule Regular Meetings
If you aren’t meeting with your accountant on a regular basis for reconciliations and check-ins, you’re missing out on opportunities to optimize.
Get in Touch & Ask Questions
Not sure how to handle sales taxes when you’re shipping to other countries? Need to streamline your accounts payable process? Questions about how to categorize your motor vehicle expenses?
All of these are questions your accountant should be able to answer quickly for you, allowing you to get back to running your business. We’re not just here to make sure you’re compliant; we’re here to save you time, energy, money, and maybe most importantly, frustration.
Look for a Qualified CPA
If you’re paying a CPA, keep in mind that you’re paying for a lot of experience and knowledge. The CPA program isn’t an easy one, and it’s very time-consuming. CPAs have an in-depth understanding of the requirements and obligations of businesses, as well as tax and accounting strategies that are in your best interests.
For more information about CPAs, visit the CPA Alberta website.
Learn More About How Much Accounting Costs vs. How Much it Can Save
Accounting costs should always be balanced by savings, whether throughout the year or at tax time. To get more information about how much a CPA from Schwan & Associates CPA could help your businesses, get in touch with us. We’ll review our packages and services with you and build a plan for business optimization.GET IN TOUCH