Should you Engage a Large or Small Accounting Firm?
Barefoot Investor extraordinaire Scott Pape, made a powerful point in his latest Scott’s Inner Circle publication.
While talking about how to build your barefoot board (an entourage of people with whom you trust in business), he said that finding good advice comes down to just three things;
Talent – People who are good at what they do
Trust – Those who you can build a strong long-term relationship with
Transparency – Individuals who charge clearly and fairly
Mr. Pape then went on to write that it’s hard to get all the above from a large corporation without paying an arm and a leg. He even compared them to a sausage factory, churning out work in a one-size-fits-all fashion.
When it comes to accounting, I strongly believe that there are many well-respected, multinational and global firms that provide outstanding services to their clients.
However, I also believe that bespoke firms are the ones to watch.
A bespoke accountant has the ability to provide better personal attention, that leads to familiarity with client needs and in most cases, the ability to get the work done more efficiently.
A smaller, personalised firm can be flexible, versatile and adaptable, so that they can deliver a tailored solution.
Big firms have certain policies and practices in place that every employee needs to follow. This goes for payment too, whereas a bespoke firm has the ability to offer a service rate and/or payment plan, and customers can avoid paying for included services that they may not need.
In business I’m certain that, the best way to plan for profitable growth is to speak to an accountant who knows your business and its history.
This can be tricky in a large firm because you may not always be able to see the same person or have them remember your story, because you are one of many clients.
In my experience, smaller firms also maintain higher staff retention rates due to the more holistic experience that team members gain. There’s more flexible work conditions and better employee advancement opportunities.
At Clear Path Accounting, we are proud to call ourselves a bespoke firm, sharing relevant solutions, providing outstanding support and inspiring positive change.
We strive to unlock the full potential of a business and we want to help business owners take control and achieve their goals.
We are committed to bringing clarity and simplicity to the financial side of any business.
Contact us to see how we can help your business flourish.
