How much are accounting services?
HVAC distributors, dealers and contractors know this question all to well: How much does it cost? While you may have a notion of price, it’s difficult to say for sure without accurate measurements, and a physical diagnosis of the issue. The price shopper asks, “Well can you give me a ballpark figure?” Inevitably, some will give a large number simply to dissuade the client from purchasing, and others will give a low number because they are afraid of losing the lead. Either way, at that point the business owner has been positioned and boxed-in on price, with little room to educate their client on value.
Similarly, accountants tend to be grouped into one bucket of all things numbers. However, the accounting industry has services and prices that span the globe. So, it can be difficult to perceive price and value unless you know what you’re looking for. This is a good place to begin your research. For instance, some accountants are involved in fraud detection, or performing audits on publicly traded companies. Others venture into income tax, and they might even specialize in a specific area like real estate, or home service companies. Somebody with an accounting background may understand fundamentally how to follow the rules of accounting, but it doesn’t mean that they are well versed in every aspect of accounting.
There are corner tax preparation companies that don’t even know your name after preparing your personal income tax return. But there are also public accounting firms that operate locally, regionally, and nationally. Based on the size, complexity and revenue goals of your company, you may find that a one stop shop, mom and pop accounting firm isn’t able to fulfill your expanding requirements, but they might be a great conduit either in communication or representation to a specific agency that can. When it comes to accounting firms there is a John for every Jenny. So, get in where you fit in, and leverage your connections.
So, how does High Velocity Accounting compare in all this, and how much do we charge?
Our goal is to serve the trades, help home service business owners understand their numbers, and provide them with knowledge and industry incite to help them grow their companies. We provide bookkeeping, income tax preparation, tax planning, and industry specific forecasting, planning and budgeting.
Remote, virtual or cloud accounting for the trades takes a great deal of coordination. There are a lot of moving pieces that require feedback and follow-up to make sure everything is working efficiently. Additionally, there are ever changing laws, and of course there is tax season, to keep us on our toes. Meeting once a year does not achieve the level of support that a growing plumbing needs to continue moving their business forward. That is why we interact with our clients on routine basis, and we integrate with your team. It’s as if we’re part of the staff, without the costs and the headaches.
You’re a small business owner, you’ve probably heard the phrase: Always be looking. It sounds good, until that’s what you are constantly doing. We know it all too well, especially in the trades, that we need to be recruiting for and looking for top talent. Heck, the shops in the trades are starting to look like a Google campus or Twitter headquarters, and the employee performance programs are ever expanding. The trades are doing anything and everything that they can to recruit and retain great employees. Always be looking means you have the opportunity to cross paths with an ideal employee, even though you may not have a position for them in the company.
But, like I suggested, always be looking is great, unless that’s what you must be doing with your time. Despite the great work environment the trades have created for their employees, it’s the workers that still hold the candlestick when it comes to choosing jobs. Talented employees, and willing employees remain in high demand. That means they have the upper hand when it comes to negotiations, and choice of employment. But, in the accounting department, there is not a lot of room for performance pay and bonuses, and the wins of the companies don’t tend to be equally celebrated, which can make retention more difficult.
When you add in the cost of training, hiring, firing, sick days and PTO it’s not just money, it’s also time and inefficiencies. In contrast, you can expect that hiring a reputable outsourced, fractional CFO, accountant or accounting service will be similar to the expense of having a full-time bookkeeper, but you can also expect predictable results that help drive performance. The only thing missing is a warm butt in the seat, but at High Velocity Accounting, communication is an open door policy.
When you hire a fractional accountant that has experience in your industry, you can benefit from knowledge and increase your efficiency, reduce the fat, and improve overall performance.