There is a huge misconception by small business and SME’s that the big boys in the business accountants arena are the firms that will make a difference to your business, and that their ‘exorbitant’ fees are somewhat justified.
Whilst this may be true for businesses turning over $20M plus per annum in gross sales, it is definitely not true for those businesses turning over $1M-$5M per annum gross sales.
It is usually these businesses that, when having engaged one of the ‘big boys’ accounting firm, eventually find themselves being pushed down to the bottom of the pack with poor service, dealing with a different accountant each year and feeling very frustrated and underwhelmed whilst paying very expensive fees.
If you are a small business, with an annual turnover of $1M-$5M, then here are a few reasons why you should be looking to a boutique accounting firm for your business accounting and business advisory needs.
1. Servicing a clearly defined market
In order to be financially viable and successful you will find that most boutique business accountants have chosen to specialise and become experts in a selected category of clients.
They understand that you cannot be ‘all things to all people’ and that it is better to service a selected group of clients that share the same issues and concerns.
These boutique business accountants will consequently provide business clients with a more personalised and knowledgeable service.
The more clients that they deal with in their clearly defined market, the better expertise, service and competitive fees they can provide.
2. They don’t template their services
Smaller boutique business accountants have much more latitude than the big accounting firms, to develop business programs and strategies that are more individualistic and holistic in their approach.
The larger the business accounting firm, the more they struggle to deliver a personalised, individualistic strategy and the more inclined they are to take a very template approach to their smaller business clients. Large organisations, due to constant turnover of personnel and their need to be productive and efficient, need to take a very ‘streamlined’ approach rather than a very creative and individualistic approach.
A boutique business accountant firm will usually be able to offer a very individualistic strategy for your business.
3. A strong team
The better boutique business accounting firms have a highly trained and knowledgeable team, they are usually long term employees of the firm and always work closely with the firm’s Partners and their clients.
A boutique operator understands the importance of highly trained and skilled staff, and therefore will invest more financial resources into their employees to ensure that clients are receiving the highest standard of professional and personalised services and expertise.
In turn, the employees of a boutique firm enjoy a much higher degree of work satisfaction due to ongoing training, working in a team environment and working with satisfied clients who value the personalised service and expertise provided by the firm.
Whilst there may be many business owners in the $1M-$5M annual gross turnover range who will only want to continue to work with the ‘big boys’ of the business accounting arena, others should consider the ‘boutique’ business accountants.
Boutique business accountants are proving to be more creative and personal. They have the potential to be more empathetic and understanding of the challenges you will face, and they are more likely to provide you will solutions that will drive your business forward.
In the business world of Goliath’s and David’s, the Goliath’s may look more powerful and able but the David’s may be your best partner to provide you with the best outcome for you and your business.
November 15, 2017
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The information provided on this website, including the material and contents provided in the website publications, are informative in nature only and you should not act specifically on the basis of this information alone. It should not be used as a substitute for legal, business, accounting, tax, financial planning or other professional advice. If expert assistance is required, professional advice should be obtained.
Paul Baggetta is the Founder & Principal of Baggetta & Co. Paul Baggetta has been a Taxation Accountant since 1981, a Financial Planner since 1998, and in 1993 qualified as a Real Estate Licensee, holding a Triennial Certificate (currently not trading) and operated his own Real Estate business for property investment clients for over 5 years as a second business.
Financial planning services are provided by Paul Baggetta as an Authorised Representative (No. 261469) of Capstone Financial Planning Pty Ltd. ABN 24 093 733 969. Australian Financial Services License No. 223135.
Taxation & Accounting services are provided by Paul Baggetta as a Registered Tax Agent (No.61487008) and is a Member of SMSF Association, FIPA & NTAA.