How do you choose an accounting firm for your small business? With so many options, it can feel overwhelming to choose a firm to represent your businesses tax and accounting needs. Choosing the right accountant for your business is crucial, and bigger is not always better in this space.
What is the Big Four?
The ‘Big Four” is a term used to collectively describe the four largest accounting/professional services firms in the world. They are:
- Ernst & Young (Now known as EY)
- KPMG, and
- PricewaterhouseCoopers (Now known as PwC)
While it may seem like these firms hold a significant advantage over smaller firms, in many cases their perceived advantages can actually be a disadvantage for small business owners who work with them.
Let’s look at some of the pros and cons of big 4 accounting firms, and why a smaller, local firm could be the best choice for your business.
Personalised Service and Genuine Relationships
Big 4 accounting firms have thousands and thousands of clients, and you might find that you don’t have a dedicated person working on your business accounts – meaning you’re dealing with someone new every time you’re in contact with your accountant.
In a firm like PTP, you’ll know exactly who is working on your accounts, and you’ll be able to contact them directly to discuss your needs. Your account contact at a smaller firm has time to get to know not only your business, but you as a business owner, and deliver personalised services far beyond the capabilities of someone at a big 4 firm.
Since your account contact at PTP is so familiar with your business, they are uniquely positioned to provide additional services to you based on their intimate knowledge of your business and your goals. Their genuine relationship with their clients allows them to provide services such as tax planning, business advisory, corporate strategy, and refer you onto our certified financial planner for services such as retirement planning and wealth management.
Big four accounting firms will often apply the same pricing schedule to all clients, regardless of their needs or business size. Working with a firm like PTP, the price you pay is based only on the services you’re using, and there will be complete transparency when you receive your invoice.
Choose the accountant that is right for you
Every business has different needs, and every business owner has different goals, which is why you need an accountant who goes beyond what is usually expected or accepted from professional service providers. It’s never too late to start over with an accounting partner who is dedicated to the progression of your business, and helping you achieve your goals.
Get in touch with us at PTP for a free consult to find out how we can take your business to the next level, with personalised country service.