“Good work ain’t cheap. Cheap work ain’t good.”
– Norman “Sailor Jerry” Collins
Cheap is not always good. Cheap can always be equated to low or substandard quality. And when it comes to handling your business finances, you should not go with a second-rate and a low-grade service.
One of the financial mistakes that business owners make is that they cut their budget when looking for an accounting support. They go for cheaper options thinking that they will save more.
We do understand business owners when it comes to this. But going for cheaper accounting support is dangerous for your business. Here’s why:
1. Limited services
Cheaper accounting firms are cheaper because you get limited service. You only pay what you ask them to do. For example, they are in the process of registering your business, you need to give them all the documents needed for them to process it. However, if you fail to submit one, they will delay the process. Worse, they will give you an incomplete document, once the registration is completed. You’ll end up chasing them for the rest of the documents.
Unlike with a personalized service, they will go beyond your expectation. If you fail to deliver one document, they will be the one who will chase you for it. They will even ask if they can assist you in completing the requirements, so that you can rest easy that everything is well-taken care of.
Also, they can be your business advisors. If you are having issues after work hours on your business finances, you can contact them and ask for advice. This is not something that you will get with a cheaper accounting service.
2. Incomplete documents and inaccurate reports
Some of the clients that we have now came from cheaper accountants or accounting firms. One of the reasons that they transfer is because their accountant is giving them inaccurate reports. Some, don’t even give them reports at all, that the business owners get surprised once the Bureau of Internal Revenue (BIR) is asking them of some business requirements.
3. Missed deadlines and penalties
Most of these cheap accounting firms handle a lot of clients. Since they are cheaper, clients keep pouring into their offices. But more clients means more work. And if you don’t have enough manpower to support these clients, then you are bound to neglect some of them.
Most of the cases of our clients when they transfer to us is that they have missed payments with BIR. Worse, they are already on penalties. Instead of saving more on their accounting support, these businesses paid more because of the penalties due to missed payments of their chosen accountants.
Within just a year, we’ve had a lot of clients that came from cheaper accountants. And as we review their business, problems over problems appear that the business owner ended up paying more for the damages.
They may have saved a couple of bucks on getting them, but they regretted it afterwards. This is because their business experience issues that they didn’t anticipate.
Finding the right accountant with a limited budget is hard. And going for a cheaper one can put your business in danger.
That is why, we always encourage clients to invest in their accounting support. These people are the ones who will be handling the flow of your business money. You should not cut corners when hiring someone who will take care of your finances. This is your money we are talking about.
Going for an accounting firm with a competitive rate is not that bad. Paying more, means getting more. Consider it as an investment that helps your company grow.
We’ve seen a lot of accounting firms who are offering lower rates, but cutting corners when it comes to their services. That is why, our founding principle is to provide personalized, reliable, accurate and on-time accounting support at a competitive rate.
Our business mantra is, our client’s success is our success, that is why, we go beyond of just providing an accounting support to them. We exceed their expectations by exerting more efforts in handling their business.