The last reason in our 3-part series: COST!

If you stumbled on this blog and have no idea what we’re talking about, check out the why entrepreneurs’ books are a hot mess! 

This one’s pretty simple – we’ll be talking about cost!

Looking back at the accounting stack in reason #2, the going rate for the different accounting roles are:

Role                                                                 Salary Range

Director of Finance / CFO                          $115,000 – $315,000

Senior Accountant / Controller                $61,000 – $195,000

Clerk / Bookkeeper                                     $31,000 – $68,500

Source: Robert Half 2018 https://www.roberthalf.ca/en/salary-guide 

Those salaries are before benefits.  Depending on how generous you are, you can add at least 10-20% to that.

For a moment, put yourselves in the accountant’s shoes (don’t worry, only for a moment).

If you’re a rock star accountant, what end of the range are you aiming for?  Are you going to be looking to work for companies under $5 million, who are unlikely to be able to compensate you enough for your expertise?

Or, are you going to apply for the bigger companies who have more budget for your salary?  You’d rather leave those low paying jobs to the weak and inexperienced accountants, wouldn’t you?

With that reasoning, you’re stuck with two major problems:

1)     You’re up against larger companies who are likely offering much higher salaries and benefits, grabbing the best accountants leaving you behind.

2)     The even bigger problem is even if you can find a winner, there’s no way you can afford to hire someone from each area of the accounting stack to get your finances in order!

What to do if you can’t afford the skills you need? Want to get out of that hot mess that is your books?

Find solutions by emailing us at [email protected]!