A cheap accountant: good idea or bad idea?

In short: the cheapest option isn't necessarily a good or bad choice in itself. The right price is the one that corresponds to your actual needs. An affordable and competent accountant in your sector is an excellent deal; a low price that hides incomplete service or an uninsured professional can end up costing you dearly.

When looking at fees, the reflex is often to aim for the lowest price. That's understandable, but comparing two prices without comparing what's included is like comparing two quotes without knowing what they cover. Here's how to approach it.

Why a low price isn't always a good deal

A very low price may simply mean that the service is incomplete. What the accountant doesn't do, you'll do yourself, or not at all, and that's often where the trouble starts.

• deductions were forgotten, therefore more taxes were paid than necessary;
• errors in declarations, with interest and penalties as a result;
• an uninsured professional, without a safety net if a mistake occurs;
• minimal follow-up, and no one to contact when you have a question.

In these cases, the "cheap" option ends up costing more than it saved.

When an affordable accountant is an excellent choice

Conversely, a reasonable price is not suspicious. An accountant can be affordable and very good, especially in these situations:

• He has mastered your sector , so he works quickly and doesn't miss your deductions;
• He is an independent contractor without the overhead costs of a large firm;
• Your file is simple and up-to-date , so it requires little time.

An accountant specializing in your niche will often save you more in taxes than their fees cost. Price is only part of the equation.

The right approach: compare value, not just price

Before choosing based solely on price, ask yourself three questions:

• What is included in this price, and what is not?
• Is the professional insured , registered with the professional body if they present themselves as a CPA, and legitimate (a business, reviews)?
• Does he know your industry ?

This is exactly the Bankeo Index grid: we check the essentials before presenting someone to you, so that the price you compare corresponds to a real professional.

Determining the "fair price"

To determine if a price is reasonable, you need a benchmark. An accountant for a small or medium-sized enterprise (SME) in Quebec costs on median around $2,000 per year, ranging from $500 to $6,000 depending on the sector. A price significantly lower than your sector's average raises the question: what's included? The ranges by sector are available in the Bankeo Barometer . These are guidelines, not your price.

Looking for the right accountant at the right price for your situation? Find one for free.

In summary

• The cheapest option is neither good nor bad in itself: it all depends on what is included and the person behind the price.
• A low price that hides partial service or an uninsured professional can be costly.
• Compare value, not just price. Price benchmarks: the Bankeo Barometer ; reliability check: the Bankeo Index .